Wealthsimple club! 🎉🙌🏼👏🏼 I like their platform so far. Just joined the last week of April when I decided to switch from TD mutual funds to handling my investments myself.
Honestly the way you both invest, ETF's and minimal stock ownership is really the way to go. Whatever platform you both use. Especially as you're both in your 20's and have the investment timelines at your disposal(10-15 year at minimum). I have most of my stuff through a wealth management firm, but the fees are so expensive. Initially I decided that because I wanted to leverage the experiences of an seasoned investment advisor but these fees man! Now if I want to take my existing portfolio and switch to ETF's? I could do that, but I would have to sell, activate a capital gain, take the balances and put them into ETF's. Geez.
Depends. Are you thinking of switching to another FI? If so, because you want to take a more DYI approach, and depending if the portfolio you currently have is in a registered account, then you can fill out the proper government forms and transfer the value amount to the new FI. Technically the current FI would collapse the account, ie sell, but this will not trigger a tax event because you are transferring to another FI due to the form. Good luck.
Hey Steph & Den, If wealthsimple is convenient for you investment account wise, why not use it for cash account as well as it offers HISA 4-5%? Why go for EQ or Simplii or koho for the same rate?
Another benefit is that if you live in the household, assets compiled together can work towards the Generation account status which meshes with investing advice and filing taxes. Of course there are also joint accounts you can use for Wealthsimple cash.
The Wealthsimple conversion fees for cad to usd and vice versa is ridiculous at 1.5% each. That's why I switched away from wealthsimple for us stocks and use the platform only for Canada trading.
That’s smart! I guess if you’re going to use Norbert’s Gambit to exchange your cad for usd then it’s worth it. But if you’re using Questrade and not utilizing this method - you’re paying the same 1.5% that Wealthsimple charges. Which platform do you use for usd investments? 😊
I did the same, I switched from Questrade to Wealthsimple for the same reasons you mentions, but also Wealthsimple offers not only fractional shares, but I always felt that they kept upgrading regularly while Questrade....well not many changes have happened...well not anything drastic.
I have a question I'm working on investing in the following NIVIDEA, Enbridge, TD, Microsft, and S&P 500 (VOO). Once they've grown for a few years when will I know when to sell and see profit in my investments. Or do I just keep it until I'm 60 and sell it when I retire?
Thanks! We actually have a video titled, ‘Best No-Fee Chequing Accounts’ and another one titled ‘Best High Interest Saving Accounts’. Check them out! 😊
I am a beginner, looking to set up my account on Wealthsimple with $1000. What suggestions do you have to help me get set up? I would be more interested in DIY and focus on 2-3 ETFs
We actually have two videos coming out this week and next week that will be helpful for you! The first is 'How To Invest Your First $1,000', and the second is a Wealthsimple platform review, that shows you exactly how to set up your account 😊 keep an eye out for those!
I have a question about buying stock on wealthsimple. Since they don't have margin accounts, could you purchase a stock with a limit order and direct the money to come from your cash savings account. Or is there an alternative way to keep earning interest within the non-registered cash account with your cash until it's needed to fund a stock purchase with a limit order.
It seems like IBKR is popular amongst active investors, and also an option for investors who are looking to do Norbert's Gambit. We personally prefer Wealthsimple for the reasons mentioned in this video (keep in mind that this take is based on our research, as we haven't used IBKR ourselves) 😊
Question: Do you have multiple emails for different accounts for auto deposits? I have an RBC account and now have a Neo account if I joined wealthsimple would I need a third email? *Note eventually trying to phase out the RBC account
When you say auto-deposits, are referring to something like an e-transfer? If so, in theory you would need multiple emails. But for us, we have auto-deposits setup to go into our main money hub (Simplii No-Fee Chequing Account) and then we’ll direct the money to other accounts from there. Hope that answers your question. 😊
I have a question about the tfsa ,lets we say its monday and i bought 2 stock and the next day tuesday ,one of the stock i buy profit around 10 dollar and i decide to sell it ,so the question is so it is okey to buy a different stock on that day ?btw im using wealth simple trade
WS is the best in my opinion maybe im biased. But thinking about switching to Questrade as WS wont be accessible as a non resident of Canada as I plan on leaving the country in the next year or 2....not sure what other options are out there but ive heard alot of good things about questrade.
