• Toronto-based Wealthsimple-login, launched in September 2014, provides algorithmic investment and savings programs for clients in Canada, the U.K., and the United States. New clients can transfer taxable and retirement accounts or deposit funds into new accounts. The account minimum is $0, making it easy for new investors to get started. A small pool of low-fee ETFs (for Canadians and U.S. citizens) or mutual funds (for U.K. citizens) is used to populate relatively generic portfolios that are further customized by the information you put into the platform. This review is primarily written from the perspective of a U.S. based investor, but we have tried to incorporate relevant information from the U.K. and Canadian platforms as well.

    New and Notable Updates

    • In August 2020, Wealthsimple launched a cryptocurrency trading platform for its Canadian customers that is separate from the algorithmic trading platform. Canadian citizens can add themselves to the wait list. At launch, only Bitcoin and Ethereum are available, but the firm plans to expand the offerings.
    • Wealthsimple has committed to making its workforce more diverse, and to include more BIPOC voices in its marketing and development teams. The firm publishes an update on its progress quarterly.

    Robo-adviser Wealthsimple has launched a new investment portfolio for observant Muslims, a move the company says builds off its success targeting smaller, underserviced groups of investors.

    The Toronto-based wealth management firm says its Halal investing portfolio is designed for those adhering to Islamic laws that prohibit investing in certain companies and financial products.

    Wealthsimple CEO Michael Katchen hopes the portfolio will resonate with a portion of the public, the same way its socially responsible investment portfolio options launched last year have.

    “With socially responsible investing, people thought it was going to be such a small niche, that it wouldn’t be worth our time, but it turned out to be enormously successful,” Katchen said.

    “We now see a third of our clients in socially responsible portfolios. We realized there was an opportunity to create solutions for groups of people that were underserviced in the financial services industry — and in this case, with Muslims who hold certain religious beliefs and really don’t have options when it comes to investments.”

    Katchen said there are only a handful of Islamic-compliant portfolio options available in Canada, some of which he said have “egregiously expensive” management expense ratio fees upward of more than 2.8 per cent as well as high account-size minimums.

    Wealthsimple’s Halal portfolio will have the same fee structure as its other core offerings, with 0.5 per cent on the first $100,000 invested and no account minimum.