Update your risk level or switch portfolios in a group account

In this article:

Overview

If you're part of your employer's group savings plan, you can update your risk level or switch portfolios in your group account.

This article covers group accounts, including Group RRSP, Group TFSA, Group First Home Savings Account (FHSA), Group Non-Registered, and Deferred Profit Sharing Plan (DPSP). For personal accounts, see Update your portfolio risk level or switch portfolios.

Available portfolios

These managed portfolios are available in group accounts:

  • Classic: A diversified, professionally managed portfolio that we match to your risk level and rebalance automatically.
  • Income: A set of conservative managed portfolios focused on bonds and other lower-risk investments, built to generate steady income.
  • Socially responsible: A managed portfolio that invests in companies screened for environmental, social, and governance standards.
  • Halal: A Shariah-compliant managed portfolio that avoids interest-bearing investments like bonds, and holds screened stocks, gold, and non-interest-bearing cash.
  • Target Date: Adjusts your investments automatically as you approach retirement. Only available if your employer has opted in. Learn more in Open a Target Date portfolio.
Note: Summit portfolios and alternative investments aren't available in group accounts.

Update your risk profile

If your group account is in a Classic, Income, Socially responsible, Halal, or Target Date portfolio, you can update your risk level by answering a short three-question reassessment.

Wealthsimple app Web
  1. Log in to the Wealthsimple app
  2. Select the group account you'd like to update
  3. Scroll down to Account details and tap the pencil icon in the Portfolio row
  4. Select your portfolio under Update your risk profile
  5. Tap Find the right risk profile
  6. Answer the three questions about your goal, your timeline, and your comfort with risk
  7. Tap Continue
  8. Review your recommendation and tap Invest in [Portfolio] to apply it, or Cancel to keep your current level
  1. Log in to your Wealthsimple profile on a laptop or computer
  2. Select the group account you'd like to update
  3. Scroll down to Account details and click the pencil icon in the Portfolio row
  4. Select your portfolio under Update your risk profile
  5. Click Find the right risk profile
  6. Answer the three questions about your goal, your timeline, and your comfort with risk
  7. Click Continue
  8. Review your recommendation and click Invest in [Portfolio] to apply it, or Cancel to keep your current level
Note: You can always move to a more conservative risk profile. Moving to a higher risk profile depends on your suitability assessment. If your financial situation doesn't support a higher level, you'll see the highest level that's suitable for you.

Target Date portfolios come in three risk profiles: Conservative, Balanced, and Growth. Your risk profile is separate from your target retirement date, so you can choose the profile that suits your comfort with risk, regardless of when you plan to retire. If you have more than one group account, you'll go through the reassessment separately for each account.

Switch portfolios

You can switch between Classic, Income, Socially responsible, Halal, and Target Date portfolios.

  1. Log in to the Wealthsimple app or your Wealthsimple profile on a laptop or computer
  2. Select the group account you'd like to update
  3. Scroll down to Account details and select the pencil icon in the Portfolio row
  4. Select the portfolio type you'd like to switch to
  5. Follow the on-screen steps. If you're switching to Income for the first time, you'll complete a full suitability assessment.

Frequently asked questions

Will changing my portfolio affect my payroll contributions or employer match?

No. Your payroll contributions and any employer match continue as usual. We'll invest your accumulated balance and any new contributions in your updated portfolio.

Will I pay tax when I switch portfolios?

Switching portfolios within a registered group account, such as a Group RRSP, Group TFSA, Group FHSA, or DPSP, doesn't trigger tax. In a Group Non-Registered account, you may realize capital gains or losses when you switch, and you'll see a tax banner before you confirm. We aren't able to give tax advice.

How long does rebalancing take?

In most cases, rebalancing takes up to three business days.

Can I keep a cash balance in my group account?

No. Group accounts automatically invest all contributions. Moving funds out of your group account depends on your employer's plan withdrawal rules.

Can I invest my group account in 100% equities?

To discuss this, email our group support team, and we'll connect you with a Portfolio Manager.

Who do I contact for help with my group account?

For any group savings or retirement account questions, email our group support team.

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