What is Wealthsimple Black?
Wealthsimple Black is a premium service for clients who have net deposits of $100,000 or more in their Wealthsimple Invest & Save and Cash accounts. As a Wealthsimple Black client, you get tax-efficient investing, goal-based financial planning with an experienced Portfolio Manager, and unlimited access to thoughtful, honest advice whenever you need it - all at a 0.4% management fee.
How do I become a Wealthsimple Black client?
If you're an existing client, once your net deposits reach $100,000 you'll automatically receive Wealthsimple Black status and be charged lower fees. We'll send you an email detailing the perks as soon as the funds have settled in your account.
How is the $100,000 in net deposits calculated to reach Wealthsimple Black status?
Net deposits are calculated as the sum of all deposits, contributions, and institutional transfers to your Wealthsimple Invest & Save and Cash accounts, less withdrawals and institutional transfer outs.
The easiest way to see if you have reached Wealthsimple Black status is to sign in to your Wealthsimple profile (via a web browser) and click on your name in the top right of the screen. Select the 'Upgrade' menu item. There you can see how far you are from achieving Wealthsimple Black status or if you have already achieved it. You should also receive a welcome email outlining your Wealthsimple Black status within a week of depositing over $100,000.
While the net deposits calculation is cumulative across your Wealthsimple accounts, you should only include net deposits for Wealthsimple accounts where you are the primary owner or sole owner.
If I have more than $100,000 in my portfolio, but some or all of it is in a joint account, do I qualify for Wealthsimple Black status? Does the other account holder?
While net deposits are cumulative across your Wealthsimple accounts, deposits made to a joint account are only attributed to the primary account owner. If you are the secondary account owner of a joint account, net deposits won't be be double-counted towards your status.
Both you and the other account holder qualify for Wealthsimple Black status when each of you has net deposits of $100,000 or more across accounts where you are the primary owner or sole owner.
If you and a secondary account holder only have a joint account with Wealthsimple, you would need to each deposit $100,000 for both of you to qualify for Wealthsimple Black.
What happens if I make a withdrawal that puts my portfolio balance under $100,000?
What happens if the market dips, putting my portfolio balance below $100,000?
I'm already a Wealthsimple client. Will my fees change?
What is a Financial Planning session?
A Financial Planning session is a conversation with one of our experienced Portfolio Managers and can focus on a few different things, depending on what your goals are.
i) A holistic overview of your financial situation
To start the process, we'll send you a comprehensive worksheet which will ask you to share some details about your financial situation including your current assets, accounts, income, and expenses! Once completed, we'll be able to speak to the overall health of your financial situation as-is.
ii) Goals-based planning
Based on the above, we can turn our focus to check whether you're on track to achieve your financial goals (and provide some recommendations on how to get back on track if needed). For example, if you're hoping to retire at a certain age, or make a big purchase in the future - we can check whether you're on track and, if required, help you plan for and recommend any adjustments to help you get there.
iii) Retirement Income (if applicable)
If you're retired or getting close, we can help plan a retirement income strategy that will provide you with the most benefit - such as minimizing taxes.
A Financial Plan document is sent to you for the Financial Planning session so that you have something to reference both during the session and afterwards! This is a living document and will change and grow along with you.
If you're an existing Wealthsimple Black client and would like to set up a Financial Planning session please submit a request here.
How do I access financial planning?
Is the Financial Planning session a one-time offering?
No! There's no hard limit to how many Financial Planning sessions our Wealthsimple Black clients have access to, however revisiting the Financial Plan we deliver is usually only necessary if either your financial goals have changed or a large change to your financial situation occurs!