CONY involves call options, which aren't a part of a passive investing strategy - we prefer passive investments that are less risky and proven to perform better the majority of the time over the long-term 😊
Yes, you can definitely buy US stocks, just remember that you will be charged a 1.5% foreign exchange fee (which btw is in line with other brokerages). But just like the other commenter mentioned, the $10/month feature is optional and it’s to give you access to a USD account. 😊
Do you find that you change your investments often depending on the market fluctuations or do you mostly just keep your money in the same stocks? I am not sure if i see the benefit to having a financial advisor much longer since i pay yearly % fees which are slowly increasing as I invest more.
Nope! I keep my investments the same - my long terms goals haven’t changed, so neither do my investments. You should check out the video we just did on why we’re no longer buying single stocks. We both buy one ETF every single month and that likely won’t change for a very long time. Once you’ve built a good foundation when it comes to your knowledge and confidence - you come to realize that market fluctuations don’t change anything. I’ll buy when the market is up and when it’s down. 😊
What investment platform do you use right now? Let us know! 👀
what should i buy with my $1000 as a beginner. can you help me build my own portfolio.🙏
Great comparison. I’m using both RRSP for Wealthsimple and TFSA for Questrade
I opened a TFSA direct investing account in TD but upon doing more research can see wealth simple would be better!
Wealthsimple since day 1!
@@ronaldolpenda We'll be posting a video soon that should answer this comment! 😊
Skip to 10:58 if you want to know why he switched 😆.
Loooool
I switch from qtrade investing to wealthsimple becvause of the 1% cash match!
Our hero!
I was also skipping to find the answer.
Wealthsimple club! 🎉🙌🏼👏🏼 I like their platform so far. Just joined the last week of April when I decided to switch from TD mutual funds to handling my investments myself.
Amazing! Same same ! Can’t justify the $10 trading feels each time with TD.
Same here, 😊
Amazing - congratulations on making that switch! 🥳
Steph & Den you both are too good!! I love your content and learn a lot from your videos!
Thank you 😊 We’re so happy to hear that!
Honestly the way you both invest, ETF's and minimal stock ownership is really the way to go. Whatever platform you both use. Especially as you're both in your 20's and have the investment timelines at your disposal(10-15 year at minimum). I have most of my stuff through a wealth management firm, but the fees are so expensive. Initially I decided that because I wanted to leverage the experiences of an seasoned investment advisor but these fees man! Now if I want to take my existing portfolio and switch to ETF's? I could do that, but I would have to sell, activate a capital gain, take the balances and put them into ETF's. Geez.
Depends. Are you thinking of switching to another FI? If so, because you want to take a more DYI approach, and depending if the portfolio you currently have is in a registered account, then you can fill out the proper government forms and transfer the value amount to the new FI. Technically the current FI would collapse the account, ie sell, but this will not trigger a tax event because you are transferring to another FI due to the form. Good luck.
Excellent video guys! You both explain things so well and make it easy to understand.
Thank you so much! We’re happy to hear that 😊
Wealthsimple is very easy to use even for beginners great choice
Agreed! 👏🏿👏🏻
Encouraging. I'm new to the world of investment
Hey Steph & Den,
If wealthsimple is convenient for you investment account wise, why not use it for cash account as well as it offers HISA 4-5%?
Why go for EQ or Simplii or koho for the same rate?
I don't think wealthsimple cash is cdic insured, while EQ is.
@@Kimi_Bu_ it is insured.
@@Kimi_Bu_idk if it changed but it says cash accounts are cdic insured for up to 500k.
We'd been using Simplii because of their promo rate (at the time it was over 5%) 😊Wealthsimple Cash is a great option in our opinion!
