Wealthsimple Generation is a premium status for clients who have net deposits of at least $500,000 or have a total assets (including Managed investing, Stocks & ETFs, Crypto, Cash and Save accounts) of at least $500,000 — whichever is higher.
Whether you’re a long-time client whose portfolio value has gone up over time, or a brand-new client transferring to us, you'll have the opportunity to qualify for the Generation status.
For example, you would meet the $500k threshold for Generation if you have
- $100k in your Managed RRSP,
- $150k in your Managed Personal,
- $100k in your Managed Corporate account,
- $50k in Self-directed TFSA,
- $50k in Cash, and
- $50k in Crypto
Benefits
-
Pay lower fees
Our management fees for Generation clients range from 0.4% for clients who have $500,000 with us, to 0.2% for clients who have $10,000,000 with us. To learn which rate you qualify for, reach out to our team of advisors here.
-
Earn 4.5% interest in your Cash account
You will earn 4.5% annualized interest on the balance you hold in your Cash account with Wealthsimple.
-
Get Wealth Management with a dedicated advisor
Create a comprehensive financial plan and stick to it with the help of a dedicated advisor - whether that's establishing an income strategy for retirement, or preserving wealth for future generations. Your plan includes net worth and cash flow analysis, financial projections, and scenario modelling. Regular check-ins with your advisor to establish concrete action items will help you achieve your goals.
-
Free USD accounts
You'll get free access to USD accounts as a Generation client. This means that you can opt-in to trade U.S. securities without the conversion fee on every order.
-
Access to Private Credit and Private Equity investing
You'll become eligible to start investing in Private Credit and Private Equity.
-
Maximize your tax efficiency
You’ll get access to tax-efficient features like tax-loss harvesting and tax-efficient funds.
-
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 portfolio managers for more financial support.
-
Airport lounge access with DragonPass
As a Generation client, you get 10 free DragonPass passes per year to use for yourself and those travelling with you.
-
40% off Medcan’s Year-Round Care plan and 30% off Medcan's Annual Health Assessment (Ontario only)
Medcan’s Year-Round Care plan provides members with urgent medical care for everyday health concerns. The annual membership fee covers all uninsured services related to Year-Round Care. For a full list of services, see here.
Learn more about Medcan's Annual Health assessment here. -
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.
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:
- Log in to your Wealthsimple mobile app
- Tap the Profile icon at the top-right of the screen
- At the top of your profile, tap the progress bar
- Here, you will see how close you are to reaching Generation status
Note: Once you make a deposit that crosses the $500k threshold, the upgrade can take at least 1 business day to process. You will 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, Stocks & ETFs, Crypto, Cash 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?
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.
To start, we'll send you a worksheet asking you to share some details about your financial situation. Once completed, we'll be able to speak to the overall health of your financial situation.
We can then turn our focus to 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.
We can also help plan a retirement income strategy that will provide you with the most benefit - such as minimizing taxes.
After the session, we'll send you a financial plan document so you have something to reference both during the session and afterwards. This is a living document and will change and grow along with you.
There's no hard limit to how many financial planning sessions you have access to.
How do I access the Medcan benefit?
Follow the instructions below when you reach Wealthsimple Generation status:
- Open your Wealthsimple mobile app
- Tap your Profile icon in the top right corner.
- Scroll down to Claim your benefits.
- Find the Medcan card by scrolling left.
- Tap the arrow to continue to activate your plan.
Comments
0 comments
Article is closed for comments.