Opening an investment account sucks. Mountains of paperwork to sign without reading, complex choices, speaking with commissioned sales people. It can be intimidating, and we believe it's holding Canadians back from making smart choices about their money: 50% of Canadians still don't have a Tax Free Savings Account (TFSA), and 80% of TFSAs are held in cash or GICs, which are very low-return investments.
It's time for a change.
Starting today, Canadians can start investing from their mobile phones. It's as easy as downloading the Wealthsimple app from the Apple App Store or Google Play, and we'll design a personalized, low-cost portfolio of Exchange Traded Funds (ETFs) just for you. Existing clients can expect the same great features they've enjoyed since last year.
Simple signups is another step towards our mission of making investing simple, low-cost, and transparent for everyone. If you have existing investment accounts, it's also easy to transfer to Wealthsimple. While banks may take 19 days and charge $139 to transfer your account, we'll cover the fees and won't charge you if you decide to leave.
We know that investing can be confusing. That's why every Wealthsimple client has access to our unique on-demand advice service. Simply email, text, call, or video chat with your personal Wealth Concierge. They can help answer questions about your investments, the markets, buying a home, paying off debt, and all other financial issues. (They are registered Portfolio Managers with the OSC, after all). And since they don't earn commissions, you can finally trust the financial advice you receive.
Investing in innovation
Wealthsimple was the first of its kind in Canada to offer a digital account opening experience on desktop, and now is the first to offer it on a mobile device. Our commitment to innovation is part of our DNA. Unlike traditional financial institutions, we are a technology company that builds tools and services to simplify our clients' lives. We will continue innovating by pushing new features, upgrades, and improvements every day.
If you share our vision for better investing, we hope you join us. Together we will make investing smart, simple, and low-cost for everyone!