When you invest with Wealthsimple, your assets are actually held by ShareOwner, Wealthsimple's custodial broker. In other words, ShareOwner executes trades and is where your securities are held. ShareOwner is regulated by IIROC and insured by the Canadian Insurance Protection Fund (CIPF), which is standard for brokerages in Canada. The CIPF insures our customers' accounts up to $1 million per individual account against insolvency or bankruptcy of ShareOwner. More on the CIPF here.
In the extremely unlikely event that Wealthsimple were to go out of business, your account would remain safe and be largely unaffected. All securities are registered in your name, and if we were to close, you could choose to keep your money with ShareOwner, or transfer it to a new advisor or your bank account.