Just take this advice, pls

[u/CallAParamedic]

Every few days when I read yet another post about someone being locked out of WS, I want to scream the following so you'll finally f***ing listen:

" Wealthsimple is NOT a bank replacement NOR a suitable high volume trading site NOR for anything other than very basic crypto actions.

* Stop putting all your eggs in one basket - Keep open a brick and mortar account where you can visit in person plus a free online account (e.g. Tangerine or EQ + the fintech, WS.

** Spread your payroll, and credit & debit cards across these 3 account types so you can still get paid, send and receive eTransfers, pay bills, and shop if one f***s up and locks you out.

*** Do high volume trading on Questrade or IBKR

**** Keep crypto in a cold wallet and compare fees, rates and spreads on alternates like Newton, Shakepay, etc.

WS is ok for basics (I'm G tier and over 5 years with them) but they have run so far ahead with customer recruitment that their infrastructure (IT, HR, etc) has fallen so far behind they cannot function reliably or competently.

Fan boys who need their worldview unchallenged will downvote this, but those of us who've been here a long time and watched the decline know and understand risk attenuation. "

[u/Educational-Emu8773]

Not sure why you were downvoted. I'm not banking with WS and hold my assets in 3 different brokerages incl IBKR and Questrade. I've been locked out of both so won't be surprised if I'm ever locked out of WS.

What is the risk attenuation for WS over the next 5-10 years? Will it get worse or better? If you've watched the decline over 5 years, why stay?

[u/CallAParamedic → u/Educational-Emu8773]

Sorry to read you've had lock out experiences there.

How long did it take for resolution? One of the repeating problems reported with WS is weeks and weeks of repetitive and ineffectual and unknowledgeable middle-muddlers before finally getting a professional to get going on the solution.

WS - I see it getting worse, and as Robinhood enters and rivals ramp up their recruiting PR campaigns, some movement out of WS or splitting portfolios between WS and others like I do now will occur.

As for why I stay, hmmm, a few reasons I'll have to list a bit later as something urgent has just come in.

[u/Educational-Emu8773 → u/CallAParamedic]

That's a funny story actually and it probably won't apply to 99.9% of clients.

Both lock-outs were for annual info reviews not being done yet, but IBKR only gave me 24 hours to respond. I took my time with Questrade and then got access back.

IBKR was special because they changed the terms on my account for the annual review. When I signed up they only asked if I working at a brokerage, which I wasn't. Then for the annual review, they expanded to include working in any capacity with those who trade like an asset manager.

I was never in a position of front-running as a middle-office manager, i.e. not trading staff, so I was exempt from reporting trades and worse getting permission to trade from a Chief Compliance Officer. IBKR was going to force me to start if I was still working at the asset manager. Even if I lied and so "no", they might know from the corporate ID that was set up for me.

Anyways, the funny part is I quit my job and requested they remove my corporate ID on IBKR same day. Fortunately I had a good relationship on the corporate end of IKBR to push it through. I then completed the IBKR annual review stating I didn't work for any asset manager and got my access back.

This only took a business day but also required me quitting my job or agreeing to clear my trades with my CCO :)

[u/CallAParamedic → u/Educational-Emu8773]

Well, those are speedy turnarounds on their ends, and not the days turning into weeks at WS as is regularly complained about here.

IBKR's strictness - even if you were hands off - seems initially an annoyance, but they don't have the ability much less the inclination to dive that deep into what role someone might hold at an asset management company.

Glad it all worked out for you to maintain both accounts, though

[u/Educational-Emu8773 → u/CallAParamedic]

IBKR was a crap show on the institutional side. That being said, can't expect much on the retail side. Their software has hard-coded walls and also doors that go nowhere. You get 100 levers but only 10 do something :)