Navigating Wealth Management with Wealthsimple

Wealthsimple, established in 2014 as a robo-advisor in Toronto, has evolved into a comprehensive financial service offering accessible wealth management tools for individuals with varying degrees of investing experience. This Wealthsimple review delves into the platform’s diverse array of financial products designed to foster financial prosperity among Canadians.

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Wealthsimple Invest

Wealthsimple Invest serves as a robo-advisor and automated investing platform, leveraging computer-driven algorithms to make trading decisions on behalf of its clients. As one of Canada’s premier robo-advisors, it simplifies the investment process for newcomers.

Upon enrollment, Wealthsimple prompts investors with general questions about their long-term financial goals and constructs a portfolio of Exchange Traded Funds (ETFs) tailored to their objectives. These ETFs encompass US, Canadian, foreign, and global stocks, government bonds, gold, and other equities, sparing inexperienced investors from the need to select individual investments.

Wealthsimple Invest also:

  • Customizes portfolios based on an investor’s risk tolerance, dictating the level of risk taken during transactions.
  • Operates similarly to mutual funds but at a more cost-effective rate, utilizing algorithms to replicate market performance.
  • Offers a range of registered and non-registered accounts, including TFSA, RRSP, personal, joint, and business accounts.

Additionally, Wealthsimple caters to socially conscious investors with options like Socially Responsible Investing (SRI) and Halal portfolios, aligning with ethical and Islamic principles.

Pricing Tiers

Wealthsimple’s pricing comes in three tiers: Basic, Black, and Generation, each offering unique benefits based on the invested amount.

  • Basic: Suited for deposits under $100,000, featuring a 0.5% MER, automatic rebalancing, and dividend reinvestment.
  • Black: Geared towards balances between $100,000 and $500,000, with a reduced 0.4% MER, financial planning sessions, and tax-loss harvesting.
  • Generation: Tailored for accounts exceeding $500,000, maintaining a 0.4% MER and encompassing all previous features, along with in-depth financial planning and assistance from a team of financial advisors.

No minimum investment is required to open a Wealthsimple Invest account, enhancing accessibility for novice investors.

Portfolio Options

Wealthsimple allows investors to choose between three managed portfolio options: Conservative, Balanced, and Growth, each catering to different risk appetites.

  • Conservative: Suited for low-risk, steady growth, with a portfolio comprising about 35% equities and 65% bonds.
  • Balanced: Offering a balanced mix with 50% in bonds and 50% in equities, presenting a moderate level of risk.
  • Growth: Geared towards higher-risk markets, allocating 75-90% to equities and the remainder to bonds.

Halal/SRI Options

Wealthsimple also facilitates portfolio diversification based on Socially-Responsible Investing (SRI) and Halal principles, catering to ethical and Islamic considerations.

Investors can choose conservative, balanced, or growth portfolios under the Halal or SRI options, aligning their investments with their values.

In conclusion, Wealthsimple stands as a user-friendly platform that not only simplifies investing for beginners but also offers a diverse range of options for investors seeking ethical and customized wealth management solutions.

Exploring Wealthsimple’s Diverse Product Portfolio

Wealthsimple, a prominent player in Canada’s financial landscape, offers a suite of unique products that cater to various financial needs. In this detailed overview, we will delve into the five primary products offered by Wealthsimple, shedding light on their features and how they are reshaping the financial landscape in Canada.

Wealthsimple’s Main Investing Products:

1. Wealthsimple Invest

  • A robo-advisor providing a range of registered and non-registered account options for hands-off investing.
  • Customized portfolios based on risk tolerance.
  • Offers TFSA, RRSP, personal, joint, and business accounts.
  • Socially Responsible Investing (SRI) and Halal portfolios available.

2. Wealthsimple Trade

  • An online brokerage facilitating self-directed stock trading with no commission fees.
  • Allows trading on major exchange markets in the United States and Canada.
  • No minimum investment or balance requirements.
  • Accounts available for TFSA, RRSP, or personal non-registered investments.

