Wealthsimple managed investing is a robo advising investment platform from one of Canada's favourite online brokerages, Wealthsimple. It offers a hands-off investment experience with no paperwork and no account minimums – a huge draw for anyone who's new to the world of investing or simply trying to make smart choices with minimal funds.
In this Wealthsimple managed investing review, we'll show how the company and the individual service prides itself on making things as easy and hands-free for you as possible. By getting you invested in a variety of diversified ETFs, this set-it-and-forget-it method of investing might be exactly what you're looking for.
Wealthsimple managed investing features
Here’s a quick outline of Wealthsimple’s primary features.
Why You Want It
Get Apple Products with transfers in + Set-it-and-forget-it simplicity.
Special Features
- Provides socially responsible and Halal investment options
- Can connect your account to Mint for easy budgeting
- Get a dedicated team of advisors if you have more than $500,000 in assets
Provinces
ALL
Features
Types Of Accounts
- RRSP
- TFSA
- Personal
- RESP
- RRIF
- LIRA
- Joint
- Business
- FHSA
Minimum Investment
$0
Minimum Balance For Minimum Fee
$10,000,000
Minimum Deposit To Cover Transfer Fee
$25,000
Socially Responsible Investing Options
Email Support
Live Chat Support
Phone Support
Average MER
0.31%
Minimum Fees
0.2%
Maximum Fees
0.5%
Cover Transfer Fees?
Maximum Covered Transfer Fee
N/A
Promotion
N/A
Promotion End Date
N/A
Wealthsimple managed investing product rating: 4.5 stars
While some online brokerages pride themselves in having a huge number of account types and powerful tools to enable self-directed traders to take full control of their investments, Wealthsimple managed investing is almost the opposite. With their generally average fees and automated investing and management options, they make it as frictionless as possible for you to start meeting your saving and investment goals.
Wealthsimple scores well on its minimum investment requirement, as well as its automated rebalancing and tax-loss harvesting. It loses some points for its generally-average fees and account types, as well as its lack of live chat support.
Rating methodology
To evaluate robo advisors, we analyze over 20 data points to generate a trustworthy Genius Rating. We consider all aspects of a robo advisor, including fees, investment options, minimum investment amount, access to support, perks, customer satisfaction, and promotions, to assess its overall value. Then, the robo advisor’s features are rated based on how they stack up against other available options.
Learn more about our rating methodology.
The pros of Wealthsimple managed investing
These are some of Wealthsimple managed investing’s best features – the ones that make the service worth considering.
Pros
Easy to understand fees
Wealthsimple Canada charges a 0.5% management fee for total deposits up to $100,000, and 0.4% once your total deposits are over $100,000 – simple, consistent, and no surprises. Keep in mind, though, that if you have any ETFs in your portfolio, you'll have to pay an MER, which can be anywhere from 0.12% to 0.5%.
The set-and-forget-it simplicity
They like to call it "putting your money on autopilot," where Wealthsimple managed investing takes care of everything so you don’t have to lift a finger. Once you've opened an account – a process that takes only minutes and doesn't require any minimum investment – you can set up automatic deposits if you want, plus be treated to dividend reinvestment and routine rebalancing, completely automating your savings strategy.
A good array of account types that can grow with you
Wealthsimple managed investing offers a variety of different investment account types that you can opt in to at any time. With RRSPs, TFSAs, RESPs, RRIFs, and more to choose from, these investment offerings can grow and develop alongside you as your personal and family needs change over time.
Extraordinary security for your money and accounts
From their end-to-end encryption and 2-factor authentication to CIPF coverage, your money and your account are as safe and secure with Wealthsimple managed investing as they would be at any of the major banks. With years of experience, Wealthsimple is tried, tested, and true.
Grow into Wealthsimple Premium
When you invest over $100,000 across all of your Wealthsimple accounts, you become part of the Wealthsimple Premium program. There are several advantages to this – including lower fees, getting a break on your taxes, a free financial planning session, and 15% off your Will. It’s worth a second look, and is definitely something to try to grow into over time.
