Top Wealthsimple Alternatives, Competitors (2024)

FAQs

Top Wealthsimple Alternatives, Competitors? ›

Some of the best alternatives for Wealthsimple in the US include Acorns, Betterment, Wealthfront

Acorns comes with an FDIC-insured checking account with debit card, making it a suite of financial tools instead of just an investing platform. Wealthsimple has a “savings” account that is still invested in ETF's and is not FDIC-insured but is SIPC-insured as an investing account.

Some of the best alternatives for Wealthsimple in the US include Acorns, Betterment, Wealthfront, and eToro which offer comparable features and benefits.

As of March 31, 2024, the firm holds over C$38.7 billion in assets under management. It is primarily owned by Power Corporation indirectly at 56.6% through investments made through their holdings in Power Financial, IGM Financial and Portag3. Wealthsimple Inc.

Both EQ Bank and Wealthsimple offer CDIC insurance and well-developed online platforms and mobile banking apps to allow you to easily manage your money online. If you want no-fee everyday banking, EQ Bank is the winner. If you also want to invest in US and Canadian stocks and ETFs, Wealthsimple is the winner.

Managed investing

Fees charged for selecting and buying assets, auto-rebalancing your portfolio, and reinvesting your dividends for you. Our management fees for Generation clients range from 0.4% for clients with $500,000 in assets, to 0.2% for clients with $10,000,000 or more in assets.

InvestEngine's managed portfolio fee is 0.25% compared to Vanguard's 0.60%. This means that InvestEngine is the cheaper option for both picking your own investments and for managed portfolios, regardless of how much capital you have to invest.

InvestEngine is a reliable investment platform for novice and experienced investors. It brings a new proposition to investors by offering managed and DIY investment portfolios. Despite being a new service provider in the industry, it has managed to attract positive traction regarding online asset management.

Does InvestEngine have fees? ›

InvestEngine has a simple and transparent charging structure. You'll also find it hard to beat! The fee we charge depends solely on the portfolio type you choose — zero for a DIY Portfolio and just 0.25% a year for a Managed Portfolio.

Wealthsimple is better than Questrade when it comes to easy robo advisor investing and cryptocurrency trading. Are Wealthsimple's Fees lower than Questrade's? Yes, Wealthsimple's fees are lower than Questrades when it comes to their respective online brokers.

Put your money on Wealthsimple as the first to break through as a one-stop financial services alternative. Since its 2014 launch as what was then called a robo-adviser, Wealthsimple has attracted more than three million clients and $30-billion in assets by steadily building on the services it offers.

For Wealthsimple Cash, joint Cash, and Save clients, any balance in your account(s) is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation. CDIC protects eligible deposits held at CDIC member institutions in case of a member institution's failure.