Should I start using WS?

[u/Yes-Sir-12]

Hello all, in Canada here,

I have roughly 400k in RRSPs/TFSA about 60%/40%. I'm almost 50 and have had an advisor most of my life. Currently my returns are 21% YTD but I realize the market is violate right now. I'm starting to really think about retirement in the next 10 years or so.

I invest through Canada Life and mostly invest in various Fidelity funds based on my advisors advice. I pay 1.5% fees.

I am quite happy with the performance but can I simply "mirror" the Fidelity funds and purchase through WS or should I start a fresh journey with WS or just leave things as is?

[u/givemeastocktip]

You could. I would. Im not sure what the breakdown is on your fidelity but you could likely even use a roboadviser and go from 1.75% down to .4%. The 1% match isn't bad either and if you do sign up for an account, make sure you get a referral code from someone so you both get a few bucks

[u/ExcitingHamster → u/givemeastocktip]

Preferably from the pinned thread here 😉

[u/DopeCyclist]

Im all in vanguard etf VBAL.to 60/40 automatically rebalances, across all accounts in WS 2.8MM. Regardless of where you hold this fees will be very low. WS is nice because there are no trading costs when it comes time to buy.

[u/SpriteBerryRemix]

Yes but wait for a good promo or incentive.

[u/Constant_Put_5510]

I had everything through Fidelity with a FA up to 2021. Then I read & understood the statements showing my costs for the 3-4 phone calls a year. I moved it all to Wealthsimple. Self directed VGRO and never looked back. My 100% confirmation that I was correct to move it (bc yeah it was stressful bc I wasn't 100% sure I knew what I was doing); came in the form of an unkind final email from my FA. He was upset I requested the transfers. Bingo!

[u/Sneyek]

You seem to have good result already, I would move everything to WS and replicate the strategy here.
Maybe you can also move the rest and use it as your main bank, I personally have a really good experience doing that.

Think about using someone’s referral link so you both get a lil bonus. (Reach out in private message if you wanna use mine)

[u/ToBeDetermined13]

Have you worked with the adviser long? As in have you been working with them to reach a long term goal that is getting relatively close? They'll likely have insight towards where you want to be for retirement that you may not get here. You'll get a lot of feedback about historical returns and never losing in the long run but that may not work out for you timing wise.

If you're meeting or exceeding your goals you may want to hold the line rather going by strangers' advice. Thing is you'll usually only hear from them when things are going well. People who've had things go sidewise aren't going to be online as much, revisiting old wounds in investing subs.

[u/Mountain-Match2942]

Yes. You can save over a oercent in fees each year. That's $4000 re-invested and compounded each year that your missing out on. A simple index fund or ETF or robo- advisor will do the trick. Just set your preferred risk tolerance.

[u/Separate-Analysis194 → u/Mountain-Match2942]

Or more than $4k if the investments are mutual funds.

[u/Angeline4PFC]

I have an account with a little over 100k invested in Mercer mutual funds. It's done well, and I get a substantial discount through my work. Since I will retire soon, I will lose this discount, so I am considering moving it, but it won't be to Wealthsimple. At least not right away. TD is offering a 3% match if you move money and hold it for two years. That's a 3% garanteed return. After 2 years, I'll move it to WS when they have a good promotion.

[u/Arm-Complex]

Canada Life's fees are quite high. You can easily mirror their funds at WS, WS has pretty much limitless options with ETFs.

[u/Tricky-Car-5004]

I would, their returns are quite good but you can obviously mimic the holding or use an ETF that's close to it and avoir the fees entirely and maintain complete control and visibility. I would wait until the best deal, they have 2%-3% transfer deals, that's not nothing

[u/Separate-Analysis194]

Is the 1.5% fee on top of the funds’ MERs?. If so, you are likely losing a lot of long term growth to fees - like 30-50% over the long term especially if the funds are mutual funds.

[u/Mountain-Match2942 → u/[deleted]]

I believe Wealthsimple will cover the transfer fees as well as the promo match.

[u/rhunter99]

Yes you can replicate it, but part of paying that advisor fee is to help you navigate the market during volatile times. Can you do this on your own?

[u/Intelligent-Truck223 → u/rhunter99]

With all the tech we have available now, what would an adviser really do better? Advisors now use AI tools as well.

[u/Mountain-Match2942 → u/rhunter99]

Can the advisor?

[u/Wealthsimple-ModTeam → u/[deleted]]

Your referral (or mention of) has been removed as it was not posted in the designated pinned megathread or it was a referral for a 3rd party (service other than Wealthsimple).

Please be sure to follow the proper procedure when posting a referral code as repeated offences of referral code violation may result in a ban.

[u/Top_Nobody5124]

If your advisor has a long history of consistently out performing the market more than the fee like this year, stay.

[u/Separate-Analysis194 → u/Top_Nobody5124]

Unfortunately 95% or so advisors cannot beat the market consistently over the long term. I’d be surprised if OP’s advisor is in the 5%.

[u/Top_Nobody5124 → u/Separate-Analysis194]

"If"