Here’s the thing: not every investing app works the same way. Some are built for people who want a hands-off start. Others expect you to make more decisions yourself. Some explain their fees and process clearly, while others make you work harder to figure out what you’re signing up for.
Once you’ve decided to go the managed investing route, here’s how to choose the app that works best for you and your goals.
What to look for in an investing app
Online investment companies differ in the products they offer, the way they use technology, the minimums they require and the fees they charge.
Here are a few key things a good managed investing app should be 100% clear on:
- Who is managing your money
- How your portfolio is picked for you
- What accounts you can open
- How fees work
- How your portfolio stays on track over time
- What support is available if you need help
Check who is behind the investing app
A smooth app is table stakes. The real confidence comes from knowing who’s behind it, who manages the investments and how your money is looked after.
Start with whether or not the investing app is registered with regulators. The Ontario Securities Commission's Check Before You Invest tool explains why it’s important to verify any person or business selling investments or giving investment advice.
You don’t need to be an expert. But you should be able to answer questions like:
- Who is the portfolio manager?
- Is the firm clear about its role?
- Who holds your assets?
- Is legal information easy to find?
Who’s behind the Investly app? Investly is part of Fidelity Investments Canada, one of Canada's most established investment firms for over 30 years. Fidelity Investments Canada ULC acts as the portfolio manager and mutual fund dealer, and client assets are held by Fidelity Clearing Canada.
That means when you invest through Investly, you know exactly who is responsible for managing your money and where your assets are held.
Check how the portfolio is chosen for you
The benefit of managed investing is that you don’t have to pick investments yourself, so you’ll want an investing app that’s clear about how they make those choices.
Start by looking for a process built around you, and your goals, timeline and comfort with risk, not a generic "best portfolio" claim.
The app should clearly explain:
- Why it asks certain questions
- How those answers shape the portfolio recommendation
This matters because it affects how well the portfolio actually fits your life.
For example, Investly uses an investor profile questionnaire to match you to a portfolio based on your goals and risk tolerance.
Check whether the investing app’s account options actually fit your needs
A managed investing app can only be a good fit if it offers the kind of account you want to open to align with your financial goals.
For many investors, that means checking whether the provider supports common account types such as a TFSA, RRSP or FHSA, or non-registered accounts. You don’t need to answer every tax question right away. You just need to know whether the app supports the path you’re considering.
Check how fees are explained, not just how they’re marketed
Make sure the provider explains the full cost clearly. CIRO notes all potential fees and costs worth considering, including account fees, transaction costs and advice or management fees.
For managed investing, look for clear details on:
- The management or advisory fee (for managed investing apps in Canada, you can typically expect somewhere in the range of 0.2% to 0.5% annually, but this varies depending on the provider and the account size)
- The fund expenses or MERs tied to the investments inside the account, which are separate from the management fee and apply to the underlying funds
- Any additional account-related costs, such as transfer fees or foreign exchange charges
- With Investly, you’ll see a clear breakdown of fees upfront, including account management fee and fund expenses(MERs). No surprises: just a clear, straightforward fee structure so you know what you’re paying and why.
If an investing app’s fees feel hard to find or overly promotional, that may be a potential flag.
Check whether the app keeps your portfolio on track over time
One of the practical advantages of managed investing is not having to monitor and adjust your portfolio yourself. But it’s still worth checking how this works before you sign up.
Automatic rebalancing is a feature that helps keep your portfolio aligned with your original goals as markets move. Without it, your portfolio can drift over time, sometimes without you noticing.
When evaluating a managed investing app, ask whether rebalancing is part of the service and how it works.
If you already feel good about your app and want to see the product side more closely, look at how Investly's managed portfolios work.
Check the user experience before you commit
The app experience matters, especially if you’re new to investing. A good investing app should make it easy to see your portfolio balance and performance, understand what you’re investing in, make contributions, stay informed and get help when you need it.
If the app experience feels confusing from the start, there’s no guarantee it’ll feel simpler once your money is inside the account.
This isn’t about design alone. It’s about whether the app makes investing simpler.
Check what help is available after you sign up
Good support options are crucial. Choosing an app isn’t just about how it feels at the start. It’s about what happens when you have questions later.
You may want help with:
- Setting up your account
- Verifying your identity
- Funding or transfers
- Understanding your portfolio
At Investly, support includes clear onboarding steps and a secure in-app chat for direct access to help when you need it.
If you’re unsure what support options are available to you, it could lead to confusion down the road.
Check what happens if something goes wrong
Knowing the company behind the app doesn’t automatically mean the app is safe.
Make sure the company has a complaint process in place, along with accessible legal information and defined support channels. If you can’t find these, that’s another potential red flag worth taking seriously.