Overview
As a Wealthsimple client, you can reach out to your employer directly to encourage them to participate. If your employer is already participating in this program and you have questions, reference our frequently asked questions below or contact our team at brokerfeeds@wealthsimple.com for more information.
Wealthsimple aims to simplify the investing experience for all Canadians. To this end, we’re pleased to offer our ABF program.
Our ABF program allows compliance teams to easily monitor investing activity for industry participants and insiders. It also helps to ensure that employees are compliant with Canadian laws and regulations, as well as company policies, automatically and securely.
What is an Automated Broker Feed?
An Automatic Broker Feed (ABF) or “electronic broker feed” is the most reliable, accurate, and secure way to collect and review a regulated or supervised firm and government agency’s employee brokerage account data. Specifically, our ABF will:
- Send supervised employee trading data directly from Wealthsimple to your compliance department through a secure, encrypted connection on a daily basis. The feed includes near real-time account transactions, holdings and positions for all monitored brokerage accounts held at Wealthsimple.
- Eliminate the use of paper statements or logging in to a portal to access information. This makes it easy for your compliance team to access the reporting they need when they need it.
By becoming a partner, you're also enabling your monitored employees to take advantage of everything Wealthsimple has to offer.
For more information or to schedule a call, please reach out to brokerfeeds@wealthsimple.com.
How does it work?
When a supervised employee makes a trade using their Wealthsimple account, we send this data to your firm’s compliance vendor through the ABF.
Onboard your organization
If you want your organization to start using Wealthsimple’s ABF program, follow the steps below:
- Reach out to us at brokerfeeds@wealthsimple.com and make sure to include the below information.
- We’ll schedule an intro call with your team; typically, Compliance and IT/Engineering.
- We’ll work with your compliance vendor to connect and test the data feed.
- We work together to obtain consent from your employees the onboard them to the ABF program.
Information to include in your email
- Are you an employee or a firm?
- If you are a firm looking to set up a feed, please include:
- Company name and contact information
- Third-party compliance vendor name and contact information
- Estimate of the number of employees and accounts
- Will Crypto accounts be included?
- Will both USD and CAD accounts be included?
- Please tell us how we can help you
- If you're an employee
- Where do you work?
- Please tell us how we can help you
Frequently asked questions
Who uses ABFs?
ABFs are typically used by regulated firms or government agencies that need to monitor employee trading activities to remain compliant with the law, regulations and company policies. Any firm that has a requirement to monitor and report on employee holdings, transactions and positions can set up an ABF.
I’m an employee. How does this impact me?
Once we onboard your employer into our program, we’ll ask you to complete a form granting us permission to send your employer information on your monitored accounts. If you open a new account, you’ll need to grant permission again. Your compliance department will then have the information they need to make sure you and your firm remain compliant.
We offer monitoring for our Wealthsimple managed. self-directed, and Crypto accounts, so there's no limitation on the type of account you open with Wealthsimple.
How do I know if my firm is part of the Wealthsimple ABFs program?
Reach out to your compliance department to find out if your firm is part of the Wealthsimple ABFs program.
If your firm isn’t part of our program, ask your compliance department to reach out to us at brokerfeeds@wealthsimple.com so we can get your firm set up.
How long does it take to set up an ABF?
Setup typically takes between 3–4 weeks from start to finish. We have existing integrations with all the major compliance vendors, so setup requires minimal effort from your data and engineering teams. If you work with a compliance vendor that we don’t currently support, we’re happy to set up a feed with them to support your organization.
Reach out to us at brokerfeeds@wealthsimple.com for more information on how to get set up.
What types of accounts are included in the ABFs program?
We currently support all Wealthsimple managed, self-directed, and Crypto accounts in our ABF program.
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