WealthSimple Black

[Sugarphreak]

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[max_boost]

Not sure how that works but I still like managing my own money.

At what point should one pass it off and go robo style tho?

[suntan]

https://www.questrade.com/portfolio-...anced-investor


Psst... Timing does actually matter.

[Sugarphreak]

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[kJUMP]

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Has anybody upgraded their WealthSimple account to their new Black portfolio version? What has your experience been?

https://www.wealthsimple.com/en-ca/black

I setup an account with them last year as an experiment to see if it was any good. Generally I look for at least 6% or better with anything that has risk involved. They were able to return 7% on my portfolio overall, so while it didn't blow me away it did meet the expectations I was looking for with a managed account. Similar test accounts I did with Questrades "Portfolio IQ" and Tangerines "Streetwise Fund" both failed by comparison.

What I was most interested in is this little blurb:


There are other mentions of access to "One-on-one financial coaching", but it never really goes into much detail about what that actually entails.

I am just wondering if this is a marketing gimmick, or a real worthwhile feature.

I haven't come across anybody who has a Black account yet, so I am hoping to find someone that has some first hand experience and can comment on how it is working out so far.

i've been with wealthsimple black since dec 2016 (risk category - 80% equities) and my portfolio is up ~18%. however i think that is a bit lucky because of the crazy bull market run since trump took office. i spoke to their financial advisor a couple times, they were very responsive to my queries and friendly during our chats, but in the end, they said just leave the money in the account and forget about it... revisit in 30 yrs or something. because it's robo investing, everything is done automatically so there's not much you as an investor can do, other than specify your risk thresholds. and every month they send you email updates of your account so you generally have an idea how things are performing.

what i have found really useful is the airport priority lounge pass that is a perk with the black membership. it allows you and a guest for free plus a child under 2 years old. i know that other people have this through their credit card plans etc but we don't and this has come in quite handy during our travels, especially now with our 10 month old girl.

i stopped contributing to my WS account when i reached the black level. i believe it's important to diversify so now i've locked into other avenues of investment. but it has worked well for me thus far and hope continues to do so in the future.

[ExtraSlow]

I don't think most people divilersify platforms. They aim for asset classes, which is easy within a single platform.

[timdog]

been strongly considering this. I currently do ETFs and pay less than 0.1% management fees but i find myself getting lazier and not wanting to rebalance, and having that easy access to large chunks of money sometimes tempts me to sway from my strategy and invest in weed stocks, or other individual stocks, etc. I'm tempted to do this because it's a 'set it and forget it' but still aligns with a proper indexing strategy.

[Sugarphreak]

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[Sugarphreak]

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[kJUMP]

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QUICK BUMP:
So I did end up going this route after all. The set-it-and-forget-it aspect coupled with the perks of the Black account won me over in the end. I basically just topped up to the Black minimum which still leaves me a decent chunk left to get my stock trading fix in.

Big thanks to people who responded so quickly, the information provided was super helpful!

nice man, hope it works out for you

[schurchill39]

Very interesting. Does it only count for certain accounts within Wealth Simple or is it good for anything? For example if I move $100k into an RRSP would I still qualify? I really like the robo investing model and have it set up for my kid's RESP, and I am not too happy with the current financial institution handling my RRSP funds so I was thinking of moving them anyways, this might be the nudge I need though

[Disoblige]

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Very interesting. Does it only count for certain accounts within Wealth Simple or is it good for anything? For example if I move $100k into an RRSP would I still qualify? I really like the robo investing model and have it set up for my kid's RESP, and I am not too happy with the current financial institution handling my RRSP funds so I was thinking of moving them anyways, this might be the nudge I need though

It looks like it does qualify as their website has a FAQ on transferring RRSP to Wealthsimple.

Anyone know what their employer's retirement plan charges that it makes it worthwhile to transfer money into Wealthsimple instead? I know fees will obviously differ between company benefits.

Everyone always usually say employer plans have lower fees than the retail equivalent, but wonder how this compares to Wealthsimple.

[schurchill39]

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It looks like it does qualify as their website has a FAQ on transferring RRSP to Wealthsimple.

Anyone know what their employer's retirement plan charges that it makes it worthwhile to transfer money into Wealthsimple instead? I know fees will obviously differ between company benefits.

Everyone always usually say employer plans have lower fees than the retail equivalent, but wonder how this compares to Wealthsimple.

In my particular case my employment status is changing where I will no longer have access to a lower fee employer sponsored one and the "retail rate" they are offering isn't very attractive. My current employer sponsored rate is greater than 1% (I want to say mine is 1.8% but I can't seem to find it on the website). Wealthsimple is 0.5% for the first $99,999 and then 0.4% from $100,000 to $250,000. You're not going to make big returns like you potentially could with an actively managed fund but for a couch potato approach I've been super happy with what I've seen from my sons RESP

[Sugarphreak]

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[max_boost]

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Oh FFS

So they worded it you must deposit 100K to become black level... not have 100K+ in your account

I need to make another deposit now... fucks sake

lol how many stacks of 100k do you have lying around?

[kJUMP]

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lol how many stacks of 100k do you have lying around?

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Oh FFS

So they worded it you must deposit 100K to become black level... not have 100K+ in your account

I need to make another deposit now... fucks sake

ahhh the life of an investor...

(same thing happened to me)

[Sugarphreak]

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[Buster]

Next time I'm in Vancouver, I'm expecting to be invited to a big party on Sugarphreak's yacht.

[Sugarphreak]

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[max_boost]

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Kind of a pain, haha



All I need is one to cause trouble on Beyond, lol

From now on

A stack = $100k lol