How to Buy Wealthsimple Products

Your Guide to buying the best Wealthsimple

Overview

Wealthsimple is a modern, easy-to-use, and accessible way to manage your finances. Our comprehensive buying guide provides an overview of the various features and services provided by Wealthsimple, as well as helpful tips and advice to help you make the best decision when choosing a financial product or service. This guide will provide a thorough look at the different types of accounts available, explain the features and benefits of each, and provide simple steps to help you get started. With this guide, you will be able to find the right solution for your financial needs.

Key features

  1. Investment Portfolio Options - Wealthsimple offers a range of portfolio options, such as Socially Responsible Investing (SRI) and Tax-Optimized Investing (TOI), that can help you customize your investments to meet your needs.
  2. Account Types - Wealthsimple offers a range of account types, including RRSPs, TFSAs, RESPs, and Joint Accounts, that can be used to diversify your investments.
  3. Investment Expertise - Wealthsimple's team of experts provide guidance and support on your investments, helping you make informed decisions about your money.
  4. Low Fees - Wealthsimple has one of the lowest management fees in the industry, so you can be sure you're getting value for money.
  5. Integration with Other Accounts - Wealthsimple can be easily integrated with other accounts and services, so you can manage your finances from one place.
  6. Customer Service - Wealthsimple offers a range of customer service options, including phone, email, and live chat, so you can get help when you need it.
  7. Security - Wealthsimple uses the latest security measures to keep your information safe and secure.

See the most popular Wealthsimple on Amazon

Important considerations

Pros

  • Low Minimum Investment - Wealthsimple requires a minimum investment of only $500, making it an accessible option for those who want to invest but don’t have a lot of money to start with.
  • Competitive Fees - Wealthsimple has some of the lowest fees in the industry, ranging from 0.4%-1.0% depending on the type of portfolio selected.
  • Easy to Use Platform - Wealthsimple has an intuitive and user-friendly platform that makes it easy to manage your investments.
  • Great Customer Service - Wealthsimple has a team of financial advisors who are available to help with any questions or concerns you may have about your investments.
  • Portfolio Options - Wealthsimple offers a wide range of portfolios from conservative to aggressive, so there’s something for everyone.
  • Automated Investing - Wealthsimple has a feature that allows you to set up automated investing, so you don’t have to worry about remembering to invest each month.
  • Tax-efficient Investing - Wealthsimple offers tax-efficient investing, so you can keep more of your money in your pocket.

Cons

  • Costs - Wealthsimple does charge fees for its services, which could add up over time.
  • Product Options - Wealthsimple only offers a limited variety of products and investment options.
  • Customer Service - Wealthsimple offers customer service by phone, but not in person.
  • Tax Strategies - Wealthsimple does not offer tax strategies or advice, which could be a downside for some users.
  • Risk/Incentives - Wealthsimple does not offer high-risk/high-reward investments, and there are no incentives or rewards for investing with them.

Best alternatives

  1. Betterment - A robo-advisor that offers financial planning and advice tailored to individual investors.
  2. Acorns - A micro-investing platform that offers automated investing services and allows customers to invest and save with a few clicks.
  3. Stash - An app-based investment service that allows users to invest with as little as $5 and to set up recurring investments.
  4. Robinhood - An investing platform that allows users to buy and sell stocks without any trading fees.
  5. Wealthfront - A digital asset management firm that provides automated investment advice and portfolio management.

Related tools, supplies, and accessories

  • Financial Planning & Advice - Wealthsimple offers personalized financial advice and planning to help bring your financial future into focus.
  • Wealthsimple Invest - Investing with Wealthsimple is simple, low cost and stress-free. The platform offers automated investing, retirement savings plans and portfolio advice.
  • Wealthsimple Trade - With Wealthsimple Trade, you can buy and sell thousands of stocks and exchange-traded funds (ETFs) with no commissions.
  • Wealthsimple Cash - Wealthsimple Cash is a no-fee, high-interest online savings account that helps you save and grow your money quickly.
  • Wealthsimple Crypto - Wealthsimple Crypto is a regulated cryptocurrency trading platform that allows you to buy and sell Bitcoin and Ethereum with ease.

Common questions

  1. What investments does Wealthsimple offer? Wealthsimple offers a variety of investments that include stocks, bonds, ETFs, mutual funds, options, and money market funds.
  2. How can I start investing with Wealthsimple? To start investing with Wealthsimple, you'll need to create an account and make a deposit. After that, you can choose the investment portfolio that's right for you.
  3. What fees does Wealthsimple charge? Wealthsimple charges a management fee based on the size of your account and the type of portfolio you choose. This fee ranges from 0.4%-0.5%.
  4. Does Wealthsimple have a minimum balance required to open an account? Yes, Wealthsimple requires a minimum $0.01 deposit to open an account.
  5. Are there any additional costs associated with investing with Wealthsimple? Yes, there may be additional costs associated with investing with Wealthsimple. These include trading costs, account service fees, and taxes.
  6. What types of customer support does Wealthsimple offer? Wealthsimple offers customer support via email, phone, and live chat.

Trivia

When Wealthsimple first launched in Canada in 2014, their marketing strategy was to give out free financial advice from a quirky robot caricature named Wally. Wally was designed to be a friendly and approachable character who could help answer questions about personal finance. Wally eventually became a popular figure in the Canadian financial industry, appearing in various commercials and even inspiring a comic book about the character's adventures. The campaign was a success, and Wealthsimple's financial products quickly grew in popularity. Sources: https://www.wealthsimple.com/en-ca/wally [source].

Disclaimer: This buying guide was not created by humans, and it is possible that some of it's content is inaccurate or incomplete. We do not guarantee or take any liability for the accuracy of this buying guide. Additionally, the images on this page were generated by AI and may not accurately represent the product that is being discussed. We have tried to convey useful information, but it is our subjective opinion and should not be taken as complete or factual.