Wealthsimple Review

0.50% – 0.40%
8.1

Commissions & Fees

7.4/10

Asset Allocation

8.1/10

Investment Options

8.0/10

Ease of Use

8.6/10

Customer Service

8.3/10

Pros

  • Simple to Use — Easy and fast sign up in under 5 minutes. You can do it all online and you don’t have to go in anywhere and sign papers. It’s simple.
  • No Minimum Balance — You aren’t required to maintain a minimum balance which may be beneficial if you don’t have a lot of capital for investing.
  • Socially Responsible Portfolio — Ability to grow your account over time with your money invested in socially responsible investments constructed by experts.

Cons

  • Monthly Fees — Monthly fees are higher than other Robo Advisors.

Wealthsimple Review 2020: Wealthsimple Makes Investing Easy

At SavingExpert, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

8.1

Commissions & Fees


7.4/10

Asset Allocation


8.1/10

Investment Options

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8.0/10

Ease of Use


8.6/10

Customer Service


8.3/10

Pros

  • Simple to Use — Easy and fast sign up in under 5 minutes. You can do it all online and you don’t have to go in anywhere and sign papers. It’s simple.
  • No Minimum Balance — You aren’t required to maintain a minimum balance which may be beneficial if you don’t have a lot of capital for investing.
  • Socially Responsible Portfolio — Ability to grow your account over time with your money invested in socially responsible investments constructed by experts.

Cons

  • Monthly Fees — Monthly fees are higher than other Robo Advisors.



Investing can be fickle. Wealthsimple is aiming to make investing easy. Did they just change the game? Learn more in our Wealthsimple review.

Robo Advisors are online, automated portfolio management services.

These companies use computer algorithms — a set of rules to choose appropriate investments based on your risk tolerance and time horizon — so that they can offer their services for a fraction of the cost of a human financial advisor.

That lower-cost management, combined with features like automatic portfolio rebalancing and tax-loss harvesting, can translate into higher net returns for investors.

A Robo Advisor is a good fit for you if you prefer to be largely hands-off with your investments — letting someone else do the work of building and optimizing your portfolio — and you don’t have the kind of complex financial situation that requires a direct relationship with a human financial advisor.

To help you pick the best Robo Advisor for you, we are covering a Wealthsimple review which is a highly regarded Robo Advisor.

Wealthsimple ReviewLEARN MORE
At Wealthsimple

 

About Wealthsimple:

  • Wealthsimple is the smart and simple way to invest in future you.
  • They use a Nobel Prize-winning approach to build you a diversified portfolio of low-fee funds in minutes.
  • Click here to sign up for free.
Bonus: SavingExpert readers will get an extra $50 just for signing up and depositing $100 or more!

What is Wealthsimple?

Wealthsimple is an online professional investing service in both the US and Canada, also referred to as a Robo Advisor.

They use low-cost index fees and smart technology to keep your investment costs low.


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Instead of trying to beat the market they invest in the market as a whole.

This diversification allows you to avoid putting all your eggs into one stock and can smooth out your returns and minimize your losses.

A lot of people try to time the market and end up losing a lot of money.

Wealthsimple makes investing easy.

Wealthsimple Asset Classes

A well-balanced portfolio is crucial for building wealth and limiting risk. Each of Wealthsimple’s portfolios includes between 8 and 10 ETFs and each ETF represents a unique asset class:

Asset Class  Symbol  ETF  Portfolios
US Stocks VTI Vanguard Total US Market ETF All
US Mid-Cap Value VOE Vanguard Mid-Cap Value ETF All
US Small-Cap Value VBR Vanguard Small-Cap Value ETF All
Foreign Stocks VGK Vanguard FTSE Europe ETF All
Foreign Stocks (exporter & dividend tilt) DXJ WisdomTree Japan Hedged Equity Fund All
Emerging Market Stocks VWO Vanguard FTSE Emerging Markets ETF All
Municipal Bonds MUB iShares National Muni Bond ETF* All
US Inflation Protected Bonds TIP iShares TIPS Bond Conservative, Balanced
USD Govt and Corporate IG Bonds (includes EM) BND Vanguard Total Bond Market ETF All
High Yield Bonds ANGL VanEck Vectors Fallen Angel High Yield Bond ETF Conservative, Balanced

Is Wealthsimple Safe?

Wealthsimple keeps your money safe:

  • 100,000 clients trust us to manage more than $2 billion.
  • State-of-the-art security, up to $500,000 SIPC protected.
  • Webby Award winner for world’s best financial website.

Wealthsimple Fees 

Wealthsimple has no account minimum, which should undoubtedly attract new investors who might not have enough cash to reach higher minimums charged by some other financial advisors.

As for fees, the Robo Advisor charges 0.5% on all accounts with $100,000 or less (however, the first $5,000 is always free).

After that threshold, the account type changes to Wealthsimple Black, which has a 0.4% fee and unlocks additional features.

The Good and Bad

? What we liked about Wealthsimple

  • Simple to Use — Easy and fast sign up in under 5 minutes. You can do it all online and you don’t have to go in anywhere and sign papers. It’s simple.
  • No Minimum Balance — You aren’t required to maintain a minimum balance which may be beneficial if you don’t have a lot of capital for investing.
  • Socially Responsible Portfolio — Ability to grow your account over time with your money invested in socially responsible investments constructed by experts.

 

? What we didn’t like about Wealthsimple

  • Monthly Fees — Monthly fees are higher than other Robo Advisors.

 

SIGN UP FOR WEALTHSIMPLE

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WealthSimple Promo Code

For a limited time, Wealthsimple is offering my readers a $50 bonus when you open up a new brokerage or retirement account. So act fast!

Get a special $50 bonus when you open and fund a new Wealthsimple account with a minimum of $100.

Sign up now to take advantage of this offer.

Wealthsimple Summary

Wealthsimple can build you an intelligent, personalized portfolio using a Nobel Prize-winning investment strategy.

We would recommend Wealthsimple for people who are investing for the long term.

It’s best for people who are contributing regularly to their investments (remember you should be doing some investing for your future every month) commonly known as dollar cost averaging.

This is when you are putting in money on a regular on-going basis.

Wealthsimple Review

SIGN UP FOR WEALTHSIMPLE

(Or click here to learn more about Wealthsimple → ) 

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Bottom Line:

Wealthsimple is a great addition to the current mix of robo advisors available. Wealthsimple offers a socially responsible investment option, as well as assistance from a live representative. However, compared to other robo advisors their fees are on the high side.
Brian Meiggs
Brian Meiggs
Founder of SavingExpert, Brian is an entrepreneur and investor who enjoys working out, reading, spending time with his family and friends, traveling and creating great content. He’s passionate about helping others achieve their financial goals.

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Bottom Line:

Wealthsimple is a great addition to the current mix of robo advisors available. Wealthsimple offers a socially responsible investment option, as well as assistance from a live representative. However, compared to other robo advisors their fees are on the high side.
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