Wealthsimple Reviews

Wealthsimple structures its pricing based on the assets under management (AUM) and offers different plans with varying benefits. The Core plan starts with 0.5% management fees on managed investing accounts and provides benefits like $0 commission stock trading, 4% interest on Cash account balances, and a 2% crypto trading fee. For larger portfolios, the Premium plan reduces the management fee to 0.4% and increases the Cash account interest to 4.5%, among other benefits. The most comprehensive, Generation plan, is for those with assets starting at $500,000, offering the lowest management fees between 0.2% to 0.4%, the highest Cash account interest at 5%, and a suite of personalized advisory services. Options trading fees and crypto trading fees also decrease as one moves from the Core to Generation plans. These plans are designed to cater to different levels of investment and offer a range of services to help manage and grow wealth effectively.

Wealthsimple.com offers a variety of financial products and services designed to cater to different investment needs and preferences. The platform provides Managed Investing, which includes custom portfolios designed by experts to align with individual financial goals. For those who prefer to take charge of their investments, Self-directed Investing is available, allowing users to choose from thousands of commission-free stocks and ETFs, as well as buy, sell, and stake cryptocurrencies. Additionally, Wealthsimple offers a Cash account with high-interest rates and perks like no monthly fees and cashback rewards. The interest rates are tiered, providing higher returns for larger account balances. Other services include goal setting and financial planning for premium clients, as well as a pre-paid Visa card for everyday transactions. These offerings are structured to provide both novice and experienced investors with tools to grow their wealth, save, and invest conveniently.

Wealthsimple.com provides several methods for users to manage their payments. Users can set up a payee and pay bills directly from their Wealthsimple Cash account, covering various types of bills such as credit card, phone, utility, tuition, and student loan repayments. Additionally, users have the option to set up pre-authorized debits (PAD) from their Cash account for automatic bill payments. The Wealthsimple Cash card, which functions like a standard Visa or Mastercard debit card, can be used for online bill payments, including subscriptions like Spotify and Netflix. For personal transactions, such as rent payments, Interac e-transfer is available with a limit per transaction. It's important to note that some billers may not accept PAD through Wealthsimple, and in such cases, alternative methods like the Cash card or e-transfer can be utilized.

Wealthsimple.com primarily offers financial services and does not have a traditional shipping policy as it is not a retail business. However, for promotional items such as during the Wealthsimple iPhone 15 and iPhone 15 Pro Promotion, the reward will be mailed to the Canadian residential mailing address attached to the user's Wealthsimple profile within 8 weeks after the promotional period or 8 weeks of the deposit or transfer being complete, whichever comes later. As for the return policy, it pertains to the submission of tax returns through the Wealthsimple Tax service. Users can review and submit their tax return online via NETFILE, or print and mail their return. Errors must be corrected before submission, and users are advised to keep all slips and receipts on file for six years. If users have a balance due, they will need to make a payment to the CRA or Revenu Québec. Wealthsimple Tax also offers an Auto-fill feature that can auto-fill part of the return with information directly from the CRA.

Wealthsimple's managed investing service offers a tiered fee structure based on the total amount of assets being managed. For the Core plan, which is the entry-level option, the management fee is 0.5%. As the investment balance grows, the fees decrease. The Premium plan starts at $100,000 in assets and has a lower management fee of 0.4%. For high-net-worth individuals with $500,000 or more in assets, the Generation plan offers a fee range between 0.2% to 0.4%, depending on the specific services used. These fees are exclusive of the internal costs of the ETFs used in the portfolios, which can add an additional average of 0.2% to the total cost. It's important to note that these fees are annual and are calculated daily based on the market value of the account.

Wealthsimple offers three main plans with escalating benefits: Core, Premium, and Generation. The Core plan is designed for those just starting out, offering $0 commission stock trading, 0.5% management fees on managed investing accounts, 4% interest on Cash account balances, options trading at $2 USD/contract, a 2% crypto trading fee, and customer support from a real human. The Premium plan caters to more established investors with $100,000 in assets, reducing management fees to 0.4%, increasing Cash account interest to 4.5%, and lowering options trading fees to $0.75 USD/contract. Premium clients also benefit from goal setting with an advisor and the Tax Plus plan for free. The Generation plan is for high-net-worth individuals with assets of $500,000 or more, offering the lowest management fees between 0.2% to 0.4%, the highest Cash account interest at 5%, and a 0.5% crypto trading fee. Generation clients receive a dedicated team of advisors, a comprehensive financial plan, custom portfolios, and customized asset location.

Wealthsimple offers a tiered fee structure for its services. For Wealthsimple Trade, there are no fees for withdrawals, deposits, and Canadian stock and ETF trades. However, there is a 1.50% exchange rate fee to trade US stocks and ETFs. Wealthsimple Invest charges a 0.5% yearly management fee for accounts with less than $100,000, plus a 0.2% yearly fee by the ETFs inside the portfolio. For accounts with more than $100,000, the management fee is reduced to 0.4%. Additionally, Wealthsimple Crypto charges between 1.50% to 2% per buy or sell trade. There are no fees for account opening or closing, and electronic funds transfers for deposits and withdrawals are also free of charge. Options trading fees and interest rates on cash balances vary depending on the plan selected.