What is Wealthsimple for Advisors?
Wealthsimple for Advisors is a radically better way to manage your clients' investment portfolios. Our mission is to make smart ETF investing simple and low-cost for you and your team to manage. Our product includes a robust dashboard so you always know what's going on with your clients' portfolios, and personalized interfaces for each of your clients on the web and our mobile apps.
Our investment strategies are just as dynamic as our client experience. Your clients will have access to our carefully selected ETF portfolios at a reduced management fee cost. Or, use your preferred sub-advisor to manage your clients' ETFs.
Why should I use Wealthsimple for Advisors?
Wealthsimple for Advisors allows you to streamline your practice so you can spend less time on paperwork and more time on the activities that add value to your clients and your business. You’ll be able to deliver a better experience to your clients while spending more time cultivating relationships and growing your business.
How do I sign up?
To sign up, go to wealthsimple.com/advisors and select “Book a demo.” We'll ask you for some basic information, including contact details and some information about your firm. Once you've submitted this, our team will get in touch if there's an opportunity to work together.
Whose responsibility is collecting KYC information and assessing suitability?
Wealthsimple is the portfolio manager on all client accounts and is responsible for collecting KYC information and assessing suitability. As the advisor, you still manage the relationship with each individual client and are main point of contact for non-securities advice.
How do the fees work?
You set the fee your client pays. Wealthsimple charges the client a static 0.35% management fees. The advisor can set their own fee, up to an additional 1.15%, as agreed upon between the advisor and the client. There are no other setup, maintenance, or administration fees.
Will my clients have access to customer support?
Absolutely! As the advisor, you'll be the primary point of contact for your clients. However, Wealthsimple's Relationship Management team is available to help with any technical issues or to answer questions about the platform. Our team will provide the same great support to your clients as they do to any other Wealthsimple client.
How will I get paid? How often?
Wealthsimple will electronically transfer the funds to you (or in lieu of transfer details, mail you a cheque) monthly if the balance owed to you is over $1,000, and quarterly if the balance is under $1,000. Fees to registered advisors are paid to the advisor's firm, or if the firm directs, to the advisor directly.
Can I use my own products?
Wealthsimple for Advisors can be used with sub-advisors who want to offer their own model portfolios to clients. Contact us at firstname.lastname@example.org for details.
Do you have a platform for sub-advisors?
Yes, we do! If you are a sub-advisor looking to learn more about a potential partnership, contact us at email@example.com for details.
Can I white-label your service?
In certain cases we can accommodate customizations. For more information please contact the Wealthsimple for Advisors team at firstname.lastname@example.org.
Can my clients living in the United States use Wealthsimple for Advisors?
Yes, Wealthsimple is available to your Canadian clients living who live in the United States — and you get to keep your referral fee. Here's how it works:
- Sign a separate agreement between you and Wealthsimple USA
- Invite your clients using your regular referral link
- Your clients chooses one or more US investment accounts (IRA, Roth IRA, SEP IRA, or Personal)
- View and manage all your clients—both in Canada and the US—in one dashboard
What type of accounts can my client hold in the USA?
Wealthsimple supports four common investment accounts in the United States:
- Personal (taxable) account
- Traditional IRA
- Roth IRA
- SEP IRA
If I have clients in both Canada and the United States, do I get paid in Canadian or US dollars?
Your compensation will be Canadian dollars for your Canada-based clients, and US dollars for your US-based clients.
Do Wealthsimple's promotional bonuses impact my pay?
No, your clients are not eligible to participate in Wealthsimple promotions and bonuses (such as first $5,000 managed for free).