Wealthsimple Generation overview

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Overview

Wealthsimple Generation is a premium status for clients who have net deposits of at least $500,000 or total assets of at least $500,000, whichever is higher.

You can qualify for Generation status whether you're a long-time client whose portfolio value has increased over time, or a new client transferring to us.

For example, you'd meet the $500,000 threshold for Generation if you have:

  • $100,000 in your managed RRSP,
  • $150,000 in your managed Personal,
  • $100,000 in your managed Corporate account,
  • $50,000 in self-directed TFSA,
  • $50,000 in a chequing account, and
  • $50,000 in crypto.

Wealthsimple Generation benefits

  1. Pay lower fees:

    • Generation clients' management fees range from 0.4% for clients with $500,000 to 0.2% for clients with $10,000,000. To find out which rate you qualify for, contact our team of advisors.

  2. Earn 2.75% interest in your chequing account:

  3. On-demand financial advice:

    • Get your financial questions answered by a registered planner or advisor.

  4. Free USD accounts

  5. Access to Private Credit and Private Equity investing:

  6. Maximize your tax efficiency:

    • You’ll get access to tax-efficient features like tax-loss harvesting and tax-efficient funds.

  7. Priority service:

    • Get answers to all your Wealthsimple questions – fast. When you contact our support team, we’ll redirect you to a dedicated team for our Generation clients. They’re equipped to handle your questions quickly or connect you with our advisors for more financial support.

  8. Partner milestone rewards:

    • Unlock a reward of your choice with one of our partners once you reach $200,000 in assets and at every $100,000 milestone after that. Learn more about partner milestone rewards. 

  9. Medcan benefits:

    • Get 40% off Medcan’s Year-Round Care plan, which provides members with urgent medical care for everyday health concerns. The annual membership fee covers all uninsured services related to Year-Round care. View the full list of services. 

    • Get 30% off Medcan's Annual Health Assessment (Ontario only). Learn more about Medcan's Annual Health Assessment. 

  10. Free access to the Wealthsimple Tax Pro plan:

    • Get all of the benefits of the Plus plan along with a 30-minute one-on-one session with a tax expert. Learn more about the Wealthsimple Tax Pro plan.  

See a full list of our benefits.

If you're an existing Wealthsimple Generation client and would like help getting set up with any of these benefits, please feel free to reach out to our support team.

Frequently asked questions

How do I check how close I am to Wealthsimple Generation status?

You can view your progress bar by following these steps:

  1. Log in to your Wealthsimple mobile app
  2. Tap the Profile icon at the top-right of the screen
  3. At the top of your profile, tap the progress bar
  4. Here, you will see how close you are to reaching Generation status

Note: Once you make a deposit that crosses the $500,000 threshold, the upgrade can take at least one business day to process. You'll be notified once your upgrade is complete and you can start accessing your new benefits.

How do you calculate net deposits?

We calculate net deposits by adding up the total amount of money you deposit or transfer into all of your Wealthsimple accounts (including managed investing, self-directed, crypto, chequing and Save accounts). Your net deposits will not decrease if the value of your portfolio decreases due to market fluctuations. However, your net deposit will decrease if you withdraw or transfer out funds from your accounts.

I have some or all of my $500,000 in a joint account; will I qualify for Wealthsimple Generation status? Does the other account holder?

If you’d like to learn more about households under Generation, please reach out to our support team.

What happens if my net deposits and my total assets go below $500,000?

If both your net deposits and total assets with Wealthsimple fall and stay below the $500,000 minimum, you will be subject to a change in status.

What’s involved in the financial planning sessions?

If your advisor feels you would benefit from a financial planning session, they will help you set one up during your initial call with them. A financial planning session is a conversation with one of our experienced portfolio managers. They might focus on a few different areas, depending on your goals.

  1. To start, we'll send you a worksheet to gather details about your financial situation. Once you complete it, we can discuss the overall health of your finances.

  2. We'll check if you're on track to achieve your financial goals and provide recommendations if needed. For example, if you want to retire at a certain age or make a big purchase, we can assess your progress and help you plan.

  3. After the session, we'll send you a financial plan document for your reference. This is a dynamic document that will evolve with you.

How do I access the Medcan benefit?

Follow the instructions below when you reach Wealthsimple Generation status:

  1. Open your Wealthsimple mobile app
  2. Tap your Profile icon in the top right corner.
  3. Scroll down to Claim your benefits. 
  4. Find the Medcan card by scrolling left. 
  5. Tap the arrow to continue to activate your plan.

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