Wealthsimple Review 2021: Pros, Cons and Is It Legit?

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

Looking for a legit Wealthsimple review for 2021?

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.


Want Free Money?

  • Aspiration: Want to get spotted a $150 for free? Simply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $150 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

Pro tip: Surveys are quick, easy, and can pay you cash from the comfort of your home. No wonder they are so popular. Survey Junkie, Branded Surveys, Swagbucks, and InboxDollars are just a few of the best survey sites to make money.

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 to help make you money— 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.

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.

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 or trade stocks and end up losing a lot of money.

Wealthsimple makes investing easy.

Is Wealthsimple Safe?

Yes, 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 Wealthsimple 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

Wealth Simple Promo Code

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

Wealthsimple Review

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.

Compare to Other Advisors

This image has an empty alt attribute; its file name is Betterment.pngThis image has an empty alt attribute; its file name is WealthFront.png
FEES: 0.25% management feeFEES: 0.25% management fee
ACCOUNT MINIMUM: $0ACCOUNT MINIMUM: $500
PROMOTION: Up to 1 year of free management with a qualifying depositPROMOTION: $5,000 amount of assets managed for free

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.

SIGN UP FOR WEALTHSIMPLE

The best apps to save you real money

We are on our phone a lot, right? Wouldn’t it make sense to save money with the best money saving apps?

AppAt a glancedownload
robinhoodRobinhood
★★★★★
Open a new account in the next 24 hours and you could get up $200 in free stock.
CLAIM FREE STOCK
aspirationAspiration
★★★★★
Get a $150 bonus at Aspiration when you open and fund an account with $10 or more. Then use your Aspiration debit card to make at least $1,000 worth of cumulative transactions within 60 days of account opening.
CLAIM $150 BONUS
capital one shoppingCapital One Shopping
★★★★★
Amazon doesn't want you to know about this plugin. Learn about a little known plugin that tells you if you're getting the best price on Amazon.
START SAVING
Truebill reviewTruebill
★★★★★
This free app delivers on its promise to save you money effortlessly. You can use it to lower your bills, cancel unwanted subscriptions and bill negotiations.
SLASH YOUR BILLS

About the author

Brian Meiggs
Brian is the chief editor of SavingJunkie and is a personal finance expert who has spent the last few years writing about how Millennials can make smarter money moves. He has been fortunate enough to have appeared in several online publications, including Yahoo! Finance, NASDAQ, MSN Money, AOL, Discover Bank, GOBankingRates, and more. He is also diversifying his portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in hands off real estate investing via an app called Fundrise.

Leave A Reply

Please enter your comment!
Please enter your name here