Luisa Rollenhagen is a journalist and investor who writes about financial planning for Wealthsimple. She is a past winner of the David James Burrell Prize for journalistic achievement and her work has been published in GQ Magazine and BuzzFeed. Luisa earned her M.A. in Journalism at New York University and is now based in Berlin, Germany.
Fidelity Go is a robo-advisor that’s part of Fidelity’s vast offerings of financial products. Find out if they’re available in Canada below.
What is Fidelity Go and is it available in Canada?
Fidelity is one of the biggest wealth management corporations out there, so it’s no surprise that it’s developed a robo-advisor to enhance its financial products. Fidelity Go, which launched in 2016, is aimed at users who are just getting started in the investing world.
Users sign up and answer a few questions about their financial goals and risk tolerance, and Fidelity Go’s algorithm creates portfolios—ones that consist of mutual funds only available through Fidelity. For investors looking to invest in other types of assets not available through Fidelity, that limitation might be frustrating. But for people just starting out, Fidelity’s range and management history may prove sufficient. The main fee is an annual 0.35% advisory fee, otherwise the mutual funds don’t carry any additional fees. Fidelity Go abolished any account minimums as of 2018. However, for the service to start investing, you’ll need to have at least $10 to start off.Wealthsimple Invest is an automated way to grow your money like the worlds most sophisticated investors. Get started and we'll build you a personalized investment portfolio in a matter of minutes.
While the platform doesn’t give subscribers access to human advisors, portfolios are managed by Fidelity’s own investment managers. Since it’s a purely online service, users with any additional questions are directed to a live chat function through the site.
Other services include automatic portfolio rebalancing and retirement accounts that are all structured around certain goals. The platform shows you the financial trajectory you need to take to reach a financial goal like saving for a wedding or a college fund, and then gives regular status updates and suggestions on how to stay on track. You can only track a single goal with the app, but you can open multiple accounts if you want to dedicate funds to separate goals. While a lot of the planning tools aren’t available directly in Fidelity Go, customers can still access them since they’re part of Fidelity’s broader toolkit.
While Fidelity is a company with a global reach, Fidelity Go is, as of yet, not available in Canada. In order to sign up, you need to be a resident of the U.S.
An alternative investment manager in Canada
Fidelity Go isn’t currently available in Canada, but that doesn’t mean there aren’t similar investment services available in Canada. There are many automated investing services available in Canada, and some may even have more features than Fidelity Go.
Wealthsimple is an investment management service that combines smart technology with expert financial advice. We allow you to put your money in a managed portfolio (Wealthsimple Invest), do self-directed trading (Wealthsimple Trade) or put your money in a high-interest savings product (Wealthsimple Save).
Wealthsimple is anything but a fly-by-night startup; it’s Canada’s largest automated investing service. It’s received $265 million in investment from some of the world’s largest financial institutions in Canada and Europe. Wealthsimple boasts more than 150,000 clients and $5 billion of assets under management. Wealthsimple’s brokerage Canadian ShareOwner Investments Inc., which handles all client trades, is a member of the Canadian Investor Protection Fund (CIPF). CIPF is a program that insures all accounts up to one million dollars against member firms bankruptcy.
And Wealthsimple offers some cool products that other robo-advisors might not have. Wealthsimple’s Roundup feature allows you to invest your space change every time you use your debt card. Transactions are rounded up to the nearest dollar and the difference can be saved or invested. Wealthsimple Overflow allows you to invest or save any money over a certain amount in your current account.
We offer a variety of accounts including TFSAs, RRSPs, RESPs and more. Even if you’re not quite ready to start investing, anyone with five spare minutes can go to our two-time Webby-winning website and sign up for a Wealthsimple account to check our what we’re like.
Looking for a great place to invest? Get started with Wealthsimple. Regardless of their account balances, Wealthsimple clients receive state-of-the-art technology and unlimited human support all for a remarkably reasonable management fee.Grow your money with low fees and no account minimums. Invest as little as a dollar and we’ll build you a personalized investment portfolio to meet your financial goals.