- Account funding deadlines for Tax Year End
- How will I access my Tax Statements?
- When do I need to submit a tax return?
- How do I submit a tax return?
- What if I think the information on my Tax Statement is incorrect?
- Does Wealthsimple offer the ability to import my information into a tax program or software?
- Tax Statements & What you need them for
- What taxes may I be liable to pay if I have a personal account?
Contact us: Who can I talk to?
Our Client Success team is your one-stop shop for Wealthsimple support. They can answer any of your questions regarding account opening and funding, and help you out if you're stuck. If you have questions about your application, investment portfolio, or financial plan that our Relationship Managers can't answer, they'll put you in touch with one of our experienced Investment Advisers. You can reach your Relationship Management team by phone on 0800 808 5653 or email firstname.lastname@example.org. If we are busy, leave us a message as we will always get back to everyone by the end of the day!
Does Wealthsimple offer Two-Step Verification?
Absolutely! Also referred to as “Two-Factor Authentication” (2FA), Wealthsimple proudly supports the ability for you to activate this extra layer of security on your profile. You can learn more about Two-Step Verification here.
You can activate Two-Step Verification from both your Wealthsimple app as well as your Wealthsimple profile online. Please note that you will need either a mobile phone or smartphone in order to activate Two-Step Verification.
To activate Two-Step Verification from your app, tap the small cog icon in the top-right corner of your screen and select “Security” from the list of options. From there you should see the option to begin activating your Two-Step Verification.
To activate Two-Step Verification from your profile online, click your name in the top-right corner of the screen and select “Settings” from the dropdown menu. On the “Settings” page select the “Security” tab. On this tab you will find the option to activate Two-Step Verification.
While activating Two-Step Verification, you'll be asked to choose which method you'd like to receive your verification through - via text or an app (such as Google Authenticator). Select the method you prefer!
You'll also be given a Recovery Code - write this down for safe keeping. In the unfortunate event that you either lose your phone or it is stolen, you would no longer be able to access your account as you would no longer have the ability to receive your verification code. This is where your Recovery Code comes in - this code will grant you one-time access to your Wealthsimple profile so you can reset the Two-Step Verification using your new phone.
How do I open a Wealthsimple account?
So glad you asked! Opening an account is really easy and can be done in a few short steps:
- First, complete the online application. From our homepage, click “Get Started” and follow the prompts. You'll give us some basic information, answer a few questions about your investment objectives and previous investment experience.
- Suitability: We'll assess your information and provide a personalised investment recommendation for you.
- You'll then choose which type of account(s) you want to open - if you need any help here, our team of Investment Advisers is on hand to assist.
- If it feels right, you'll agree and confirm the legal bits including the Investment Management Agreement. If you want to talk to us first, please give us a call! We'd love to chat.
- Finally, you'll decide how and when you want to fund the accounts, either by a debit card payment, direct debit, bank transfer or by transferring over an existing investment account.
- That's it! Your account is now up and running and your funds are on their way! Once they arrive, they will be invested within two business days.
If you get stuck and need a little help, please give our Relationship Management team a call on 0800 808 5653 or email us at email@example.com
How do I fund my Wealthsimple account?
Great question! There are four ways to add funds to your account:
- Debit card: a one-time transfer of funds from your bank account to your Wealthsimple account. Please note that larger debit card payments often fail depending on your bank and so it can be more successful to send large contributions (i.e. of £5,000+) via a bank transfer.
- Bank transfer: a one-time transfer of funds from your bank account to your Wealthsimple account which is done by logging into your online banking. You can find the relevant bank details to send your contribution to by following the steps below:
- Login to your Wealthsimple account on a desktop computer.
- Click on the “Funding” tab.
- Select that you would like to make a one-off bank transfer and we will provide the relevant bank account details to send the payment to. Be sure to include your account number as this is how the funds are matched to your account!
- Direct debit: an agreed fixed amount of money that is automatically withdrawn from your bank account and contributed to your Wealthsimple account on a regular basis (eg. every month). Direct debit payments are also covered by the direct debit guarantee!
- Account transfer: transfer of an existing ISA or pension that you hold with another institution. You can partially or fully transfer your ISA/pension across to Wealthsimple either when you’re opening your account or after you are up and running! We do as much of the heavy lifting as we can for you to make it as straight forward as possible. If your account is over £5,000, we will gladly reimburse any transfer fees your bank may charge you. Please also note that you get £10,000 worth of investments managed for free for a year if you transfer an account over to Wealthsimple!
How do I transfer an existing ISA or Pension to Wealthsimple?
We make it easy for you to transfer an existing ISA or pension from another institution to Wealthsimple by following these steps:
- Login to your Wealthsimple account on your desktop or mobile app
- Navigate to the "Funding" page of your account and click "Transfer an existing account"
- Fill in the details of your transfer and upload an account statement (optional)
- Some relinquishing institutions need you to have physically signed a transfer form before moving your assets (we don't - we think if you want to move away it should be as easy as possible for you, and we are fully electronic).
- If your institution is one of these we will create a pre-populated form for you to print off, sign and send to us. Otherwise we'll work electronically with them.
- We will take then it from here! We will get into contact with your financial institution to initiate the transfer and all that's required from you is to sit back and wait!
These processes typically take 2-4 weeks - we wish it could be faster! We'll stay on top of the transfer for you and email you once it is complete.
If you're still unsure, please get in touch with your Relationship Management team by phone on 0800 808 5653 or email firstname.lastname@example.org.
How do I set up a Direct Debit?
When you set up a direct debit, an amount of money that you choose is automatically and regularly withdrawn from your current account and contributed to your Wealthsimple account. The timeframe is up to you and we can help you set up weekly, fortnightly, or monthly contributions. There are no fees for this.
Simply put, it's a great way to build great savings habits by setting aside a portion of your pay cheque and forgetting about it. We believe in a time-tested piece of financial advice: "Invest early, invest often."
The other great thing about investing this way is that it steadily drips your funds into the market and avoids the dilemma of trying to time the market, "should I do it now or wait?". Better to invest steadily and often than trying to pick the perfect time (which is incredibly difficult!).
How do I set up a Direct Debit?
- Login to your Wealthsimple account
- Click the 'Add funds' button
- Select the account you'd like to fund
- Select the frequency of payment as 'Recurring' and the Payment Method 'Direct Debit'
- Enter the amount
- Choose how often you want it to be debited (weekly, fortnightly, or monthly)
- Chooser a date to begin - this is customisable!
- Complete the Direct Debit mandate with your bank details, and you're done!
You can change your plan at any time by simply cancelling your existing plan from the “Add funds” page and setting up a new plan.
If you have any questions about setting up or changing your plan, please get in touch at email@example.com or 0800 808 5653
What is Wealthsimple Black?
Wealthsimple Black is a premium service for clients who have invested £100,000 or more in their Wealthsimple account. As a Wealthsimple Black client, you get the following benefits:
- lower Wealthsimple fees of 0.5% per year on your entire portfolio.
- investment planning with one of our qualified financial advisers.