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

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  • Sep 26th, 2021 12:52 pm
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[OP]
Newbie
Jun 9, 2021
2 posts
1 upvote

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.
7 replies
Deal Addict
Jan 5, 2018
1264 posts
1000 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.
Sr. Member
Feb 24, 2018
724 posts
428 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.
Sr. Member
Mar 12, 2017
681 posts
606 upvotes
jenneth wrote: I have RRSP with Wealthsimple atm and it's gone up about 2-3% since I started it in June....not that good.
90% equity?

Mine is up 8.5% in 6 months . XEQT is up around 10% since then. BUT I got 75$ to stay there 6 months, which mean I had a return of 16.6% in 6 months. If you do it, do it through a partner and it's well worth it.

If it's 3%, it's not that bad considering the market has been down in September. But yeah, XEQT is up 4.9% since June 15th.

You can do better than a Robo by choosing an ETF yourself. I don't think it's worth the 0.65% or whatever they charge you. I wish I started self-directing in March instead of lookin too much at robo advisors. You have this idea that self-directing is a bigger step, but buying an all in one ETF is as easy as using the robo. You also get on average 40$ if you use a referral (in Qc, it's the value of two Air Canada stocks).
Deal Addict
Jan 5, 2018
1264 posts
1000 upvotes
leolozon wrote: 90% equity?

Mine is up 8.5% in 6 months . XEQT is up around 10% since then. BUT I got 75$ to stay there 6 months, which mean I had a return of 16.6% in 6 months. If you do it, do it through a partner and it's well worth it.

If it's 3%, it's not that bad considering the market has been down in September. But yeah, XEQT is up 4.9% since June 15th.

You can do better than a Robo by choosing an ETF yourself. I don't think it's worth the 0.65% or whatever they charge you. I wish I started self-directing in March instead of lookin too much at robo advisors. You have this idea that self-directing is a bigger step, but buying an all in one ETF is as easy as using the robo. You also get on average 40$ if you use a referral (in Qc, it's the value of two Air Canada stocks).
I have no idea. It only shows me a risk ratio and I get to decide. The robo advisor automatically distributed my contribution and takes out x amount of fees and pays me x amount of dividend each month.


This is my first year maxing out AND cotributing to the rrsp fund so this is all new to me...

I never took my finances seriously until this year...
NOT A WOMAN. JUST GOT A WEIRD NAME. I AM A MAN. THANKS.
Deal Fanatic
Jul 4, 2004
7533 posts
790 upvotes
Toronto
Warren Buffet strategy.

Everything into VFV - tracking SP500

YTD +19.67%

vs

XEQT + 14.46%
Deal Addict
Dec 4, 2011
2273 posts
2317 upvotes
Montréal
jenneth wrote: I have no idea. It only shows me a risk ratio and I get to decide. The robo advisor automatically distributed my contribution and takes out x amount of fees and pays me x amount of dividend each month.


This is my first year maxing out AND cotributing to the rrsp fund so this is all new to me...

I never took my finances seriously until this year...
The risk slider adjusts your bond/equity ratio, so max risk is 90% equity. If you are putting money in something you really should understand how it works.

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