Wealthsimple launches new $500K+ portfolio service

Premium offering for wealthier Canadians

Wealthsimple launches new $500K+ portfolio service
Steve Randall

Wealthsimple has added a new top-tier premium service for Canadian investors with at least $500,000 to deposit across their accounts.

Launched Tuesday, Wealthsimple Generation complements the firm’s existing Basic for investors with up to $100K, and Black for those with between $100K and $500K.

“As our clients' needs evolve, we're evolving along with them,” said Michael Katchen, CEO and co-founder, Wealthsimple. “With Wealthsimple Generation we can provide the personalized, sophisticated advice that clients need in a modern way — on-demand and enhanced with a great digital experience.”

Portfolios are personalized for clients' financial goals and exposures and are tax optimized with individualized asset allocation, tax-loss harvesting, and tax-efficient funds.

Although the digital wealth management experience does not schedule face-to-face meetings (except for Wealthsimple for Advisors clients), clients are able to connect with FAs and receive a customized financial report to help them achieve their goals.

The management fee is 0.4%.

Existing clients who pass $500K
For existing clients, they will be emailed within a week of crossing the $500K threshold and invited to move to Wealthsimple Generation.

While clients must maintain at least net deposits of at least $500K in their account to remain eligible for the Generation tier, there is an exception for retirees who are withdrawing as part of their retirement income strategy.

If members of a household have a combined $500K, they will both be eligible for the new tier.

Other benefits of the new tier include access to VIP airline lounges in more than 400 cities, and a 50% discount on Medcan’s comprehensive plan.

Wealthsimple has grown to a market-leading digital wealth management company managing more $3 billion for 100,000+ clients in Canada. It is backed by the Power Financial group and is also available to investors in the US and UK.