WealthSimple promotion offers, bonuses, incentives for opening new brokerage or retirement account. Promo codes for free trades.

WealthSimple Promotion

Get your first $5,000 managed for FREE at Wealthsimple.

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WealthSimple Overview

WealthSimple joins the ever growing group of automated investment platforms geared towards millennials and the average joe who wants to start investing but doesn’t know how and doesn’t want to pay high fees for a professional advisor. WealthSimple offers a wide variety of account types from taxable accounts to IRAs, which can each be customized to meet your individual risk appetite and financial goals. This article will provide a brief overview of how WealthSimple accomplishes this and provide you with the details you’ll need to determine if it’s the right fit for you.

Account Types Supported by WealthSimple

If you are looking to setup or move your retirement account to WealthSimple you’re in luck because they support most of these account types, including the Traditional IRA, Roth IRA, and SEP IRA. WealthSimple also offers taxable accounts for those who like to invest some of their savings outside of their retirement plan. Additionally they offer a Smart Savings account, which is geared towards those looking to park their cash in something safe and liquid.

How Does WealthSimple Invest My Money?

WealthSimple markets its platform as a relatively low-cost way to invest in an asset allocation product that is tailored to your needs because they implement their strategies mostly through low-cost, passive ETFs. Based on your unique risk appetite and investment goals, they will allocate your money across Domestic, Global Developed, and Emerging Equities, as well as across the Fixed Income world with exposure from Municipal, Government, High Yield Corporate, and Inflation-Protected Bonds. Your unique situation and financial goals will determine your portfolio’s allocation, if any, to each of these assets.

What Happens After They Setup My Portfolio?

Once WealthSimple sets up your custom portfolio they will maintain it for you by automatically rebalancing it to your target allocations as they shift due to market movement or account flows. Another feature that makes this platform easy to use is that you can setup your account to receive recurring deposits from your bank, which they will then automatically invest in your portfolio for you.

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What are the Costs?

WealthSimple tries to make investing a simple experience for the average Joe, and their pricing structure follows this theme. Much like a professional financial advisor, they charge you a fixed annual fee as a % of your account balance – 0.5% for smaller accounts worth less than $100K and 0.4% for larger accounts (and if you have multiple accounts with them they will determine your rate based on the combined value of all your accounts).

Is WealthSimple Right For Me?

Although the approach taken by WealthSimple is not new (lots of other so-called “robo-advisors” are meeting demand in this space) it is popular for many that are looking to easily invest but don’t know where to begin. If you are new to investing and are looking for a simple, low-cost, well-diversified and passive portfolio you should give WealthSimple a try. But if you are someone who thinks there’s too much risk in following the herd (i.e. passive ETF investing) and see value in fundamental or active investing strategies, WealthSimple might be a bit too basic for you.

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WealthSimple Promotion reviewed by TopRatedFirms.com. Rating: 4