Wealthsimple Black and Wealthsimple Generation Review

Have you caught the robo-advisor bug yet? If not, you should go find out why many Canadians have simplified their investing and significantly cut their investment fees using these online portfolio managers.

I have written extensively about the innovative services offered by robo-advisors and you can read my detailed robo-advisor guide for more details about how these firms compare.

While you are at it, also check out my list of robo-advisor fees in Canada.

Wealthsimple Black is a premium investment service available to investors who have $100,000 or more in investable assets. 

Wealthsimple Generation caters to investors (or households) with $500,000 or more in their Wealthsimple accounts.

This review post details the additional VIP perks and benefits available to you when you become eligible or sign up for either of these investment accounts.

Wealthsimple Black Review

Who is Wealthsimple?

Wealthsimple is Canada’s largest and most popular digital wealth manager (aka robo-advisor). 

They provide investment services in Canada, the United States, and the United Kingdom. As of this writing, Wealthsimple has hundreds of thousands of clients and over $10 billion in assets under management.

Wealthsimple’s investment strategy is simple and if you are a student of finance (as I am), you may now have realized that simplicity often trumps complexity when it comes to making money in the financial markets.

Basically, they invest your money using low-cost index funds in a globally diversified portfolio (Hint: as advised by the legendary investor, Warren Buffett) that is modelled after a Nobel-Prize winning strategy.

For full details about the services they offer, read my complete Wealthsimple review.

Readers of Savvy New Canadians get a $75 cash bonus for free. Visit Wealthsimple.com.

Wealthsimple Black

Wealthsimple Black is the premium service you get when the funds in your Wealthsimple accounts reach $100,000 or more.

A basic Wealthsimple account comes with lots of benefits:

  • No hassles, zero-maintenance, customized investment portfolios
  • Low fees at 0.50%
  • Free expert financial advice
  • Automatic re-balancing as required
  • Dividend re-investing
  • Automatic savings/investment plan

With Wealthsimple Black, you get all these benefits above plus the following additional perks:

1. Lower management fees: Wealthsimple Black clients pay a 0.40% annual fee. This is a savings of 0.10% which adds up to be significant over time.

2. Free access to tax-loss harvesting: If it makes sense for your financial situation, the folks at Wealthsimple will use tax-loss harvesting strategies to create tax savings in your portfolio. You also get access to tax-efficient funds.

The way this works is that they deliberately sell investments that have lost value, put in a tax deduction, and then turn back to buy a similar investment asset. This can be a complicated strategy, however, no worries, they’ve got you covered.

3. Free Financial Planning Sessions: You can easily book a one-on-one call session with a portfolio manager to get general financial advice or help with your retirement income strategy.

Wealthsimple Generation

Wealthsimple Generation kicks in when your deposits (or that of your household) with Wealthsimple crosses the $500,000 threshold.

With this account, you get all the benefits that come with Wealthsimple basic and Wealthsimple Black i.e. 0.40% management fee, tax-loss harvesting, tax-efficient funds, and personalized financial advice.

You also get two more perks:

1. Medcan Comprehensive Health Plan Discount: This comprehensive health plan comes with an annual health assessment, up to 15 diagnostic tests, same-day or next-day appointments, travel health support (in Canada and abroad), genetic tests, and more.

Wealthsimple Generation clients get 50% off the regular Medcan health plan bundle, a savings of about $2,353!

2. Personalized Financial Report: They assist you with drawing up strategies for preserving your wealth, planning for retirement, making financial projections, analyzing your cash flows, and more.

Is Wealthsimple Safe?

The assets in your Wealthsimple account are held by ShareOwner which is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund.

What this means is that if things go bad and Wealthsimple becomes bankrupt, your investments are protected up to $1,000,000.

Wealthsimple also uses state-of-the-art encryption technology to protect your data and they are backed by some of the world’s largest financial institutions.

Conclusion

Wealthsimple makes investing like a pro possible for everyday investors.

If you want to save on investment fees and can’t be bothered with Do-It-Yourself (DIY) investing using an online discount broker, a robo-advisor like Wealthsimple is an excellent choice.

They create a personalized portfolio based on your investment profile and keep it rebalanced as needed. You get hands-free investing without hassles.

Get $75 when you open a Wealthsimple account here.

Related Posts

Wealthsimple Black Review 2021
5

Summary

Wealthsimple is Canada’s premier robo-advisor. This Wealthsimple Black and Generation review covers the extra benefits you get like the free priority pass membership, tax-loss harvesting, lower management fees, financial planning, health coverage and more.

Best Investment Offers This month

Canada's best online investment management platform.

Low management fee of 0.40% to 0.50% compared to mutual funds (up to 2%).

Enjoy automatic rebalancing, dividend reinvesting, and free financial advice.

Invest on autopilot and grow your net worth.

Offers self-directed and professionally managed portfolios.

No trading commissions on ETF purchases.

Low fees to buy stocks starting at $4.95 per transaction.

Free transfers from other banks and $0 inactivity fees.

1.25% savings interest rates.

Earn tax-free interest on every dollar and up to 125x more interest than other banks.

No monthly account fees.

Free withdrawals and CDIC insurance.

$5 welcome bonus when you link your bank account.

Invest in low-cost ETFs.

Earn cash back, lower your bills, and pay off debt faster.

Get financial advice from experts.

Retirement 101 eBook - 3D

Join Our Newsletter!

Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips. You will also receive our FREE eBooks.

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

EXCLUSIVE OFFER
Get a $50 cash bonus and trade stocks for FREE when you open a new Wealthsimple Trade or Crypto account
* Terms & Conditions Apply. Deposit and trade a min. of $100 in stocks or Crypto. Limited time offer.
18 Shares
Share
Pin
Tweet
WhatsApp
Reddit