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anybody using this?

https://www.youtube.com/watch?v=kcidFiMWN9w

no fees for trades...

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.
 

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Not quite ...

The WealthSimple entrepreneur is reported as being Michael Katchen who was working at a Silicon Valley startup. He returned to Toronto to start WealthSimple a couple of years after the startup was bought up where he is said to have provided info for setting up portfolios colleagues (presumably for their buyout funds).

Initial investors in 2014 were reported to be Eric Kirzner, Joe Canavan, and Roger Martin.

Power financial kicked in $30 million in 2015 and when another $20 million was announced in 2016, so was the appointment of Paul Desmarais III to the board of directors.

In 2017, the investments were up to $100 million. It was also reported that year that Power held an 88% stake. Interestingly, this ownership percentage doesn't include all forms of ownership Power has.


Cheers
 

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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.
I was just on their Website this morning.
Free Everything and HISA at 2.4% after promotion
Pre Paid Visa No Fees and No Foreign Exchange Fees and many other products.

I'm opening an account as I type.
 

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^ "...Free Everything ..." ???? Even lunch? On a serious note ...

Why is WealthSimple offering a free "trading" platform, even it's only the "app" version?

Isn't WealthSimple a robo-advisor type of platform? Does this mean they're "waiving" "their" "fees" "annually" for giving you advice and the handling of your portfolio signed up with them? Too good to be true, if true.
 

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That's what I always thought too. That it was a Robo Advisor but mind you I've just opened my account using there online website and it's a full desktop platform that has all the bell and whistles for the DIY. But I'll know more soon if they offer more then stocks and ETFs.
 

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No fee trading has existed in US for awhile. Like anything else free, you pay for it somehow

WealthSimple bought SimpleTax last year and promptly removed "We will never sell your data" from its privacy policy.

Data mining - access to taxes and networth data could be very valuable
 

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browsed WS platform but didn't see anything earthshaking. Yes they're expanding to become a lower-cost virtual bank.

paul desmarais III says that power corp, power financial & his own power-associated venture capital company Portag3 are aiming to turn wealthSimple into a low-cost disruptor fintech-driven online bank that will challenge the traditional canadian chartered banking hierarchy.

boring though wealthSimple looks - sure they'll pay you 2.40% on HISA but how disruptive is that? - the real company of interest is venture capital Portag3. Paul the Third has gathered more than a few innovative startups in fintech into his stable.

take Flybits, one of the most successful. Flybits uses artificial intelligence to enhance 3-dimensional, predictable models of its customers for service-vending companies. Flybits is supposed to make it easier for the service vendors to cuddle up with their customers, at a profound psychological level, in order to sell them more products & services.

TD is among Flybits customers. You can glimpse how TD is using Flybits AI software in their high value customer advertising. TD talks about - one could almost say brags about - its unique software that enables TD wealth management to custom-tool entire suites of data for each individual client, along with his family members including spouse, children, parents.

gah. Do i want AI to create an eerily elaborate profile on me & my fam without my knowledge or permission, then store it somewhere in the cloud? certainly not.
 

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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.
 

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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.

et tu, left turn?

really these wealthSimple Influencers have turned into a plague. Paul the Third is persuaded that his future clients are all hanging in social media so he's sent out the Influencers.
 

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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.
 

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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.

probably as safe as anything ... after all, is anything "safe long term" these days

desmarais the Third's banker is national bank. They're all probably as OK as OK can be. In recent years natBank has appeared to be going more heavily into derivative & synthetic investment products but this is only my view.
 

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I read something about Wealth simple ,recently, I've been wondering if I should open an account. I found some information across the web, and this is interesting:

  • It's not in realtime for the index

  • They don't send the ATM card yet
  • Some dude that tried to score a buck recently didn't quite catch why that he was in the red when trying to do a ''timed transaction'' and ended up losing rather than gaining.
  • It was also mentioned at some point that they don't allow pennystocks transactions. It's quite interesting still, I find.

    I'll suggest you read some more informations around with websites like this one.

    Thanks for reading ;)
 
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