Investing

WealthSimple-Invest: Robo-Advisor. Is this any good?

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  • Sep 13th, 2021 11:50 pm
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[OP]
Newbie
Jun 9, 2021
2 posts

WealthSimple-Invest: Robo-Advisor. Is this any good?

I have been studying Canada tax, retirement and investment for retirement. I have found Robo-Advisor in RBC which then also discovered WealthSimple-Invest.

Has anyone comment about their performance, it looks ideal for couch potatoes and better than cash saving such as EQBank. I have prior experience in investment and stock, but this is new.
3 replies
Sr. Member
Jan 5, 2018
697 posts
576 upvotes
I have RRSP with Wealthsimple atm and it's gone up about 2-3% since I started it in June....not that good.
NOT A WOMAN. JUST GOT A WEIRD NAME. I AM A MAN. THANKS.
Member
Feb 24, 2018
494 posts
230 upvotes
It's good, I started with this while I was learning for the first year before the fee kicked in, just be sure you set the risk level correctly, the max it will go is 90% equity and 10% bonds. They have a slider which lets you adjust the levels or you can do their risk questionnaire.

The fee was and I think still is 0.5%. It's a quarter of a bank's mutual fund but still a decent amount and it isn't truly passive, it's still an actively managed fund. I'd recommend just figuring out your risk level and then picking an ETF with WealthSimple Trade or Questrade and buying that since the fee will likely be between 0.10 to 0.25% which is a lot less for the same thing. If you want 100% equity and no bonds then you can go with XEQT/VEQT. 80% is XGRO/VGRO, etc. You have the flexibility to also add other ETFs like a tech ETF if you're more confident of that sector or an American-only ETF if you want more American stocks.

Find a referral online somewhere btw if you sign up to these. The Wealthsimple Invest one gets you $10k managed for free for one year without that 0.5% fee, Wealthsimple Trade referrals get you two random free stocks (PM me if you want a referral to this one I think my code is still unused), and Questrade gives you $25.

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