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Wealthsimple Smart Savings: This is their high-interest savings account. No reason it should take this long to have funds transferred out in kind.The funds have been withdrawn from RBC well over a month ago.
This is the latest installment of our "Ask Wealthsimple" series, where our financial guru Dave Nugent helps you navigate the world of investing.
Additionally, I take the word of a FI to heart, when I am informed of a timeframe between 2-4 works I reasonably presume it should take no greater than 4 weeks.
Wealthsimple Trade is the Canadian answer to the popular Robinhood app in the United States.
(applying a promo retroactively, and also transferring from one account within WS to another).My initial deposit of $1000 was up nearly 2%, though I deposited a further $5000 more recently so it's now sitting at approximately 0.5% overall which is fine.Given the above I have two thoughts on this topic and the complaints:WS hasn't responded to these issues very well.
I have had no need to correspond with them and their investment strategy is automated so I'm not sure I see a big problem.I've dealt with large banks before that were awful to deal with and to my mind Wealthsimple has been a huge improvement.That said, I keep my self directed RRSP with TD and I have a very attentive 'advisor' there whom I am very happy with.It took 2 months for my TFSA funds to be transferred into Wealthsimple, my RRSP funds have yet to be transferred over.Xfered my TFSA/RRSP to Questrade and it took like 2 months for the TFSA and 3 months for the RRSP. A common excuse provided is "growing pains," this is no excuse. Regular payments hit the WS account before even leaving my chequing account (again, RBC).I've also had zero problems.
Wealthsimple charges a 0.25% management fee.
The address was incorrect even though all my statements had the correct address typed. So I agree with your assessment that not many people work there.I signed up easily, and only my first investment took longer than normal.
I clicked the # from the missed call and someone answered not from WealthSimple. There HAS to be a trade off in service there as customer, and I believe it's a combination of growth and time of year (RRSP season) that is probably slamming their customer service to the point it's at.
To me that's less "fintech"If you're transferring in, any bottleneck is almost certainly due to the sender, not the receiver.Wealthsimple seems to add funds about two days after they receive them.I'm having issues transferring out from wealthsimple. I'm sure many of you have seen the countless posts regarding Wealthsimple as of late; mine is but a drop in the lake that is forming. Robo advisors are online, automated portfolio management services.These companies use computer algorithms — a set of rules to choose appropriate investments based on your risk tolerance and time horizon — so that they can offer their services for a fraction of the cost of a human financial advisor.That lower-cost management, combined with features like automatic portfolio rebalancing and tax-loss harvesting, can translate into higher net returns for investors.A robo advisor is a good fit for you if you prefer to be largely hands-off with your investments — letting someone else do the work of building and optimizing your portfolio to help They use low-cost index fees and smart technology to keep your investment costs low.Instead of trying to beat the market they invest in the market as a whole.This diversification allows you to avoid putting all your eggs into one stock and can smooth out your returns and minimize your losses.A lot of people try to time the market and end up losing a lot of money.As for fees, the Wealthsimple charges 0.5% on all accounts with $100,000 or less (however, the first $5,000 is always free).After that threshold, the account type changes to Wealthsimple Black, which has a 0.4% fee and unlocks additional features.For a limited time, Wealthsimple is offering my readers a Get a special $50 bonus when you open and fund a new Wealthsimple account with a minimum of $100.
Initially, I chose Wealthsimple as they seemed the most competitive with their low fees, at the time positive reviews, and their accessible dashboard.
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