In this article:
Overview
A co-manager is a second trusted adult who can help you manage your child's kids and teens account day-to-day. They're added as an authorized user, not a co-trustee: you stay the account's legal owner and trustee, and your child stays the beneficial owner of the funds.
Adding a co-manager
Each kids and teens account can have one co-manager in addition to you, the primary parent or guardian. The person you invite doesn't need to be your child's other legal parent or guardian: they only need to be a Wealthsimple client who has completed identity verification.
- Log in to the Wealthsimple app
- Tap your child's Kids and teens account
- Tap Account settings
- Tap Add a co-manager
- Choose someone from your Wealthsimple household, or select Invite someone new
- Enter their name and email, and let us know their relationship to you and to your child
- Review what a co-manager can and can't do
- Tap Send invite
Once sent, the invite shows up in your child's account settings tagged Invite pending. You can view, resend, or cancel it from there at any time.
What a co-manager can and can't do
A co-manager can:
- Move money in and out of the account, using their own individual or joint accounts
- See the account's activity
- Set spending limits and controls (see Manage card controls for a kids and teens account)
A co-manager can't:
- Close the account
- Add or remove other people
- Manage the child's interest
- Move money from the primary parent's individual accounts
Accepting or declining an invitation
If someone invites you to help manage their child's kids and teens account:
- You'll get an email, and a push notification if you're already a Wealthsimple client
- Open the invite to see who invited you and what you'll be able to do
- If you don't have an open chequing account yet, you'll be asked to open one before you can accept
- Choose Accept or Decline
If you accept, you'll set a nickname for how you'll show up in the child's app (for example, "Mom" or "Dad"). The child's account then appears in your accounts list, and the primary parent gets an email letting them know. If you decline, the primary parent gets an email with steps to send a new invite.
Removing a co-manager
Only the primary parent can remove a co-manager.
- Log in to the Wealthsimple app
- Tap your child's Kids and teens account
- Tap Account settings
- Tap the co-manager's name
- Tap Remove [Name] and confirm
The co-manager loses access right away. You can invite them, or someone else, again at any time.
Frequently asked questions
Can I add another parent or guardian to my child's account?
Yes. You can invite a co-manager to help manage your child's account with you. They can move money in and out of the account, see account activity, and set spending limits and controls. Closing the account and adding or removing people stay with you as the primary parent.
Does the co-manager need to be my child's other legal parent or guardian?
No. They don't need to be your child's other legal parent or guardian, but they do need to be a Wealthsimple client with identity verification complete.
Can the co-manager move money from my accounts?
They can only move money using their own individual or joint accounts: they can't access or move money from your individual accounts.
Can the co-manager change my child's existing allowance or automatic transfers?
Not if you set it up first, since those payments come from your account and only you can change them. The co-manager can set up new ones funded from their own account.
How many co-managers can I add?
One per child's account. If you have more than one child, the same person can be a co-manager on each of their accounts.
What does my child see once a co-manager is added?
Your child sees both adults listed on their account, using whichever nickname each one sets. For example, "Mom sent you..."
Can I remove the co-manager later?
Yes, at any time. They'll get a notification when this happens.
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