Contact us: Who can I talk to?

Our Relationship Management 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 Portfolio Managers. You can reach your Relationship Management team by phone at 1-855-782-3559 or submit a request.

You can give us a call between 9:00 am and 6:00 pm (EST) Monday through Thursday, or between 9:00 am and 5:30 pm (EST) on Fridays! 

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:

  1. First, complete the online application. From our homepage, click “Get Started” and following the prompts. You'll give us some basic information, answer a few questions about your previous investment experience and e-sign one or more Investment Management Agreements.
  2. Bank verification: Upload a bank statement, screenshot of your bank account or void cheque to verify your banking information.
  3. That's it! Your account should be up and running within 5 business days.

If you get stuck and need a little help, please give our Relationship Management team a call at 1-855-782-3559, or Submit a Request.

How do I fund my Wealthsimple account?

There are 3 easy ways to fund your Wealthsimple account:

  1. Transfering from a checking account (Electronic funds transfer - EFT): a one-time transfer of funds from your bank account to your Wealthsimple account. Once initiated, we will pull the requested amount for your bank account on file and will deposit it into the specified Wealthsimple account. Detailed Instructions
  2. Automatic recurring deposits: a certain amount of money is automatically withdrawn from your chequing account and contributed to your Wealthsimple account on a regular basis. The timeframe is up to you and we can help you set up weekly, bi-weekly, or monthly contributions. Detailed Instructions
  3. Transferring an existing investment account: first, make sure you have the specific account type (IRA, Roth IRA, etc.) open with Wealthsimple. Then you can transfer an existing account from another institution to Wealthsimple. Detailed Instructions
  4. Rollover an employer-sponsored plan: You can rollover 401ks and similar employer-sponsored accounts directly into a Wealthsimple IRA account so long as your employer is no longer making contributions to the plan. Detailed Instructions

Click the links above for a step-by-step guide on how to complete your transaction. If you have any questions or need help funding your Wealthsimple account, please reach out by submitting a request.

How do I move my 401k or other employer sponsored plan to Wealthsimple?

You can rollover 401ks and similar employer-sponsored accounts directly into a Wealthsimple IRA account so long as your employer is no longer making contributions to the plan. The process involves reaching out to the relinquishing institution to request the rollover, filling out rollover paperwork (if applicable), and having the relinquishing institution send a check to our brokerage.

1. Log in to your Wealthsimple account and navigate to the "Funding page" of your account and click "Transfer an existing account"

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2. Choose "401k or similar rollover" and walk through the step-by-step process flow.

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3. Follow the rollover wizard instructions to tell us about the retirement plan you're rolling over until you get the following page:

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***NOTE*** The check Mailing Address has been temporarily updated due to Covid-19: 

Apex Clearing Corporation
c/o Banking
350 N St Paul Street, Ste 1300
Dallas, TX 75201

 

4. To submit a rollover, call the phone number on your retirement account statement or log in to your institution's online portal and request a rollover distribution using the information provided by the rollover wizard.

5. Once your institution has given you confirmation that your rollover request has been initiated, click "I've initiated my rollover" to notify us! You can review your rollover instructions again at any time.

6. Once we receive your rollover via check or wire, the funds will be deposited into your account right away!

Finally, we'll reimburse any transfer fees that your institution charges you. Simply send us a statement or receipt showing your fee after the rollover is complete and we'll get the reimbursement into your account right away!

How do I transfer an existing account to Wealthsimple?

First, make sure you have the specific account type (IRA, Roth IRA, etc.) open with Wealthsimple. Then you can transfer an existing account from another institution by following these steps:

  1. Login to your Wealthsimple account and click the 'Add funds' button
  2. Click 'Transfer an account'
  3. Choose your account type and fill in your account information from the relinquishing institution (the institution that currently holds your account)
  4. If prompted, e-sign your transfer form 
  5. Press 'submit'
  6. We will take 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!

There can be fees associated with how you transfer your investments, so it's really important to understand what the options are.  You can read more about that here, and if you're still not sure, please create a request and our Relationship Management team would be happy to assist.

 

How do I move my 401(k) or other employer sponsored plan to Wealthsimple?

You can rollover 401ks and similar employer-sponsored accounts directly into a Wealthsimple IRA account so long as your employer is no longer making contributions to the plan. The process involves reaching out to the relinquishing institution to request the rollover, filling out rollover paperwork (if applicable), and having the relinquishing institution send a check to our brokerage.

1. Log in to your Wealthsimple account and navigate to the "Funding page" of your account and click "Transfer an existing account"

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2. Choose "401k or similar rollover" and walk through the step-by-step process flow.

