Update May 15, 2020: Wealthsimple has removed the Priority Pass membership as a perk from Wealthsimple Black and Generation.
“The world changes, and we try to change with it. As you’ve certainly noticed, a lot has changed in the last couple of months. Many of our clients don’t use air travel as much as they once did and that reality is unlikely to change for the foreseeable future. And, we want the benefits we offer our clients to add consistent and substantial value. That’s why, after careful consideration, we’ve decided to discontinue the Priority Pass membership as a Wealthsimple Black and Generation perk,” said Wealthsimple in a statement.
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Wealthsimple Black has just debuted from Canada’s leading online investment service (or robo-adviser), Wealthsimple, as an added service for premium customers with $100,000 or more in deposits.
Added perks of the Black program—available to new and existing clients—include a 0.4% management fee (versus 0.5% for the standard Basic service), a Priority Pass to 1000+ airline lounges worldwide for the cardholder plus a guest, personalized financial planning, tax-loss harvesting, and tax-efficient accounts.
“At Wealthsimple, we’re constantly evolving to meet the needs of our clients, and as their savings grow we’re growing with them,” said Michael Katchen, founder and CEO of Wealthsimple, in an emailed statement to iPhone in Canada. “Our mission is to provide the best service and financial advice to all investors, no matter how far along they are toward reaching their financial goals.”
Here are the differences between Wealthsimple Basic versus Wealthsimple Black:
Wealthsimple Basic:
Wealthsimple Black:
Bonus: click here to sign up for Wealthsimple—and get an additional $10,000 managed for free for iPhoneinCanada.ca readers. You can then manage everything from the company’s iPhone app.
Disclosure: Wealthsimple is one of our affiliate partners, which allows you to support iPhoneinCanada.ca.
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HI Gary
Do you know if this system (not necessarily the black, but the regular Wealthsimple can generate a monthly investment income like some funds can? I don’t obviously know enough about it yet,
thanks
Hi Tom, you will be able to decide how aggressive your portfolio will be, from low risk to high risk. You can talk to a Wealthsimple advisor anytime by chat or phone.
ok, thanks,
I guess I will ask them the question,
Had no idea this service was even available in ????????
This is just one of many “robo-advisors” in Canada, so there are lots to choose from. Wealthsimple has a very friendly user interface and excellent customer service.
Its great so far. I have only started and will see how the investment performance goes in comparison to others I have. It doesn’t let you pick individual investments, but I’m curious to see how it does over what I pick for myself for my TFSA. The app and the interface to do transactions is very nice though, so easy to use. Im optimistic I will use this a lot in 2017 if the perfiormance is up there.
Glad to hear it’s off to a decent start!
I like Wealthsimple so far. Low management fees and auto-rebalancing of portfolio. Cheaper than mutual fund and I don’t have to think about which funds to buy…just have to work on getting the $100k to get the VIP lounge pass 🙂