Wealthsimple Review 2020 – Investing With Human Advice

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Wealthsimple Review. Wealthsimple is an automated investing service — or the US, Canada, UK Robo advisor — and the largest such service in Canada. It was launched in 2014 and made available to U.S. clients on Jan. 31, 2017, after six months of beta testing. (It’s also available in the U.K.) The company is based in Toronto, with offices in New York and London. It now has more than 120,000 global clients and over $4 billion in assets under.

Wealthsimple is a solid addition to the current slate of Robo advisors available. The service offers a socially responsible investment option, as well as assistance from a live representative. However, compared to other firms their fees are on the high side.

Wealthsimple is backed by a team of world-class financial experts and some of Silicon Valley’s best technology talent. The company has raised $78 million in the capital. Its staff is made up of software engineers, designers and data scientists who have previously worked at such companies as Amazon, Google and Apple.

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Review What Is Wealthsimple?

Wealthsimple provides world-class, long-term investment management with no account minimums. Your account is invested in a diversified portfolio of exchange-traded funds (ETFs) that focus on low-cost index funds. This enables the development of a portfolio that is invested in thousands of different companies and across many major sectors around the globe.

The service includes automatic rebalancing, dividend reinvesting and tax-loss harvesting. In addition, Wealthsimple’s financial advisors are available to you whenever you need them. This can be an exceptional platform, particularly for new and small investors, who historically have been unable to afford access to these services.

Wealthsimple Fees & Features Review

Minimum Investment	$0
Fees	$0 to $100k – 0.50%/year; $100k+ – 0.40%/year
Accounts	Taxable, Joint, Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, 401(k) Guidance
401(k) Assistance	Yes
Tax Loss Harvesting	Yes
Portfolio Rebalancing	Yes
Automatic Deposits	Weekly, Biweekly and Monthly
Advice	Human Assisted
Smart Beta	No
Socially Responsible	Yes
Fractional Shares	Yes
Access	Web-Based, iPhone App, Android App
Customer Service	Phone: M-F 9A-5:30P ET; Email

• Portfolio Review — Wealthsimple offers a portfolio review service, which is a free, objective evaluation of your non-Wealthsimple financial accounts. They’ll evaluate the fees you’re paying, the tax efficiency of the account and the portfolio allocation of any third-party accounts you have.
• Halal Investing Portfolio (New) — A simple and low-cost portfolio that aims to grow your money for the long term while complying with Islamic investing principles.
• Smart Savings (New) — With Wealthsimple’s new fixed-income portfolio, you can earn interest. There’s no minimum account size, and the platform allows for unlimited, free transfers.
• Free Stock Trades for Canadians (New) — With the new Wealthsimple Trade app for iOS and Android, Canadian investors can now buy and sell more than 8,000 stock and ETFs on major Canadian and U.S. exchanges for $0 in commissions. This brokerage service is currently available only to Canadians
• Roundups for Canadians (New) — Similar to the services offered by microsavings apps such as Acorns and Qapital, Wealthsimple’s Roundups take the spare change from a purchase and invest it in your savings or investment account.
• Investing Master Class (New) — Enjoy a 10-video educational course designed to teach you the basics of investing in just 45 minutes.
• Free Retirement Calculator (New) — Wealthsimple has unveiled a free retirement calculator designed specifically to help Canadians understand how much they need for retirement.

Review How Does Wealthsimple Work?

Wealthsimple’s investment approach is based on Modern Portfolio Theory. That’s an investment theory developed by Nobel Prize-winning economist Harry Markowitz, who demonstrated that you can minimize risk and maximize return by diversifying your investments. Wealthsimple’s automatic rebalancing and dividend reinvesting complement that strategy.

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The sign-up process includes a short risk assessment questionnaire to determine your initial risk profile, after which you are given a recommended portfolio mix. Your portfolio is based on your financial goals, time horizon, risk tolerance, past investment experience and level of investment knowledge.

However, when these change, you may want to adjust your portfolio accordingly. You may even want different portfolios for each account, as you may have different time horizons and goals. Wealthsimple allows clients to call or email to discuss these and to make changes to their portfolio based on their desires.