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3. Follow the rollover wizard instructions to tell us about the retirement plan you're rolling over until you get the following page:

 

Screen_Shot_2018-11-15_at_10.52.19_AM.png4. To submit a rollover, call the phone number on your retirement account statement or log in to your institution's online portal and request a rollover distribution using the information provided by the rollover wizard. If you need assistance, feel free to book a call with a rollover specialist.

5. Once your institution has given you confirmation that your rollover request has been initiated, click "I've initiated my rollover" to notify us! You can review your rollover instructions again at any time.

6. Once we receive your rollover via check or wire, the funds will be deposited into your account right away!

Finally, we'll reimburse any transfer fees that your institution charges you. Simply send us a statement or receipt showing your fee after the rollover is complete and we'll get the reimbursement into your account right away!

How do I add or change my banking details?

Wealthsimple uses a secure service to verify your bank account information. It's the quickest way to safely link your bank account to your Wealthsimple account. 

To add a new bank account, log in to Wealthsimple, go to the “Funding” tab and click “Add another bank account.” You'll be asked to select your bank and enter your online banking details. If you're new to Wealthsimple, you'll be prompted to do this when setting up your profile.

If your bank isn't listed or if you'd prefer to verify your bank account manually, please click here for step-by-step instructions on how to do that.

If you require any further assistance linking your bank please contact support.

How do I set up automatic recurring deposits (PACs)?

PAC stands for "Pre-Authorized Contribution" plan. Under this plan, a certain amount of money is automatically withdrawn from your chequing account and contributed to your Wealthsimple account on a regular basis. The timeframe is up to you and we can help you set up weekly, bi-weekly, or monthly contributions. And it's free!

Why should I set up a PAC?

Simply put, it's a great way to build wealth by setting aside a portion of your paycheck. A PAC plan will automatically invest your money at regular intervals and this will provide tremendous long-term benefits as your returns compound. We believe in a time-tested piece of financial advice: "Invest early, invest often." Visit our Plan Page to see how much you can save over time when you set up recurring automatic contributions!

How do I set one up?

  1. Login to your Wealthsimple account
  2. Click the 'Add funds' button
  3. Select the account you'd like to fund
  4. Select the bank account you'd like to fund from
  5. Enter the amount
  6. Schedule the frequency of the PAC
  7. Choose a date for the PAC to begin - this is customizable!
  8. Click 'Set new contribution' and you're done!

You can change your plan at any time by simply canceling your existing PAC from the “Add funds” page and setting up a new PAC.

If you have any questions about setting up or changing your plan, please get in touch by submitting a request or 1-855-782-3559.

How to set up a one time contribution?

You can make a one time deposit into your Wealthsimple account by choosing "Just this once" in the frequency section of the Funding Page.

How do I set one up?

  1. Login to your Wealthsimple account
  2. Click the 'Add funds' button
  3. Select the account you'd like to fund
  4. Select the bank account you'd like to fund from
  5. Enter the amount
  6. Schedule the frequency for "Just this once"
  7. Choose a date for the one-time contribution
  8. Click 'Submit Deposit' and you're done!

How do I transfer money from a checking account?

You can make a one-time transfer of funds from your bank account to your Wealthsimple account in just a few minutes by following these steps:

  1. Login to your Wealthsimple account
  2. Click the 'Add funds' button
  3. Select the Wealthsimple account you would like to transfer fund into
  4. Select the bank account you would to transfer funds out of
  5. Enter the amount you'd like to transfer
  6. Schedule the frequency of the transfer (if this a one-time contribution select "Just this once")
  7. Choose a date for the transaction
  8. Click 'Set new contribution'

If you need any help, please reach out by submitting a request.

What is Wealthsimple Black?

Wealthsimple Black is a premium service for clients who have net deposits of $100,000 or more in their Wealthsimple accounts. As a Wealthsimple Black client, you get tax-efficient investing, goal-based financial planning with an experienced Portfolio Manager, and unlimited access to thoughtful, honest advice whenever you need it - all at a 0.4% management fee.

 

What is a SEP IRA?

The Simplified Employee Pension Individual Retirement Arrangement, or SEP IRA, is a way for small business owners and people who are self-employed to save for retirement. It's similar to a 401k, but it's much simpler and less expensive to administer.

The main benefit of a SEP IRA is that you can save a lot more money than you can in a traditional IRA. You can contribute up to 25% of your net income, to a maximum of $54,000 per year. Like a traditional IRA, SEP IRA contributions are pretax income: you don't pay tax on your contribution when you invest it, but do pay tax when you withdraw it.

Is there anything to be careful about?

If you're using a SEP IRA for your employees as well as yourself, note that most SEP IRAs require the same proportional contribution percentage for the employer and each eligible employee. So if you contribute 25% to your net income to your own account, you'll also have to contribute 25% of your employees' net income to their accounts.