Making financial choices can be hard. To help make choosing an investment provider easier, we did our homework to compare Wealthsimple and WealthBar. Our comparison includes key features, accounts and pricing - to help you decide which service is right for you.
About Wealthsimple & WealthBar
Wealthsimple is an online investment manager that combines smart technology with expert financial advice. We have products for investing and saving, have been in business since 2014, and have over $3 billion assets under management.
WealthBar is a registered portfolio manager and full Life Insurance Agent in British Columbia and Ontario. They describe themselves as offering premium online investing without the premium price. The last time they released information on their assets under management was in 2017, when they surpassed $100 million.
How Wealthsimple compares to WealthBar
See how Wealthsimple and WealthBar stack up in this side-by-side comparison. Your trust is important to us. That’s why we always do our best to be fair, and provide complete and accurate information. That being said, we can’t compare every single feature out there and can only guarantee accuracy at the time of writing. To complete your homework, we recommend visiting our competitor’s site to continue your research.
|Minimum Balance To Start Investing||$1||$1,000|
|Management Fees||0.5% on $0-$100,000 and 0.4% for amounts over $100,000||.60% for up to $150,000, fees vairy from lower 0.35%-0.57% when you invest over $150,000.|
|No Commission Trading||Yes||No|
|VIP Lounge Access||Yes (for Wealthsimple clients who invest over $100k)||No|
|Financial Planning/Portfolio Review||Yes||Yes|
|Social Responsible Investing||Yes||Yes|
|Transfer Fees (to another financial institution)||No||No|
Comparison of accounts offered
Here’s a list of the accounts that Wealthsimple and WealthBar offer:
The bottom line
Wealthsimple and WealthBar have some key things in common. We offer a variety of accounts - including TFSAs and RRSPs - and give you access to financial advisors. Plus, we both automatically rebalance your investments to keep them on track, and offer options for socially responsible investing.
However, Wealthsimple also offers RESPs and savings accounts (WealthBar doesn’t mention having either of these options). And, Wealthsimple has more ways to invest according to your values with our Halal Investing portfolio.
But our biggest differences are our account minimums, fee structures, and the services we offer.
WealthBar requires a minimum investment of $1,000. Wealthsimple has no account minimum — you can start investing with as little as $1. With Wealthsimple you also get services like auto-deposits and automatic dividend reinvesting at no extra cost.
Wealthsimple charges a 0.5% management fee. That fee drops to 0.4% if you’re investing more than $100k. WealthBar charges a 0.6% management fee if you’re investing up to $150k. After that, their fee drops according to how much you invest (e.g investing $250k gets you a 0.52% management fee, investing $250k gets you a 0.48% fee and investing $1 million reduces your fee to 0.41%).
However, when you deposit more than $100k across your Wealthsimple accounts, you also unlock our premium Black plan. It comes with great perks, like tax-loss harvesting and VIP airline lounge access around the world.
When it comes to overall ratings — Wealthsimple scored 4.9/5 stars while Nest Wealth scored 4.6/5 stars in a review by Simply.Thrify.Living.
Wealthsimple offers state-of-the-art technology, low fees and the kind of personalized, friendly service you might have not thought imaginable from an automated investing provider — start investing now.
What to consider when choosing an investment provider
Comparing investment providers doesn’t have to be hard. Here’s some advice to get you started:
Pay attention to account minimums
Choose a provider that makes sense for what you can invest now - and in the future. Some investment providers require you to deposit as much as $100,000 to get started. And, in some cases you could face nasty penalties for dropping below the account minimum - or be forced to close your account.
Watch out for hidden fees
Nothing eats away at long-term gains quite like fees. And we’re talking about more than just management fees (though they’re important, too). Account transfers and trading fees can also add up. The best investment providers are upfront with what it costs to invest with them.
Look out for human support
When you need to make sense of a mysterious number in your monthly statement, nothing compares to talking to a fellow human. In the competition to offer the lowest possible management fees, some investment providers are quick to cut customer support. Before you commit to a provider, see what support is available - you never know when you’ll want it.
Find out if you have access to a financial advisor
No two people are alike - and neither are their financial situations. But investment platforms vary in terms of how much access you get to professional advice. Keep an eye out for providers that offer access to a financial advisor. There are only a few who offer advice when you need it, regardless of how much money you have in your account.
Understand how much freedom you have
Relationships end - even when you’re investing for the long term. Before you commit, find out what happens if you need to withdraw your funds or want to move on to a new investment platform - and whether there are any penalties involved.
What makes Wealthsimple different
We do the work for you
Using well Wealthsimple is, well, simple. In just a few minutes, we’ll build you a custom portfolio that makes sense for your risk tolerance and investment timelines. And we’ll do the maintenance for you, with automatic rebalancing and dividend reinvesting. All you have to do to get started is answer a few simple questions. And then you can sit back and tell all your friends how smart you were with your money.
No account minimums & low fees
We’re the first investment company in Canada to eliminate account minimums. That means you can start investing with as little as $1. Our fees are also really, really low. We charge 0.5% on $0-$100k and 0.4% on anything above $100k. Plus, you can make a withdrawal any time you want. So you can always count on your money being there when you need it. Start investing now.
Our financial advisors are fiduciaries, which is a fancy way of saying that they have a legal obligation to provide financial advice that’s in your best interest - not ours. They’re standing by to answer your questions and provide support whenever you need it. All you have to go is drop us a line by phone, email or even Skype. Get started.
Safe & secure
We understand how hard money is to earn, and never, ever take unnecessary risk with funds we manage. We take a passive approach to investing, based on the Nobel Prize-winning theory that proved investing in a diverse portfolio over the long term is the best way to minimize risk while maximizing returns. And your money is just as safe as it would be in the bank; the Canadian Deposit Insurance Corporation insures every one of our accounts up to $1,000,000 — get started investing now.
More than 100,000 people love using Wealthsimple
See the reviews for yourself:
- 1.5k ratings Apple app store
- 2019 Top Robo Advisor (NerdWallet)
- 5 Stars - Simple.Thrifty.Living
Ready to give us a shot?
Put your money to work in a smart portfolio, designed to help you get closer to your financial goals. Start investing now and get access to our state-of-the-art technology, low fees, and access to advice from real humans whenever you need it.
The information on this page was compiled by Wealthsimple in February 2019. In order to uncover this information we looked at WealthBar website, press releases and third-party sites. The information collected relates to features, accounts and pricing. We assumed WealthBar did not have a specific feature if they didn’t mention it on their website.