In this article:
Overview
When you open a managed account with Wealthsimple, your portfolio will have its own risk level and theme. You can update a portfolio’s risk level or theme at any time.
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Portfolio risk level
Your portfolio risk level is based on your financial goals, time horizon, risk tolerance, past investment experience, and level of investment knowledge. When these change, you may want to adjust your risk score accordingly. You may even want different risk scores for each portfolio, as you may have different time horizons and goals for each account. -
Portfolio theme
Wealthsimple currently offers three different portfolio themes for managed accounts: Classic, Socially Responsible Investing (SRI), and Halal. The theme determines the type of assets we’ll hold in your portfolio.
Portfolio risk assessment
Approximately one year after you open your managed account, we'll prompt you to complete a portfolio risk assessment to ensure you’re on track to achieve your goals. We'll send you an email, and prompt you in the Wealthsimple app when it's time to complete your risk assessment. Risk assessments are sent every year. Learn more about portfolio risk assessments.
Update a portfolio's risk level
Follow these steps to update an account's risk level:
- Log in to the Wealthsimple app
- Tap your desired managed account
- Scroll down to Account details
- Tap the pencil icon beside Risk level
- Tap Edit
- Choose your desired risk level
- Tap Update
- Tap Confirm
To access a higher risk level than currently displayed, please follow the steps in the Web section to update your information.
- Log in to your Wealthsimple profile
- Select your desired managed account
- Scroll down to Account details
- Select the pencil icon beside Risk level
- Select Edit
- Choose your desired risk level
- Select Update
- Select Confirm
If you'd like a higher risk level than what's currently available:
- Select Want higher risk?
- Select Update my information to retake the risk assessment.
Once your information is updated, your new maximum recommended risk level should reflect the change.
Request a risk level change
You can adjust your risk level within a certain range based on your current profile. If you'd like to increase your risk level beyond what's currently available, you can complete a reassessment to update your information and goals. This will determine your new maximum recommended risk level.
To complete a reassessment, follow the step-by-step instructions above for Web.
If you need help or have questions, please reach out to our support team.
Update a portfolio's theme
Follow these steps to update a portfolio's theme:
- Log in to the Wealthsimple app
- Choose your desired managed account
- Scroll down to Account details
- Tap the pencil icon beside Theme
- Choose your desired theme
- Tap Update
- Tap Confirm
- Log in to your Wealthsimple profile
- Select your desired managed account
- Scroll down to Account details
- Select the pencil icon beside Theme
- Choose your desired theme
- Select Update
- Select Confirm
Frequently asked questions
Can I invest my portfolio in 100% equities?
To move your account into 100% equities, please connect with one of our portfolio managers so that we can make sure this investment is suitable for you. Please reach out to our support team, and we'll let you know the next steps.
You can read more about the role that fixed income plays in creating a well-diversified portfolio in this article.
Can I keep a cash balance in my account managed by Wealthsimple?
Wealthsimple's managed accounts are designed to automatically invest any funds you add to them. This means that you can't have a cash balance in your account.
There may be times when you want to reduce your exposure to market forces and avoid any losses. In this case, moving your funds to a high-interest savings ETF or Registered Savings Account might be a good choice.
Note: You can't open a high-interest savings ETF in a non-registered account.
Why hasn’t my risk level been changed yet?
Our team reviews each portfolio change request. This typically takes 1-2 business days. In certain cases, we may ask you to schedule a chat with one of our portfolio managers. This is because changes require approval from a Portfolio Manager to ensure that your investment changes are aligned with your goals. This is part of our fiduciary responsibility to our clients.
If it has been more than 2 business days and you haven't heard from us, please check your email for a message titled "Action Required to Invest your Funds" or similar from a portfolio manager. If you don’t see anything, please contact our support team.
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