Wealthsimple Easy Sign-up Process

Signing up for Wealthsimple is a simple three-step process:

1. Complete the online application, with some basic information, as well as answering a few questions about your previous investment experience;
2. E-sign one or more Investment Management Agreements;
3. Bank verification — via online by entering your account information

Once completed, your account should be up and be running within five business days.

Wealthsimple Portfolio Review

Wealthsimple’s portfolios are comprised of varying positions in low-cost index-based ETFs. There are three portfolios, including conservative, balanced and growth. The conservative portfolio is a 65/35 stock/bond split, while the growth portfolio is 80/20 favouring stocks, and the balanced portfolio is a 50/50 split.

Stocks

Sector	ETF	Ticker
US	Vanguard US Total Stock Market	VTI
US	Vanguard Mid-Cap Value ETF	VOE
US	Vanguard Small-Cap Value ETF	VBR
Foreign	Vanguard FTSE Europe ETF	VGK
Foreign	WisdomTree Japan Hedged Equity Fund	DXJ
Emerging Market	Vanguard FTSE Emerging Markets ETF	VWO

Bonds

Sector	ETF	Ticker
Municipal	iShares National Muni Mond ETF	MUB
US Inflation-Protected	iShares TIPS Bond	TIP
US Govt and Corporate IG	Vanguard Total Bond Market ETF	BND
High Yield	VanEck Vectors Fallen Angel High Yield Bond ETF	ANGL

Socially Responsible

Wealthsimple provides this option for investors who are interested in feeling good about their investments. The socially responsible portfolio prioritizes low carbon emissions, advances clean-tech innovation and promotes sustainable growth in emerging markets.

Sector	ETF	Ticker
Lower Carbon Exposure	iShares MSCI ACWI Low Carbon Target	CRBN
Clean-Tech	PowerShares Cleantech Portfolio	PZD
Socially Responsible US Companies	iShares MSCI KLD 400 Social Index Fund	DSI
Gender Diversity	SPDR Gender Diversity	SHE
Local Initiatives	PowerShares Build America Bond Portfolio	BAB
Affordable Housing	iShares GNMA BD ETF	GNMA

Halal Portfolio

A new option for Muslim investors, this portfolio adheres to Islamic Halal rules (debt-based investments and companies that profit from gambling, alcohol, pork, etc., are excluded).

Company	Ticker
Johnson & Johnson	JNJ
Exxon Mobile Corp.	XOM
Novartis AG	NVS
The Procter & Gamble Co.	PG
SAP SE	SAP
Canadian National Railway Co.	CNR
Total SA	TOT
Pfizer	PFE
Canon Inc.	CAJ
Unilever	UN
Chevron Corp.	CVX
Royal Dutch Shell	RDS-A
Alibaba Group Holding	BABA
Merck & Co. Inc.	MRK
DowDuPont Inc.	DWDP
Thomson Reuters Corp.	TRI
Texas Instruments Inc.	TXN
Pembina Pipeline Corp.	PPL
Imperial Oil Ltd.	IMO
Intel Corp.	INTC
Sanofi	SNY
CGI Group Inc.	GIB-A
Suncor Energy Inc.	SIJ
Koninklijke Philips NVR	PHG
NTT Docomo Inc.	DCM
ABB Ltd.	ABB
Metro Inc.	MRU
BHP Billiton Ltd.	BHP
Magna Intl. Inc.	MG
Danaher Corp.	DHR
Chunghwa Telecom	CHT
Unilever PLC	UL
TJX Companies Inc.	TJX
BP PLC	BP
CRH PCL	CHR
Saputo Inc.	SAP
Broadcom Ltd.	AVGO
Starbucks Corp.	SBUX
Agrium Inc.	AGU
Union Pacific Corp.	UNP
SNC-Lavalin Group Inc.	SNC
FedEx Corp.	FDX
Exelon Corp.	EXC
Eli Lilly & Co.	LLY
Gildan Activewear Inc.	GIL
Barrick Gold Corp.	ABX
Bristol-Myers Squibb Co.	BMY
Potash Corp. of Saskatchewan	POT
The Kraft Heinz Co.	KHC
Tesla Inc.	TSLA

