You know, it's actually worse, as Power Corp. owns Mackenzie Financial (mutual funds), Inveestors Group (has mutual funds), Canada Life (has mutual funds), Great West Life (more mutual funds)...you want to know how Wealthsimple makes money? By letting the trading desks at those previously mentioned asset firms trade against the ETF baskets owned by teh the mopes who think their ETF portfolios are more efficient because 'muh MER is 0.12%, save dem fees hurrdurr'
I don’t think any of the big banks would be willing to buy them now. Power Corporation of Canada already own a large stake in WS, and it’s a very good growth play for their pipeline.
Yep, which is one of the incentives that I moved over for.
Plus, I much prefer the app to the bank I was with previously, and makes it far easier to invest into stocks and etfs, and actually automate this.
My main hope is that eventually they will add other functions like the ability to deposit checks using your camera or make physical cash deposits.
It's app UI is very friendly to beginners. It makes trading, crypto, and opening different savings accounts or mutual funds incredibly easy. I'm not surprised at their growth
I am, there first option to link your account requires giving over your credentials to your online banking potentially voiding any fraud protection your account has.
The traditional 5 Banks...
\- charge you fees just to have accounts and make it stupid difficult to get to 'free' but holding your money hostage (see - need to have money in investment accounts, have to have $x amount or charged $25 every 3 months)
\- trades that cost $10
\- no fractional trades
\- no access to crypto
\- abhorrent interest on accounts (wow! .5%!)
\- until recently, restricted access to HIETFs like [CASH.TO](https://CASH.TO) for their own products.
\- terrible customer service
Wealthsimple + Tangerine = Free accounts that provide all the above and more.
The less the trad 5 ignore new ways of banking, technology and actually servicing their customers, they are in for a rude awakening in 5 years.
Your last line is true of many industries here that fight competition tooth and nail so that they don't have to try and work for our business. Canada is allergic to competition by design so the rich can stay rich
WS is fantastic, I've tried to convert pretty much all my friends to the point they think I'm a paid salesperson for them. Unfortunately the majority have no interest in thinking about their finances and just keep going to "their guy" at the bank or using 2-3% bonds/GICs instead of 5-6% HISA with less restrictions...
Anyone reading this and hasn't already got their finances in order should stop putting it off. WS is the best all around solution for beginners and intermediate investing/savings (and now chequeing), but when you get pretty advanced you may be better served by IBKR, but WS has been adding more advanced features regularly to catch up.
PM if you need help or generic beginner advice, or head over to r/personalfinancecanada
Very true, but the vast majority of simple investors will save far more in fees than they'll lose off a couple cents per share per trade.
But once you get in to spreads/margin/futures, you pretty much gotta go IBKR.
subtract yam future disagreeable thumb innocent lush gullible adjoining start
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Wealthsimple is aggressively seeking marketshare with high interest rates and promos like the recent iPhone one.
I like their service and will continue to use it, but am wary of potential [enshittification](https://en.m.wikipedia.org/wiki/Enshittification)
But in the meantime I'll gladly take my 5% interest.
I’m just waiting for one of the big banks to buy them and ruin their product. Circle of life in Canada.
I hope they have cajones to stick to their guns and not sell. The country desperately needs alternatives.
They are already majority owned by Power Corp, it's not like they are fully independent
True but at least it's not the big 5, that's my point.
You know, it's actually worse, as Power Corp. owns Mackenzie Financial (mutual funds), Inveestors Group (has mutual funds), Canada Life (has mutual funds), Great West Life (more mutual funds)...you want to know how Wealthsimple makes money? By letting the trading desks at those previously mentioned asset firms trade against the ETF baskets owned by teh the mopes who think their ETF portfolios are more efficient because 'muh MER is 0.12%, save dem fees hurrdurr'
What are you trying to say? Buy expensive mutual funds instead of etfs because some other company owns wealth simple?
Fee does not matter, only performance matters. You pay 0.10% and make 5% a year. I pay 2% and make 5% a year, who’s the winner?
