Wealthsimple, the Toronto-based investment service geared towards millennials, has updated their iOS app to version 3.0, essentially bringing the same design elements as its desktop update last month.
The new app is described as a “more intelligent, more intuitive, more beautiful” Wealthsimple, which adds a new Portfolio page which showcases your investments front and centre. Also new is the option to setup auto-deposits and gain insights into what it would be worth in the future, plus a new Learn section with a frequently updated reading list of curated investment-related articles.
The new Wealthsimple app is definitely a very clean and simple design. While the app has long supported Touch ID, we’d still like to see 1Password API integration at some point, so users with complex passwords can login seamlessly.
Update: The company told us “no plans for iPad yet”, but Apple Watch support is available. We’re also told an Android version is coming “in the next few weeks.”
Last year, the app was featured in the App Store and this new design will most get it noticed by Apple again.
The desktop update last month was known as Wealthsimple’s “Project Slingshot”, to rebuild from the ground up and add a new design. The company’s website recently won the 2016 Webby Award as best in the Financial Services/Banking Category.
Wealthsimple says it is the “largest automated investing service in Canada”, currently managing over $500 million in assets from over 15,000 customers and affiliates, since its launch two years ago. The turn-key investing service allows anyone to create an account “in just 5 minutes” from their iPhone without visiting a physical branch, like you would at a traditional bank (the sign up process is actually pretty easy and intuitive).
Company CEO Michael Katchen recently revealed nearly 80 per cent of their clients are under 40 years old, and almost 85 per cent are under 45, which is inverse to the investment industry, he says, as millennials have flocked to the service.
There are no account minimums with Wealthsimple and the first $5,000 is managed free for your TFSA, RRSP or non-registered account.
Users get free access to the company’s advisers via text, phone call or email, along with its automated portfolio rebalancing, reinvesting of dividends, tax loss harvesting saving users time versus doing it themselves, while only being charged up to a 0.5% management expense ratio (MER) versus traditional bank rates of 2% or higher.
While anyone can go ahead and do exactly what Wealthsimple is doing with their own self-managed brokerage account from an online brokerage, that takes time (and costs money for trades, etc). So the choice is yours whether Wealthsimple’s automated service is worth it or not.
Anyone using Wealthsimple right now? How do you like it?