Wealthsimple

Based in Toronto, Wealthsimple is a hybrid investment management platform that allows individuals to invest in diversified portfolios, according to their risk profiles. The company launched the robo-advisory platform in Canada in 2014, and expanded into the UK and US in 2017. Wealthsimple sold its US-based clients to Betterment in March 2021. In September 2020, Wealthsimple also sold its B2B robo advisory platform—called Wealthsimple For Advisors—to Purpose Advisor Solutions. Further, in December 2021, it sold its UK business book to Moneyfarm, following its decision to cease its UK operations and focus on the Canadian market.

The company’s robo-advisory platform features access to financial advisors, automatic portfolio rebalancing, tax loss harvesting, and dividend reinvestment. Over the years, the company has also added other services to help individuals achieve their financial goals such as high-yield saving accounts, commission-free trading, crypto trading, and automatic investing of spare change. As of March 2024, the company had more than USD 50 billion in assets under management (AUM).

Wealthsimple offers three tiers of service: Core, Premium, and Generation. Core is available to all clients, Premium requires USD 100,000 in assets, and Generation requires USD 500,000. The main differences are in management fees (0.5% for Core, 0.4% for Premium, and 0.2%–0.4% for Generation) and available features. Higher tiers provide additional benefits such as lower trading fees, higher interest rates on cash accounts, more comprehensive financial planning, and exclusive perks like airport lounge access. While all tiers offer commission-free trading and basic investment tools, Premium and Generation clients receive more personalized service, advanced tax strategies, and access to private investment opportunities.

Key customers and partnerships

In April 2024, the company partnered with Rippling to offer simplified workplace savings programs for Canadian teams. This integration streamlines the administration of Group RRSPs and other workplace savings accounts as part of ongoing payroll processes. The joint solution synchronizes employee information and pay runs between Rippling and Wealthsimple, allowing employers to manage workplace savings programs more efficiently.