Socially responsible and Halal investment options available
For those particularly interested in promoting social responsibility, Wealthsimple managed investing will screen for investment opportunities with environmental and/or social impact – all while still maintaining a diversified portfolio. You can also choose a Halal investment portfolio, which targets investment opportunities from companies that comply with Islamic law.
The cons of Wealthsimple managed investing
Wealthsimple managed investing has a lot going for it, especially for rookie investors, but there are some things you should watch out for as well.
Cons
Higher account management fees
While Wealthsimple’s management fees are easy to understand and keep track of, they are on the higher end of what's offered by other online brokers. Questwealth only charges between 0.2% and 0.25% in management fees, while Moka has a flat $15 monthly fee – which, to be fair, may or may not be less than Wealthsimple managed investing's fees in the end.
Limited tools
Compared to some of its competitors, the Wealthsimple tools are pretty limited. This makes sense, however, as their value proposition is making this as simple and automatic for you as possible. Other brokerages lean in the opposite direction, so they give you more complex tools for monitoring investments and account management.
Talking to a human can be tricky
Even though Wealthsimple managed investing says that those who use their automated investment service can speak with a portfolio manager at any time, reports seem to suggest that reaching a human isn't as easy as it sounds. Setting up a planning session with a financial advisor is only a feature offered to those in the Premium service tier, which means an investment minimum of $100,000. You can always reach out to the help centre during business hours, but they likely won't offer the same type of advice.
Wealthsimple managed investing alternatives
So how does Wealthsimple managed investing measure up to some of its closest competitors? Let’s take a look.
 |  |  |  | |
|---|---|---|---|---|
| Account | Wealthsimple managed investing | Questwealth | Justwealth | RBC InvestEase |
| Genius Rating | ||||
| Why You Want It | Get Apple Products with transfers in + Set-it-and-forget-it simplicity. | Get fees as low as 0.2% + $0 transfer-in fees with no minimum. | Low MER and account fees + Work with a personal portfolio manager. | Get a professional investment portfolio + Low $100 minimum investment. |
| Types Of Accounts |
|
|
|
|
| Minimum Investment | $0 | $250 | $5,000 | $100 |
| Minimum Balance For Minimum Fee | $10,000,000 | $100,000 | $500,000 | N/A |
| Minimum Deposit To Cover Transfer Fee | $25,000 | $0 | $25,000 | $15,000 |
| Socially Responsible Investing Options | | | | |
Show More | ||||
| Open an account See more Wealthsimple products Compare | Open an account See more Questrade products Compare | Open an account See more Justwealth products Compare | Learn More See more RBC products Compare |
FAQ
How does Wealthsimple managed investing make money?
Wealthsimple makes money by charging you a set percentage of the amount of money you have deposited. For up to $100,000 deposited, they charge 0.5%. If you deposit more than $100,000, you'll only be charged 0.4%. Look here to see how Wealthsimple managed investing's fees and features compare to those of similar services.
Is investing with Wealthsimple managed investing safe?
Yes, you and your money are safe with Wealthsimple managed investing. It has a proven track record as a secure online brokerage, employs end-to-end encryption, requires 2-factor authentication, and is backed by the CIPF. Plus, Wealthsimple uses modern cloud technology for encrypted backups to ensure your data is always accessible and secure.
What are the Wealthsimple managed investing fees?
The fees charged by Wealthsimple managed investing are reasonable and very easy to understand. Depending on the size of your deposit, you'll pay either 0.4% or 0.5% in management fees, and if your portfolio contains ETFs, you'll have to pay an MER between 0.12% and 0.5%. You can read more about these fees and other Wealthsimple managed investing benefits here.
How good is a Wealthsimple managed investing portfolio's performance?
A balanced portfolio with Wealthsimple managed investing may not achieve top returns in the first year or so, but you can expect impressive results over the long term. For a more in-depth look at this online broker's performance, read here.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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