Wealthsimple is a newer name in the U.S. for automated investing advising. However it’s it’s no rookie when it comes to investing. Established in Canada, they’re the largest robo-advising company they have to offer. Now they’re in the U.S. continuing to grow.
Wealthsimple’s staff is made up of some of the world’s best financial advisors, software engineers, designers and data scientists, many of whom have worked for the companies that you want to invest in like Apple, Google and Amazon. Wealthsimple has offices in Toronto, London and New York.
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As of Quarter 3, 2019 Wealthsimple has over $5 billion (CAD) in assets under management and more than 175,000 clients. Wealthsimple has shown that it is a socially responsible investment option. Overall, Wealthsimple’s services will perform well for small and new investors, as well as for investors with more than $100,000 to spend.
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Current Wealthsimple Promotion: $10,000 Managed For Free
For those with a Wealthsimple account, log into your account to start making referrals. You can invite your friends and family to Wealthsimple by visiting the Invite area when logged in.
You can earn $10,000 in assets managed for free for 12 months for each friend who joins and funds an account from your referral link.
Your Referrals will also get $10,000 in assets managed for free for 12 months as well.
If you’re on mobile, tap the “Earn Rewards” button in your account overview to invite friends.
Wealthsimple Free Managed Assets Offers
Here are ways you can get more managed assets for free:
- Referral program: $10,000 managed free (for both parties)
- Transfer an account: $10,000 managed free
- Turn on auto-deposits: $1,000 managed free
- Get the mobile app: $100 managed free
Summary Of Wealthsimple
One of Wealthsimple’s standout feature lies with its socially responsible investment option which deposits client’s money into morally and socially responsible organizations and enterprises. With this option, customers can feel good about their investments knowing that they are going to a good cause. It is definitely the right company for customers if they are the type to make morally based investment decisions.
What Wealthsimple is Good For
Wealthsimple is great for many reasons, which include the following:
- Socially responsible investors
- Those seeking halal choices to fit Islamic law
- Beginning investors
- Automatic rebalancing
- Tax-loss harvesting
- Access to financial planners
Shariah-compliant portfolio: Finding a service that includes a Halal portfolio is hard, enough, but Wealthshare offers and entire portfolio of roughly 50 stocks. No companies that profit from gambling, alcohol, firearms, tobacco or other restricted industries or derive significant income from interest on loans are permitted.
Socially responsible investment options: One of their SRI portfolios focus on companies that are built on socially benefiting the community like innovating clean technology, efforts to lower carbon exposure, and supporting gender diversity in senior leadership roles.
Low account minimum and no extra fees: Wealthsimple has made its value proposition appealing. Before you even sign up the company offers a free portfolio review covering savings, debt and, of course, investments.
The company offers a $0 account minimum as a way to get yourself familiar with their services. The service includes free automated deposits, automatic rebalancing and dividend reinvestment. Wealthsimple charges no fees on transfers, trading and tax-loss harvesting either.
Clients and investors who maintain a balance of $100,000 or more receive their Wealthsimple Black Service. They offer the same management, but at a lower cost (0.4% instead of 0.5%). In addition, those investors gain access to a complimentary VIP Priority pass at airports that give access to lounges at over 1,000 airports in over 400 cities.
Access to financial planners: In addition to the basic email, chat and phone support at Wealthsimple, its Basic clients get a 15-minute phone call for a walk-through. This walk through includes how much to save, which type of account (IRA vs. non-retirement) to choose, and how their investments are taxed. They will also provide any answers on questions that the client has.
Free tax-loss harvesting: Tax-loss harvesting is a strategy used to lower an investor’s taxes on investment gains or other income by offsetting it with any investment losses. Any customer with a taxable account can have a portfolio analyst review their accounts (including those outside of Wealthsimple) for tax-loss opportunities. This strategy is typically most valuable to those with larger investment balances and high salaries.
Account management fees: Wealthsimple requires a management fee of 0.5% on account with balances between $5,000 – $100,000. This fee is lowered to 0.4% on accounts with a balance of $100,000 or more.
Compared to competitors, the rate is considerably higher. Most other companies charge a rate of 0.25% – 0.3%.
SRI fund management fees: Management fees (a.k.a. expense ratios) on socially responsible investments (funds and ETFs) are notorious for being higher than average ETF fees. This isn’t a Wealthsimple-specific issue — you’ll pay these fees anywhere.
When it comes to values, Wealthsimple is definitely the right choice. Despite having higher than average fees, investors who have values and want to carry through with them when they invest in companies should be sold on Wealthsimple. In addition they have an entire portfolio on companies that are Halal and comply with Islamic law.
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