I was just on their Website this morning.Wealth Simple is having a huge PR campaign these days
the backers i believe are the Desmarais family financial titan group. The desmarais of power corporation, power financial, investors group & dozens of other companies in canada & france. The entrepreneur in WS i believe is paul desmarais III, grandson of Original Paul, who was a legend in his time. No wonder wealth simple's advertising pockets are so deep.
if they have free trading, you can bet a truly interesting amount of money that they are making the operation pay for themselves somehow. A likely methodology would be to hold clients' stocks in margin accounts so that WS can earn fees by borrowing shares.
not saying that *is* what's going on ... but something definitely has to be going on ...
Q: is la Banque Nationale involved in wealth simple to any extent? natBank is another quebec financial titan
national bank has lots of *free* services these days. They're also longtime involved with horizons betaPro in constructing derivatives-only ETFs. National bank is also offering *free* custodial services to institutional investment managers. Their discount broker reportedly has no-fee ETF trading.
not saying any of this is wrong; just saying it's a good idea to look well under the hood.
What I like about WealthSimple is the ease and speed to set it up and the other features of it.
Round Up is excellent. Some CCs and have this but Wealthsimple links to my bank and automatically monitors my debit and credit card accounts and rounds up to the nearest dollar and then deposits that periodically into the account of my choice. Really nice low to no impact savings vehicle. I wish I could adjust it to round up to the nearest $10 instead but this is a good start.
Also Overflow - set a limit on your chequeing account of say $ 8k and any amount over that monthly it transfers - to the account of your choice. I can set that limit and push excess into 2.4% cash account and then periodically move to RRSP or TFSA or just go directly into one of those. Again, nice automatic and low impact savings tool.
I have friends and family who are not nearly as financially educated as I am and WealthSimple is great for them. Low cost indexing, they don't have to make trading decisions and it's fast and easy to set up on their phone. People I care about who I could never get to set up a proper RRSP and portfolio are doing WealthSimple in a half hour. They have done a great job with the app and I am impressed. No, I won't transfer my self managed trading accounts to WealthSimple but it is a great solution for some of my saving/investing and for many of the people I care about.
My friend's work has their company RRSP there and she just asked me about some ETF options ,this is a big company 300+ employees so hopefully it is safe long term.