Wealthsimple is Canada’s most popular robo-advisor with more than $8.4 billion in assets under management.
Wealthsimple’s promotional offer gives new clients a $75 cash bonus (no longer $50 bonus) when they open and fund their investment account with at least $500.
This is in addition to all the other benefits and perks you enjoy when you utilize its online investment management service.
For an in-depth look into the services, products, fees, and financial planning offered by the company, read our complete Wealthsimple review.
What is Wealthsimple?
Wealthsimple is the largest digital registered portfolio manager (robo-advisor) in Canada based on the number of clients and assets under management. Its headquarters is in Toronto and the company also has offices in New York and London.
Wealthsimple provides everyday investors with access to diversified portfolios that are modelled after Nobel Prize-winning strategies. In addition, you enjoy:
- Very low investment management fees (as low as 0.4% compared to almost 2% when you invest in equity mutual funds).
- Portfolios customized to suit your investment objectives, return expectations, and risk tolerance.
- Automatic rebalancing.
- Dividend re-investing.
- Free expert financial advice.
- Low-cost ETF portfolios and more.
Even better, you can sit back and not worry about your portfolio because they take care of all that stuff!
Wealthsimple Accounts and Products
You can invest in a variety of accounts with Wealthsimple. They offer:
- Registered accounts like TFSA, RRSP, RESP, RRIF, and LIRA
- Personal non-registered investment accounts
- Joint accounts
- Business investment accounts
As a client, you also have access to their various innovative products and services including:
1. Stock Trading: Wealthsimple Trade is a commission-free stock trading app that enables you to buy and sell thousands of stocks and ETFs for free.
2. High-Interest Savings Account: The Wealthsimple Cash Account pays a 0.75% interest rate that is one of the best in Canada and easily beats what the big banks are offering.
3. Socially Responsible Investing: Access to investment portfolios that line up with your values. For example, you can invest in ETFs that are environment-friendly or those that feature only companies with a positive human right and corruption record.
4. Roundup Investing: This feature of Wealthsimple invest makes it easy for you to automatically invest your spare change.
5. Halal Investing: Investors who adhere to the Islamic faith can invest in a smart portfolio that complies with Islamic Law.
6. Tax Returns: They recently purchased SimpleTax, a “pay what you can” online tax return software.
Wealthsimple Fees
One of the reasons why robo-advisors have increased in popularity is due to the lower fees they charge for managing your money.
At Wealthsimple, the fees are:
- $0 to $100,000 portfolio balance: 0.50% fee per year.
- $100,000 or more: 0.40% fee per year.
Using a calculator on the site, on a $100,000 portfolio, you could easily save $36,268 in fees over 20 years compared to an average mutual fund.
Wealthsimple Referral Program
When you sign up for a new Wealthsimple account using our referral link, you receive a $75 cash bonus.
As a client, you can share your custom referral link with friends and family. When they sign up, you get $10,000 managed for free for 12 months for each person that funds their account.
Your referrals also get free management of up to $10,000 for one year.
Other Wealthsimple Rewards
1) Download the mobile app and get an additional $100 managed for free for 12 months.
2) Turn on auto-deposits and deposit $50 or more per month to get an extra $1,000 managed for free.
3) Transfer an investment account of at least $5,000 from another institution to Wealthsimple and get $10,000 managed for free for 12 months.
4) Get an extra $100 managed for free when you activate two-step verification for your account.
Is Wealthsimple Legit and Safe?
Wealthsimple Inc. is a registered portfolio manager in all of Canada and they offer investment products via ShareOwner which is a member of the Investment Industry Regulatory Organization of Canada (IIROC).
Clients of Wealthsimple are protected by the Canadian Investor Protection Fund (CIPF) up to $1 million if the firm becomes insolvent.
The company is backed by several well regarded financial institutions including Allianz X and Power Financial.
Wealthsimple Frequently Asked Questions
These are answers to some of the more common Wealthsimple FAQs:
New clients who sign up using this referral link will get a $75 cash bonus after they fund their account with at least $500. Depending on your account balance, a 0.40% to 0.50% management fee applies per year.
Wealthsimple’s investment products are provided through Canadian ShareOwner Investments Inc. which is a member of IIROC and client accounts are protected by CIPF up to $1 million if the firm becomes bankrupt.
Yes, as with any other investment (including mutual funds), there’s always a risk that you can lose your money.
We have written a detailed article comparing robo-advisor fees in Canada.
They charge a standard management fee of 0.4-0.5% per year depending on your portfolio size.
If you are a self-directed investor who wants to buy and sell individual stocks, you can do so using Wealthsimple Trade, a no-commission stock trading platform.
Yes, you can transfer your existing investment accounts elsewhere to Wealthsimple. They reimburse any transfer fees incurred on accounts exceeding $5,000 in value. Read more about Wealthsimple TFSA accounts.
This refers to their referral program. You can invest up to $10,000 for free for every friend who signs up using your referral link. Your friend also gets to invest up to $10,000 free for 12 months.
Wealthsimple was founded in 2014 by Michael Katchen. Since then, the company has grown significantly and is backed by Power Financial Corporation.
Withdrawals take up to 5 business days to be completed.
In general, when you sign up for a Wealthsimple investment account, you may qualify for a $50 welcome bonus. That said, when you use our exclusive promo link, you get a $75 bonus instead after funding your account with at least $500.
Wealthsimple $75 Cash Bonus Offer
Summary
Wealthsimple is Canada’s most popular robo-advisor. Enjoy this Wealthsimple promotional offer and get a $75 cash bonus when you sign up through our referral link. Refer friends and get $10,000 managed free for one year per referral.
