WealthSimple RESP experience
I did not see a specific thread on this so decided to post my experience. I have has Questrade as my broker for wife and I's TFSA, RRSP accounts, and in general have been happy with their service. Both my wife and I have DB pensions, and while we take investing in TFSA, RRSP seriously, in general we know that our retirement will be funded through DB.
The idea of auto-pilot investing was intriguing, and we have been thinking of testing Wealthsimple for some time now. On the birth of our child, we decided to take the step and start his RESP with Wealthsimple. The initial sign up process was a breeze, as well as the auto-bank account linking feature. Once our initial deposit was made, the CEGS grant was automatically applied and deposited in a few weeks. For now, we are very happy with this, and plan on continuing with auto-deposit feature. The interface, ease of use and auto-invest is all really well done, and makes the entire investing experience a breeze.
Over the long term (10+years), I'm unsure how I would feel given that my portfolio choice doesn't exactly line up with Wealthsimple, in particular their decision to start using low volatility products. While appealing, I understand that low-vol products depend heavily on construction of the underlying portfolio, and I have not seen any documents from Wealthsimple on particular choice of these products was made over other competing products. I also feel that it may benefit their ability to keep clients during deep equity drawdown, however, I would like to see the benefit to portfolio. Overall, this is a minor concern, and the impact compared to auto-invest should be little.
The idea of auto-pilot investing was intriguing, and we have been thinking of testing Wealthsimple for some time now. On the birth of our child, we decided to take the step and start his RESP with Wealthsimple. The initial sign up process was a breeze, as well as the auto-bank account linking feature. Once our initial deposit was made, the CEGS grant was automatically applied and deposited in a few weeks. For now, we are very happy with this, and plan on continuing with auto-deposit feature. The interface, ease of use and auto-invest is all really well done, and makes the entire investing experience a breeze.
Over the long term (10+years), I'm unsure how I would feel given that my portfolio choice doesn't exactly line up with Wealthsimple, in particular their decision to start using low volatility products. While appealing, I understand that low-vol products depend heavily on construction of the underlying portfolio, and I have not seen any documents from Wealthsimple on particular choice of these products was made over other competing products. I also feel that it may benefit their ability to keep clients during deep equity drawdown, however, I would like to see the benefit to portfolio. Overall, this is a minor concern, and the impact compared to auto-invest should be little.