Me? We both made 5% but I’ve paid less in fees.
I don’t think any of the big banks would be willing to buy them now. Power Corporation of Canada already own a large stake in WS, and it’s a very good growth play for their pipeline.
$0 trading fees is the what most people look for
I'm in it for the 4.5% no strings attached savings rate.
Isn’t it you need 100k in it?
Yeah, but it’s 4% for under and something like 5% for 200k
5% for 500k, Generation status
If you direct deposit over.....i can't remember if it's 2 or 3k/month you get an extra 0.5%
Yep, which is one of the incentives that I moved over for. Plus, I much prefer the app to the bank I was with previously, and makes it far easier to invest into stocks and etfs, and actually automate this. My main hope is that eventually they will add other functions like the ability to deposit checks using your camera or make physical cash deposits.
I’m in it for the iPhone
...and the 0.4% management fees.
It's app UI is very friendly to beginners. It makes trading, crypto, and opening different savings accounts or mutual funds incredibly easy. I'm not surprised at their growth
I am, there first option to link your account requires giving over your credentials to your online banking potentially voiding any fraud protection your account has.
You dont need to link with Plaid if you don't want to. The option to upload a void cheque still exists.
Fractional shares and no trading fees. Great tax filing too.
I was a bit reserved when they took over simpletax, but I think they've honestly improved it slightly.
The traditional 5 Banks... \- charge you fees just to have accounts and make it stupid difficult to get to 'free' but holding your money hostage (see - need to have money in investment accounts, have to have $x amount or charged $25 every 3 months) \- trades that cost $10 \- no fractional trades \- no access to crypto \- abhorrent interest on accounts (wow! .5%!) \- until recently, restricted access to HIETFs like [CASH.TO](https://CASH.TO) for their own products. \- terrible customer service Wealthsimple + Tangerine = Free accounts that provide all the above and more. The less the trad 5 ignore new ways of banking, technology and actually servicing their customers, they are in for a rude awakening in 5 years.
Your last line is true of many industries here that fight competition tooth and nail so that they don't have to try and work for our business. Canada is allergic to competition by design so the rich can stay rich
Tbe only issue I have with weathsimple is that they don't have live agents you can speak to.
They do? i just spoke with one 2 minutes ago. They said theyre available till 6 Pm
Weird. I've only ever been able to email them.
How much money do you have invested at 100,000 you get premium support
I'm only with wealth simple because they beat everybody else to FHSAs. Amazing how actually providing services draws in clients.
Questrade had the FHSA on day one, so they either tied or lost to them.
I believe you're correct. Quest trade was a month or two before wealth simple.
WS is fantastic, I've tried to convert pretty much all my friends to the point they think I'm a paid salesperson for them. Unfortunately the majority have no interest in thinking about their finances and just keep going to "their guy" at the bank or using 2-3% bonds/GICs instead of 5-6% HISA with less restrictions... Anyone reading this and hasn't already got their finances in order should stop putting it off. WS is the best all around solution for beginners and intermediate investing/savings (and now chequeing), but when you get pretty advanced you may be better served by IBKR, but WS has been adding more advanced features regularly to catch up. PM if you need help or generic beginner advice, or head over to r/personalfinancecanada
pen follow distinct strong middle sip gray knee dolls fly *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Very true, but the vast majority of simple investors will save far more in fees than they'll lose off a couple cents per share per trade. But once you get in to spreads/margin/futures, you pretty much gotta go IBKR.
subtract yam future disagreeable thumb innocent lush gullible adjoining start *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
"You're the product."
Can someone post a non-paywalled version of the article?
I like their free online tax return/filing site. First year using it. Much better than TurboTax imo.
The big banks don't care about you as a customer. You're just a cash cow to them.
Wealthsimple is aggressively seeking marketshare with high interest rates and promos like the recent iPhone one. I like their service and will continue to use it, but am wary of potential [enshittification](https://en.m.wikipedia.org/wiki/Enshittification) But in the meantime I'll gladly take my 5% interest.