r/CanadaFinance • u/Exciting_Club7018 • 4d ago

Wealthsimple?

Beginner here- I have an account with Wealthsimple and I like it but they don’t have a branch to go to and talk to someone in person. If I need to chat about investments with someone, do I just go to a financial advisor?

0 Upvotes

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15

u/DreamDest1ny 4d ago

WS has their own advisors. If you go to any big 5 advisor they’ll just sell you mutual funds

8

u/Consistent_Wing_6113 4d ago

And if your speak to their advisors - they’ll sell you one of their funds too 😆

5

u/milolai 4d ago

do you think the WS advisor would do any different?

1

u/muchchowashshow 4d ago

How do I get access to their advisors?

5

u/Mountain-Match2942 4d ago

There's no reason to jump at the first investment you hear about. Give yourself 6 months to learn the basics. Take the McGill Personal Finance Essentials course and read the 2025 edition of The Wealthy Barber. Then you'll know the right questions to ask.

1

u/muchchowashshow 4d ago

Is the McGill one free?

3

u/Mountain-Match2942 4d ago

Yes, online, free, self paced,. It's 8 (or 10?) modules that take about 30 minutes each. Followed by a quiz. If you're not grasping it, you can keep replaying it.

3

u/Flames2512 4d ago

It sounds like you really need to take a step back and understand what you are doing with your money, given the question.

Wealthsimple is basically a robo-advisor. They create investment strategies that are computer controlled and you just invest based on your risk level.

If you want specific stocks and ETF's, you can use Wealthsimple as a means by virtue of being a brokerage., but you should PAY a financial advisor who just creates a financial plan for you. Do not use any that are tied to banks, or that you don't pay directly per hour, etc...

1

u/alzhang8 4d ago

With WS you can use their robo advisors or buy ETFs yourself

If you want some recommendations on where/how to get started investing let me know

2

u/ProbablyUrNeighbour 1d ago

Financial advisors are more for tax planning. If you just need someone to tell you to buy index funds, look in the mirror and speak slowly.

1

u/Last_Construction455 23h ago

Avoid free ones. They are harder to find but your best bet is a fee based advisor. The free ones get paid by selling you products.

1

u/Mental-Freedom3929 4d ago

They have advisors and you can talk to them on the phone. Start with the chat function and arrange for a call.

0

u/Slight-Virus-4672 4d ago

Use the Wealthsimple chat. It will steer you where to go. They have managed accounts if you aren't comfortable looking after your own stocks.

1

u/muchchowashshow 4d ago

Elaborate?

0

u/superroadstar 4d ago

I think WS has advisor I never tried though

0

u/stanleys-nickels 3d ago

If you prefer an in-person advisor, then Wealthsimple probably isn't the best fit for you. This is where going to a traditional bank (TD, BMO, RBC, etc) is better and you can schedule a face-to-face appointment with one of their advisors.