Another benefit is that if you live in the household, assets compiled together can work towards the Generation account status which meshes with investing advice and filing taxes.
Of course there are also joint accounts you can use for Wealthsimple cash.
Thanks for sharing that benefit! Great point 😊
Hi, is it safe to use Wealthsimple for TFSA and FHSA?
What would be better option? opening these Two accounts in your bank or in wealthsimple?
Your videos are so informative, keep up the great work ☺
Thank you so much! We're happy to hear that 😊
The Wealthsimple conversion fees for cad to usd and vice versa is ridiculous at 1.5% each. That's why I switched away from wealthsimple for us stocks and use the platform only for Canada trading.
That’s smart! I guess if you’re going to use Norbert’s Gambit to exchange your cad for usd then it’s worth it. But if you’re using Questrade and not utilizing this method - you’re paying the same 1.5% that Wealthsimple charges.
Which platform do you use for usd investments? 😊
Ws is really good my emergency fund and my sidegigs income goes straight to it sitting on 4.5% interest.. and investing is so easy
Amazing! That’s good to hear 😊
@@stephandden i wish they will make RESP self-directed too for now they only have the managed option
I did the same, I switched from Questrade to Wealthsimple for the same reasons you mentions, but also Wealthsimple offers not only fractional shares, but I always felt that they kept upgrading regularly while Questrade....well not many changes have happened...well not anything drastic.
Good points - fractional shares are great, and the consistent upgrades are nice to have!
I use Questrade for my Investments and Wealthsimple for a high interest savings account. I like to be able to purchase US stocks in USD in my RRSP 😊
Thank you for sharing! 😊
I have a question I'm working on investing in the following NIVIDEA, Enbridge, TD, Microsft, and S&P 500 (VOO). Once they've grown for a few years when will I know when to sell and see profit in my investments. Or do I just keep it until I'm 60 and sell it when I retire?
Awesome video! What are some no fee chequing accounts and high interest savings account you recommend?
Thanks! We actually have a video titled, ‘Best No-Fee Chequing Accounts’ and another one titled ‘Best High Interest Saving Accounts’. Check them out! 😊
I am a beginner, looking to set up my account on Wealthsimple with $1000. What suggestions do you have to help me get set up? I would be more interested in DIY and focus on 2-3 ETFs
We actually have two videos coming out this week and next week that will be helpful for you! The first is 'How To Invest Your First $1,000', and the second is a Wealthsimple platform review, that shows you exactly how to set up your account 😊 keep an eye out for those!
I have a question about buying stock on wealthsimple. Since they don't have margin accounts, could you purchase a stock with a limit order and direct the money to come from your cash savings account. Or is there an alternative way to keep earning interest within the non-registered cash account with your cash until it's needed to fund a stock purchase with a limit order.
They're actually adding margin accounts now - they're listed as 'Coming Soon' on their website!
Thanks for your help ❤❤❤
13:33 premium status with Wealthsimple... How does one reach the premium status?
Once you have $100,000 in assets with Wealthsimple (this could be across Wealthsimple Invest, Trade, and Cash) 😊
100k
Does WS still have the 15min delay of market price?
Your order is in real-time, but the data flowing through to the charts that they show on the Wealthsimple platform is delayed by 15 minutes 😊
What do you guys think about IBKR vs WS?
It seems like IBKR is popular amongst active investors, and also an option for investors who are looking to do Norbert's Gambit. We personally prefer Wealthsimple for the reasons mentioned in this video (keep in mind that this take is based on our research, as we haven't used IBKR ourselves) 😊
Question: Do you have multiple emails for different accounts for auto deposits?
I have an RBC account and now have a Neo account if I joined wealthsimple would I need a third email? *Note eventually trying to phase out the RBC account
When you say auto-deposits, are referring
to something like an e-transfer?
If so, in theory you would need multiple emails. But for us, we have auto-deposits setup to go into our main money hub (Simplii No-Fee Chequing Account) and then we’ll direct the money to other accounts from there. Hope that answers your question. 😊
Can u use a TFSA account for quest trade or wealth simple?
