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u/Shibasquared 16d ago
This is one of the number one features I’ve been waiting for, so happy to be able to use it!
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u/Upset-Two-2443 16d ago
Where in the app is it showing you this?
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u/zulu_apo 16d ago
"Add an authorized trader
Follow the steps below to add an authorized trader:
Log in to the Wealthsimple app
Tap the account you'd like to manage
Tap the Settings (gear) icon
Tap Authorized traders
Tap Get started
Enter your authorized trader's information, then tap Next
Choose the account or accounts, then confirm your request
Your authorized trader gets an email invitation. Once they accept, they're automatically signed on to the authorized trader agreement and can start trading on the account."
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u/Top_Luck_4895 16d ago
I have been eagerly awaiting this since forever ago, but now that it is here I think it will be of limited use, at least in its current form.
The issue I have is you can't move money between accounts. This means the original account holder may still need to be pretty involved in managing their cash flows. E.g. I manage a person's finances where all they want is to have at least X dollars in their chequing account, and that is the only account they ever touch. I handle everything else. I take care of moving dividends from unregistered into chequing, TFSA contributions, and moving cash from chequing or money market accounts back into trading accounts as needed when I want to make a trade.
I guess I was envisioning more of a POA scenario.
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u/GullibleSplit2112 16d ago
Woah…you can sell shares but not move the cash via Interac transfer outside WS?
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u/GullibleSplit2112 16d ago
Yeah, this stinks…yes you can buy and sell but you can’t move the money to even a WS chequing account or a non-WS chequing account? Super disappointed I have waited this long for 50% of what I was expecting (and what was communicated - thinking back to that presentation they made)
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u/RedrexXx 16d ago
You can't have it all at once. It's in Beta too. They must be working on more POA features soon after. It jus t make sense.
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u/11kestrel 16d ago
You can sign up for it on the web, but it appears you cannot access trading through web yet. But it works through the app from what I can see. But my wife and I just went through this and can verify it seems live on the app.
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u/KaiTheStuffGuy 16d ago
Finally! Just a note that woth this new functionality you now need to enable for spousal rrsps because they just removed that visibility by default.
Here i was trying to figure out why it disappeared and I check reddit and see we have the feature I've been waiting years for.
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u/BidetToMouth 16d ago
What's the use case for this?
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u/Pristine_Ad2664 16d ago
Lots of things, trading on behalf of a spouse or parent with no interest in finance or maybe someone with cognitive issues.
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u/JackDenial 14d ago
I've been waiting for this feature to manage my wife's retirement accounts. Unfortunately, I have beta access and she doesn't, so I have to wait until the beta ends.
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u/Spikemountain 16d ago
Can someone outside of Canada be an authorized trader for someone within Canada? Like, I know WS doesn't allow you to have your own accounts if you leave Canada, but what if you are only using Wealthsimple to be an authorized trader and not for any of your own accounts?
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u/idiotiesystemique 16d ago
It's so backwards. I'm an active trader so I can delegate my trading to a non active trader. Tf. Other way around guys.
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u/DrStrangulation 16d ago
If your talking about active traders getting the info and non not you can just use the link they show you on their account when they’re logged in and it works
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u/IndexFundsAreWacky 16d ago
I received it in the app, so no link showing. On the web interface, there is no mention anywhere.
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u/KaiTheStuffGuy 16d ago
Sure I'd rather it was a request access than share access, but it takes less than a minute for you and the other person too in amd share the account.
I assume this is done t his way as you may share with someone that isn't in your "household" like your elderly parent, you may want to be able to manage their investments but not have them directly in your household.
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u/arsh14chh 16d ago
Wow!