Established in Canada, Wealthsimple is an automated investing or robo-advisor service, backed by a team of world-class financial experts and some of Silicon Valley’s best technology talent. As of Q3, 2019 Wealthsimple has more than 175,000 global clients and over $5 billion in assets under management.
Wealthsimple gives world-class, long-term investment management with no account minimums. Your account is invested in a diversified portfolio of exchange-traded funds (ETFs) focusing on low-cost index funds. This means you’ll acquire a portfolio that’s invested in thousands of different companies and across many major sectors worldwide.
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You’ll receive automatic rebalancing, dividend reinvesting and tax-loss harvesting. In addition, Wealthsimple’s financial advisors are available to you whenever you need them.
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WealthSimple Robo-Advisor Summary
- Direct Link to Offer
- Account Type: Personal, Traditional IRA, Roth IRA, SEP IRA, Joint, Trust
- Availability: Nationwide
- Expiration Date: None
- Hard Inquiry: Unknown
- Annual Fee:
- 0.50% — $0 Minimum
- 0.40% — $100,000 Minimum
- Additional Requirements: None
- Early Termination Fee: None Listed
Current Wealthsimple Promotion: $10,000 Managed for Free
You can start making referrals once you become a Wealthsimple client. Earn $10,000 in assets managed for free for 12 months for each referral who joins and funds an account using your link. Plus your referrals will also receive $10,000 in assets managed for free for 12 months we well.
How to earn offer:
- Invite your friends and family to Wealthsimple by visiting the Invite area when logged in.
- If you’re on mobile, tap the “Earn Rewards” button in your account overview to invite friends.
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Wealthsimple Trade $10 Cash Bonus & $10 Per Referral (up to $1,000)
- To qualify for a $10 sign-up bonus you must register via a referral link from a current Wealthsimple Trade member (we don’t currently have a personal referral link to share. Current users are welcome to leave your referral details in the comments section below).
- Deposit and trade at least $100 worth of stock.
- Once the above requirements have been met you’ll receive a $10 cash reward deposited into your Wealthsimple Trade account.
Once you have an active Wealthsimple Trade account you can earn $10 per qualified referral, up to $1,000 in referrals.
How Does Wealthsimple Work?
Wealthsimple’s investment approach is based on Modern Portfolio Theory. By diversifying your investments, your risk is minimized and your return is maximized. Wealthsimple’s automatic rebalancing and dividend reinvesting go hand-in-hand with this theory.
When you sign up, you’ll answer a short risk assessment questionnaire to determine your initial risk profile. Then, you’re recommended a portfolio mix. Your portfolio is based on your financial goals, time horizon, risk tolerance, past investment experience and level of investment knowledge.
When these change, you should adjust your portfolio accordingly. You can even establish different portfolios for each account, as your time horizons and goals may differ. You can call or email Wealthsimple to discuss and make changes based on your wants.
- Different Portfolio Positions: Wealthsimple’s portfolios are compilled of varying positions in low-cost index-based ETFs. There are three portfolios:
- Conservative portfolio — 65/35 stock/bond split
- Growth portfolio — 80/20 stock/bond split, favoring stocks
- Balanced portfolio — 50/50 split
- Socially Responsible Portfolio: This portfolio is for investors who are interested in feeling good about their investments. The socially responsible portfolio prioritizes low carbon emissions, advances clean-tech innovation and promotes sustainable growth in emerging markets.
- Halal Portfolio: This portfolio is made especially for Muslim investors. The halal portfolio adheres to Islamic Halal rules. Debt-based investments and companies that profit from gambling, alcohol, pork, and others, are excluded.
- Wealthsimple Black Program: This investment service level is generally available to investors with much larger portfolios and at much higher annual fees at traditional investment brokers and advisors. For investors with higher account balances of $100,000 or more. you will enjoy the following perks:
- A reduced annual management fee of 0.40%.
- A financial planning session with one of Wealthsimple’s expert advisors to help you meet your financial goals.
- VIP access to more than 1,000 airport lounges in more than 400 cities; this will include a Priority Pass membership for you and one traveling companion.
- Additional tax-efficiency features, including tax-loss harvesting and tax-efficient funds.
- Wealthsimple Generation Program: For investors serious about growing and preserving wealth, this portfolio requires a minimum of $500,000 or more. Clients can access a team of financial advisors who will provide advice on call for a 0.40% management fee. Your advisory team will design a personalized financial report to help establish a long-term strategy. Generation members will receive:
- In-depth financial planning
- Asset location
- Access to a team of advisors
- A personalized financial report
- Tailor-made portfolios
- 50% off a Medcan health plan
- All the features of the Black program
Wealthsimple is a solid addition to the current robo-advisors available on the market. Users can access live support, as opposed to other robo-advisors who don’t offer this option.
Wealthsimple also has no minimum account balance. This is perfect for new and small investors who may have little or no money to start investing. And, people who are conscious about the Earth can opt into their socially responsible investment option.
However, Wealthsimple has higher fees than some other robo-advisors. The basic fee of 0.50% is at the higher end, but other robo-advisors, like Betterment and Wealthfront, start at 0.25%.