You can always move to a more conservative risk level. Moving to a higher level depends on your suitability assessment — your goal, timeline, emergency fund status, debt level, and whether your invested funds are savings or borrowed all factor in. If your situation doesn't support a higher level, the app will show you the highest level that's suitable for you.

In most cases, rebalancing takes up to three business days. If you're in a Summit portfolio, the private markets portion can take longer to adjust — it follows a monthly trading window, so the public markets part of your portfolio will typically update first.

It depends on the type of change. If you're updating your risk profile, you'll answer a short three-question reassessment. If you're switching to an Income portfolio for the first time, a full suitability assessment is required. If you're already in an Income portfolio and want to switch between Income products, you won't need to redo the assessment.

Summit isn't available for every client or every risk level. If your suitability assessment returns a Conservative risk level, if you don't currently meet Summit's minimum thresholds (at least $30,000 in liquid assets and $30,000 in net worth), or if you're a student or unemployed, we'll recommend Classic instead. Classic is a fully managed portfolio that works the same way — Summit just isn't the right fit based on your current profile.

This depends on your goal and timeline. For shorter-term goals (roughly 1–3 years), or if your financial situation includes factors like high debt, limited emergency savings, or a limited financial cushion, Vanguard Fixed Income may be the more appropriate option. It's a lower-volatility choice that better fits your profile based on what you've shared with us.

Because your account is non-registered, switching portfolios may result in capital gains or losses being realized. The app shows this warning so you can make an informed decision before confirming. We aren't able to give tax advice, but the banner is there so you have the information you need.

To move your account into 100% equities, you'll need to connect with one of our Portfolio Managers so that we can make sure this investment is suitable for you. Please contact our support team, and we'll let you know the next steps.

Wealthsimple's portfolios are designed to automatically invest any funds you add to them. This means that you can't have a cash balance in your account. If you'd like to reduce your exposure to market forces, moving your funds to a High-Interest Savings Portfolio or Registered Savings Account might be a good choice.