Wealthsimple Review 2020: Pros, Cons and Is It Legit?

At SavingJunkie, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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Robo advisors are online, automated portfolio management services.

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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.

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 and end up losing a lot of money.

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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

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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.

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