Hot take: I think Wealthsimple's marketing is overhyped for serious investors

I was at a Toronto fintech meetup last month at the MaRS Discovery District and heard a bunch of people raving about Wealthsimple like it was the best thing since sliced bread. But here's the thing, I actually tried moving my RRSP over to them back in 2022 and the customer service was a nightmare. Took me 3 weeks to get a simple transfer done and they kept losing my documents. Meanwhile, I've been using Questrade for 5 years and their platform is clunky but at least I can actually talk to someone who knows what they're doing when stuff goes wrong. I get that Wealthsimple makes investing look easy for beginners, but if you're dealing with serious money or need actual support, it's just not there yet. Anyone else feel like the user experience gap is bigger than people admit?

2 comments

2 Comments

bettyroberts4h ago

Question whether transferring a large account over a 3-week delay is really the end of the world. You got your money moved eventually, and most people don't need phone support for basic trades or ETFs they set and forget. Maybe Wealthsimple is fine for the vast majority who aren't constantly churning stocks or needing hand-holding.

ray_campbell461h ago

@bettyroberts For someone with a large enough account to notice a 3-week delay, how much would that money lose in opportunity cost just sitting there?