Wealthsimple Review: Is Robo Advice Right for You?

Robo advisors and online investment tools are growing more popular by the day and offering individuals new alternatives to working with a traditional financial advisor. Many investors have already begun to take advantage of the unique benefits that robo advisors can offer, and some traditional financial advisors are starting to embrace the new tech – working alongside it rather than attempting to compete.

Interestingly, one of the biggest demographics taking to the robo advice revolution today is the Millennials. Younger investors believe that robo advisors can help them to eliminate the guesswork often associated with investing – which takes much of the risk out of choosing where to place their money. Of course, retirees and individuals with higher net worth will often see value in robo advisors as well, because they can use them to manage their wealth wisely at much lower rates which is especially beneficial once you stop working for a living.

The question for many modern day investors isn’t whether to use a robo advisor, but which one?. Today, we’re going to examine one of the more recent entrants to the US and UK markets – Wealthsimple.

What is Wealthsimple?

Wealthsimple started out as one of the biggest robo advisor platforms in Canada before it launched in the US in January 2017. This highly popular platform already has 70,000+ Canadians on board and it’s been successfully acquiring US clients over the past 18 months and UK clients in the past year as well. Wealthsimple brings a unique range of investment options to enjoy for their investors, all the way from free tax-loss harvesting, to investments into a Halal portfolio option.

Whether you start with a basic account, or you’re lucky enough to have a Wealthsimple “black” account, you’re going to benefit from a host of great features. While there’s obviously more to play with at the premium level, Wealthsimple sets itself apart from some of the other robo advisors on the market by giving you plenty of great stuff at the basic level too.

They include:

  • Portfolio rebalancing
  • Live human advisors
  • Financial planning
  • Automatic deposits
  • Dividend reinvesting
  • Tax loss harvesting

The Biggest Benefits of using Wealthsimple

Wealthsimple is one of the most attractive and feature-rich robo advisors on the market today. Perhaps the biggest benefit of this tool is the fact that it has a zero-dollar account minimum. In other words, you don’t have to invest a specific amount before you can start enjoying the services that the tool has to offer. Additionally, before you sign up, you can access a range of great benefits, including a portfolio review of your savings, debts, and investments.

  • For one, many investors love Wealthsimple for its socially responsible portfolio option.
  • With Wealthsimple, you get access to a range of financial planners who can help you to make the most of your investment strategy. Although many financial services have been automated and taken out of the hands of humans over the last few years, most investors will still want the chance to talk to a real person about their future and what they’re going to do with their finances.
  • You will also get a 15-minute introductory call from the brand talking them through all the features of the tool and helping them with questions on how they can boost their portfolio. Of course, if you’re lucky enough to be a premium customer, then you’ll receive a more formal financial plan, which provides you with a complete snapshot of your current financial strategy, so you can address concerns like – having enough cash to retire and so on.

Simple and Streamlined Investing

In today’s fast-paced world, most people won’t want to spend too much time examining their portfolio and looking for opportunities to grow their wealth on a complicated platform. That’s why Wealthsimple makes managing your investments as simple as possible. The company has cut out a lot of the clutter involved with other robo advisor applications and websites, so that you only get the support you need to make the most out of your strategy.

With Wealthsimple, you get a premium level of support regardless of whether you’re part of their “black” level group or not. What’s more, unlike some of the other investment options on the market that come with automated features, Wealthsimple also provides real-life advisors, so can talk to someone who has years of experience dealing with issues like retirement planning and more.

For those who want an ethical, diverse, and highly innovative approach to handling their investment opportunities, there may be other robo advisors on the market, but there’s nothing quite like Wealthsimple. It really does what it says – making managing and growing your wealth as easy as possible.

Should You Try Wealthsimple?

There’s no easy answer when it comes to deciding which investment strategy and robo advisor is right for you. The best thing you can do is read reviews just like this one and ask yourself whether the positives outweigh the negatives.

As the ultimate premium service for anyone from a beginner investor, for someone with years of experience in growing their portfolio, Wealthsimple could be the best option the market has seen so far. Not only do you get access to certified financial professionals, but you can also enjoy a $0 minimum balance, and a range of great premium features for free, such as tax-loss harvesting and more.

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