3. Wealthsimple Cash

  • A hybrid bank account combining the features of a chequing and savings account.
  • 1.00%* interest rate with unlimited transactions, e-transfers, and ATM fee reimbursement.
  • No minimum balance or monthly fees.
  • Upcoming features include a titanium debit card and mobile payment options.

4. Wealthsimple Crypto

  • A cryptocurrency trading platform facilitating the purchase and sale of Bitcoin and Ethereum.
  • No commission fees, with a small operation fee of 1.5%* to 2%* per transaction.
  • Accessible through the Wealthsimple Trade app.

5. Wealthsimple Tax (Formerly SimpleTax)

  • An automated tax-filing service that completes and submits tax returns to the Canada Revenue Agency (CRA).
  • Operates on a donation-based pricing system, allowing users to pay as much as they’d like.
  • Incorporates autofill features for seamless tax filing, considering aspects like CERB payments and pandemic-related benefits.

Highlights of Wealthsimple Trade:

1. Zero Commissions:

  • No trade commissions for stocks and ETFs, making it cost-effective for investors.

2. No Minimum Requirements:

  • Allows users to start with as little as $1, making it accessible to a wide range of investors.

3. Versatile Accounts:

  • Offers TFSA, RRSP, and personal non-registered accounts for diverse investment options.

Highlights of Wealthsimple Cash:

1. Hybrid Banking:

  • Combines the benefits of a chequing and savings account, providing flexibility and high-interest returns.

2. No Fees:

  • No minimum balance or monthly fees, enhancing accessibility for users.

3. Upcoming Features:

  • Anticipated features include a titanium debit card, mobile payments, and more.

Highlights of Wealthsimple Crypto:

1. Commission-Free Trading:

  • Allows users to buy and sell Bitcoin and Ethereum without commission fees.

2. Accessible Through Trade App:

  • Seamlessly integrated into the Wealthsimple Trade app for user convenience.

Highlights of Wealthsimple Tax:

1. Donation-Based Pricing:

  • A unique pricing model where users can pay as much as they’d like for tax filing.

2. Autofill Features:

  • Simplifies tax filing with autofill features, connecting directly to users’ CRA accounts.

In conclusion, Wealthsimple’s diverse product offerings cater to the evolving financial needs of Canadians, providing accessible and innovative solutions for both seasoned investors and those new to the financial landscape.

Pros and Cons of Wealthsimple


1. No Minimum Investments:

  • Accessibility: Wealthsimple stands out for its inclusivity, allowing individuals to start investing with no minimum investment requirements. This feature ensures that anyone, regardless of their initial financial capacity, can embark on their investment journey.

2. No Additional Fees:

  • Cost Transparency: Wealthsimple adopts a fee structure that is straightforward and transparent. There are no additional fees, inactivity fees, or annual fees, providing clarity for investors.

3. Socially Responsible & Halal Investing Options:

  • Ethical Investing: Wealthsimple caters to investors with ethical considerations by offering portfolios with Socially Responsible Investments (SRI) and Halal investments. This feature allows customers to align their investment choices with their values.


1. Higher MER than Competitors:

  • Management Expense Ratio (MER): Wealthsimple Invest carries a relatively higher MER compared to some of its competitors. The MER is an important factor to consider, as it directly impacts the overall cost of investing on the platform.

2. Delayed Deposit Times:

  • Transaction Processing Time: Depositing funds from an external bank account into a Wealthsimple account may take up to three business days. This delay could be a consideration for individuals looking for quicker access to their funds.


Wealthsimple’s strengths lie in its accessibility, transparent fee structure, and options for socially responsible and Halal investing. However, potential investors should weigh these advantages against the higher MER and the delayed deposit times, considering their individual preferences and priorities in the investment journey.

Get $25 when you fund a Wealthsimple account. Use my referral code: 9RAM1Q

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