Wealthsimple Generation is a premium service 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, if you have $100k in your Managed RRSP, $150k in your Managed Personal, $100k in your Managed Corporate account, $50k in DIY TFSA, $50k in Cash and $50k in Crypto, you would meet the $500k threshold for Generation
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 5% interest in your Cash account
You will earn 5% annualized interest on the balance you hold in your Cash account with Wealthsimple. - 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 investing
You'll become eligible to start investing in Private Credit. - Get a personalized financial report customized to your goals
Whether that's establishing an income strategy for retirement or preserving wealth for future generations. It includes net worth and cash flow analysis, financial projections, and actions to take. - 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. - DragonPass lounge access
As a Generation client, you get 10 free DragonPass passes per year to use for yourself and those traveling with you. - 50% off Medcan’s Comprehensive Care plan (Ontario only)
Medcan's Comprehensive Care plan helps you optimize your health with a range of services, including an annual health assessment, year-round care membership, travel insurance, and genetic counselling. As a Wealthsimple Generation client, you get 50% off ($2,353 in savings). - Get six months of medical care for free (Ontario only)
Get quick access to everyday medical care, expert medical advice, and services covered outside of OHIP with Medcan’s Year Round Care plan. As a Wealthsimple Generation client, your first 6 months are free. - Maximize your tax efficiency
You’ll get access to tax-efficient features like tax-loss harvesting and tax-efficient funds. - Get access to expert advice
You can set up financial planning sessions with our team of experienced portfolio managers. - Get a discount on your will preparation
As a Wealthsimple Generation client, you’ll get 15% off your first online will with Willful.
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’ll automatically receive Wealthsimple Generation status once your net deposits reach $500,000. We'll send you a welcome email as soon as the funds settle in your account.
You can view your progress bar by following these steps:
- Log in to your Wealthsimple mobile app
- Tao the Profile icon at the bottom 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
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.
What is the Medcan Comprehensive Health Plan?
Medcan's Comprehensive Health Plan helps you optimize your health with a range of services, including an annual health assessment, year-round care membership, and genetic counselling.
Annual health assessment
Medcan's annual health assessment is designed to give you a comprehensive picture of your health now, and identifies health risks you may face in the future. It's a head-to-toe evaluation completed in a single day.
Diagnostic testing & same-day results
Receive up to 15 diagnostic tests customized to your current health needs. You'll get the results the same day and review them with your Medcan physician. They'll help you understand the results, discuss how your health could be improved, and set up an action plan.
Same-day or next-day appointments
Book an appointment for your everyday health concerns from anywhere in Canada. Medcan will provide you with a same-day or next-day appointment, either in-person or by video, Monday to Saturday.
Travel health support
With Medcan, you have medical coverage - at home and abroad.
Genetics & genetic counselling
Get insights into your health now - and in the future, through a series of genetic tests and guidance from a team of genetic counsellors.
Generation members get 50% off the regular price of Medcan's Comprehensive Health Plan bundle. The plan normally costs $4,705 (that price is subject to change). As a Generation plan member, you'll save $2,353. You can pay the remainder of the cost at the time of your appointment.
When you hit Wealthsimple Generation status, please reach out to our support team and we'll guide you with the next steps on how to sign up for Medcan services.
More details
- Your Comprehensive Care Plan discount can't be shared or transferred to another person.
- Medcan offers services outside of their Comprehensive Health Plan bundle. The Wealthsimple Generation discount does not apply to these services.
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