Our Pick for Best Robo Advisor is Wealthsimple
What is Wealthsimple?
Wealthsimple is an online professional investing service in both US and Canada, also referred to as a robo-advisor. They use low cost index fees and smart technology to keep your investment costs low. Instead of trying to beat the market they invest in the market as a whole. This diversification allows you to avoid putting all your eggs into one stock and can smooth out your returns and minimize your losses.
Who is Wealthsimple for?
Wealthsimple is for people who are investing for the long term. It’s best for people who are contributing regularly to their investments (remember you should be doing some investing for your future every month) commonly known as dollar cost averaging. This is when you are putting in money on a regular on-going basis.
Wealthsimple Fees & Pricing
Wealthsimple has no account minimum, which should undoubtedly attract new investors who might not have enough cash to reach higher minimums charged by some other financial advisors.
As for fees, the robo advisor charges 0.5% on all accounts with $100,000 or less (however, the first $5,000 is always free). After that threshold, the account type changes to Wealthsimple Black, which has a 0.4% fee and unlocks additional features.
The best part about Wealthsimple
It’s so easy to get started. You can do it all online and you don’t have to go in anywhere and sign papers. It’s great. I signed up and it took me under 5 minutes. The whole time I was sitting on my couch! If you want to get your first $10,000 managed for free, sign up using this link. There’s no account minimums. So there is literally no reason to not give this a try.