You can open up a TFSA with either one - your choice on which one. 😊
I have a question about the tfsa ,lets we say its monday and i bought 2 stock and the next day tuesday ,one of the stock i buy profit around 10 dollar and i decide to sell it ,so the question is so it is okey to buy a different stock on that day ?btw im using wealth simple trade
Not supposed to trade in TFSA and anything you take you can put back next year because if you do it in same year it looks double to the government.
WS is the best in my opinion maybe im biased. But thinking about switching to Questrade as WS wont be accessible as a non resident of Canada as I plan on leaving the country in the next year or 2....not sure what other options are out there but ive heard alot of good things about questrade.
Great point - I think that's one of the few cons for Wealthsimple.
I find it strange you guys haven't made a vid about the EQ Notice Savings Account yet
👀 coming soon!
Thoughts about “CONY”?
CONY involves call options, which aren't a part of a passive investing strategy - we prefer passive investments that are less risky and proven to perform better the majority of the time over the long-term 😊
I use wealthsimple as well with automations
Thank you for sharing 😊
Can I buy US stock without paying the $10 fee?
yes, the 10 dollar monthly fee is to have a USD account where your funds stay in USD rather than ws converting to cad every trade
Yes, you can definitely buy US stocks, just remember that you will be charged a 1.5% foreign exchange fee (which btw is in line with other brokerages).
But just like the other commenter mentioned, the $10/month feature is optional and it’s to give you access to a USD account. 😊
With quest as well want to change to WS but I don’t want to switch because I’m only buying etf at the moment
Why does only buying ETFs make you not want to switch? 😊
Love love love Wealthsimple!
Us too! 😊
I just moved all my wealthsimple invest accounts (tfsa, rrsp and fhsa) to trade accounts this week. I had too many individual accounts.
That's exciting! How have you found Wealthsimple Trade? 😊
I still prefer Questrade for the following reasons: free ETF purchases, USD investments, and RESP accounts
Thank you for sharing! 😊
awesome video thanks!
Thank you for watching! 😊
Do you find that you change your investments often depending on the market fluctuations or do you mostly just keep your money in the same stocks? I am not sure if i see the benefit to having a financial advisor much longer since i pay yearly % fees which are slowly increasing as I invest more.
Nope! I keep my investments the same - my long terms goals haven’t changed, so neither do my investments. You should check out the video we just did on why we’re no longer buying single stocks.
We both buy one ETF every single month and that likely won’t change for a very long time. Once you’ve built a good foundation when it comes to your knowledge and confidence - you come to realize that market fluctuations don’t change anything. I’ll buy when the market is up and when it’s down. 😊
Great video - however National bank direct brokerage is way better then any broker. please make a video on that too.
We don't personally use National Bank's platform - we've used Questrade and Wealthsimple 😊
That 1% offer is kind of a cherry on top though eh? :P
Definitely! 🥳
Hi! I would love a video about Wealthsimple cash and their new joint account feature.
Thank you for the suggestion! We'll have a video that covers this coming soon 😊
WealthSimple is the way! 🍊
🙌🏿🙌🏻
Definitely thought your reason would be the terrible QuesTrade ads
Omg 😂
Wealthsimple all the way
🙌🏿🙌🏻
Larger lump sums generate more money, too many smaller accounts hamstring long term compounding wealth.
What you’re saying doesn’t make sense.
Wealthsimples been great for myself.
That’s great to hear! 😊
QT has bad customer service too
KOHO better!!! No min...no holding and 5% interest
Koho isn’t an investing platform - it’s not a comparable option to either Wealthsimple or Questrade 😊
@@stephandden neither is EQ bank but it's better regardless
Oh this comment is for a different video lol the one about HISA
I used Wealthsimple
Does anyone use Webull? I have wealthsimple as well but I’m just a little bit more familiar with webull. But wealthsimple does look way more simple