Wealthsimple Screenshots

Wealthsimple Black Program Review

Wealthsimple offers the Black Program for investors with higher account balances. With $100,000 or more, you will enjoy the following perks:

• A reduced annual management fee of 0.40%.
• A financial planning session with one of Wealthsimple’s expert advisors to help you meet your financial goals.
• VIP access to more than 1,000 airport lounges in more than 400 cities; this will include a Priority Pass membership for you and one travelling companion.
• Additional tax-efficiency features, including tax-loss harvesting and tax-efficient funds.

This kind of investment service level is typically available to investors with much larger portfolios and at much higher annual fees at traditional investment brokers and advisors.

Wealthsimple Generation Review (New)

For high-net-worth investors serious about growing and preserving wealth, Wealthsimple now offers a third-tier called “Generation.”

Generation requires a minimum deposit of $500,000 or more. Clients will receive access to a dedicated team of financial advisors who will provide advice on call for a 0.40% management fee. Your advisory team will design a personalized financial report to help them establish a long-term strategy.

Along with all the benefits of the Black plan, Generation members will receive:

• In-depth financial planning
• Asset location
• Access to a team of advisors
• A personalized financial report
• Tailor-made portfolios
• 50% off a Medcan health plan

Wealthsimple Pros & Cons Review

Pros

• Socially Responsible Portfolio — This is a somewhat unique option among Robo advisors. Though recently Betterment and Wealthfront now offer SRI portfolios as well.
• Live Support — This is a welcome benefit in an industry sector that often provides little or no direct assistance, let alone financial advice.
• Portfolio Review — A complete portfolio review of outside investment services is unique in the Robo advisor space. It can help you determine if your money is currently being efficiently invested.
• No Minimum — Weathsimple isn’t the only investment service offering no minimum account balance. But it’s a noteworthy benefit and perfect for new and small investors who may have little or no capital to start investing.
• VIP Airline Lounge Access — If you’re a frequent traveller and you like to make use of airline lounges, this could be a nice perk.
• Fee-Free Stock Trading for Canadians — Canadian investors now pay $0 in fees to trade stocks with Wealthsimple.

Cons

• No Goal Setting — This is a feature offered by Wealthfront, Betterment and Personal Capital, and one that would enhance Wealthsimple’s platform.
• High Fees — The basic fee of 0.50% is at the higher end of the Robo advisor fee spectrum, but you can do a lot better. For example, Betterment and Wealthfront each charge 0.25% for basic service, and Betterment now offer premium services at 0.40%/year.

Wealthsimple Review Summary

The basic portfolio model of Wealthsimple is solid and not unlike that offered by other Robo investing platforms in its mix of index ETFs invested in both foreign and domestic stocks and bonds. But like some other Robo advisors, the service can benefit by adding investments in commodities and real estate investment trusts in order to provide even broader diversification.

Wealthsimple excels in that it has no minimum required account balance and that it provides ongoing live customer support. The socially responsible option is also an attractive choice for investors who want their investing activities to match their personal beliefs.

Where Wealthsimple comes up short is in its pricing. The annual management fee of 0.50% on balances under $100,000 is at the higher end of the Robo advisor fee range. That’s virtually double the fees charged by Betterment and Wealthfront. Wealthsimple doesn’t offer a product sufficiently strong enough to justify charging twice the fee of the primary competition. This is especially true since it’s a newcomer to the U.S. market.

The platform does, however, become more competitive on account balances over $100,000, with a 0.40% management fee. This matches Betterment’s Plus program and is lower than the fee on Betterment’s Premium plan. In addition, Wealthsimple provides tax-loss harvesting to all U.S. clients, making it a complete investment service.

We recommend investigating Wealthsimple if you have at least $100,000 to invest. Smaller investors will be better served by checking out other Robo advisors that have lower fees.

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