Wealthsimple transfer

For Wealthsimple customers transferring their assets

Company information

Where can Wealthsimple customers learn more about Betterment?

Here on Betterment's website, you can learn all about Betterment's offerings and services. Explore how Betterment works, or learn more about our Investing product. You can explore our pricing information. Our account terms and related disclosures are available in our legal documents, including our Form ADV Part 2, Form CRS, and customer agreements.

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Expert help

Can I talk to a financial advisor before I transfer from Wealthsimple?

You are welcome to speak with a financial advisor of your choice prior to account transfer.  Once you create a Betterment account, you will be able to speak with one of our financial advisors through the purchase of a financial advice package.

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Getting started

What is happening to my Wealthsimple account?

Wealthsimple has made the decision to no longer provide investment advisory services in the US, and has agreed to transfer its existing US customer accounts to Betterment. The account transfer involves (i) the assignment by Wealthsimple US, Ltd., an SEC registered investment adviser, of each customer’s investment advisory agreement and account to Betterment LLC, an SEC registered investment adviser, and (ii) the transfer of each customer’s related brokerage account from Apex Clearing ...

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Fees and taxes related to transfers from Wealthsimple

Will my fees change when switching from Wealthsimple to Betterment? Yes.  For investing, Betterment charges customers an annualized fee of 0.25% of assets under management, while Wealthsimple charges 0.40% to 0.50% depending on the customer’s account balance.  Note that customers with account balances of at least $100,000 will be able to opt into a higher-fee tier (0.40%) that includes unlimited access to Betterment’s team of CFP® professionals.  More information on Betterment’s fees can be ...

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Can I opt out of the transfer from Wealthsimple to Betterment?

Yes.  If you wish to opt out of the transfer, you can choose to receive a cash distribution from Wealthsimple (which may be subject to capital gains tax) or seek to transfer your assets to another custodian prior to the Transfer Date.  Please contact Wealthsimple support at support@wealthsimple.com prior to June 4, 2021 if you wish to opt out of the transfer.

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Do I need to do anything to opt in to moving to Betterment from Wealthsimple?

No, the accounts of customers who do not expressly opt out will automatically transfer to Betterment on the Transfer Date.  There is no need to create a Betterment account in advance of the transfer, though you are welcome to do so if you choose.  Account assets will not move from Wealthsimple to Betterment until the Transfer Date.  Betterment will send additional instructions for claiming your Betterment account closer to the Transfer Date.

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Investment details

How does Wealthsimple Save compare to Betterment’s Core portfolio offering?

Wealthsimple Save offers investors exposure to a low-cost ETF portfolio suitable for an investor looking to save with minimal risk. The Wealthsimple Save portfolio invests in U.S. municipal and treasury bonds. Betterment offers both a 100% bond ETF portfolio, as well as a high-yield cash account. Betterment recommends our 100% bond portfolio as the final destination for some of our investing goals, where we recommend a reduced stock percentage over time as you get closer to your goal. For ...

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Investing Options with Betterment for Wealthsimple Customers

Betterment offers investors the choice to invest in a few different portfolio strategies, each suitable for different purposes. By default, Betterment recommends its Core portfolio strategy. Betterment also offers three Socially Responsible Investing portfolios, one focusing on Broad Impact, one on Climate Impact, and another on Social Impact. These portfolios invest in all of the same global asset classes as the Betterment Core portfolio, but each portfolio invests in a different set of ETFs ...

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How does Wealthsimple Invest compare to Betterment’s Core portfolio offering?

Betterment and Wealthsimple Invest both offer portfolios comprised of low-cost ETFs that give investors exposure to a number of different asset classes across the globe. Despite their similarities, however, there are some differences that you should consider when deciding whether to move management of your account to Betterment. Betterment’s Core portfolio strategy includes both stocks and bonds in the U.S., international developed, and international emerging markets. The Wealthsimple portfolio ...

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Managing my account

Transferring Taxable Accounts, Save Accounts, and Traditional / Roth / SEP IRAs from Wealthsimple

Will my portfolio composition change as a result of the transfer? Your account assets will be transferred to Betterment in-kind. Upon arrival at Betterment, Betterment will maintain your portfolio allocation and your selected risk level.  You will have the option to invest your account assets in accordance with your Wealthsimple portfolios for a period of 12 months, after which we may transfer all accounts to a Betterment portfolio.  This treatment will apply to all taxable accounts, ...

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Transferring other accounts from Wealthsimple

Will I be able to transfer my UGMA/UTMA account? No.  Betterment does not currently support custodial accounts. Customers wishing to maintain such accounts should work with Wealthsimple to transfer these accounts to a different custodian prior to the transfer date. Will I be able to transfer my SEP IRA account? Betterment supports SEP IRAs for only one plan participant. Typically, small businesses with two or more participants may also set up a SEP IRA for multiple employees. However, ...

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Tax information

How do I access my tax forms after my Wealthsimple account is closed?

You will still receive your 2020 and partial 2021 (for the period until your account is transferred to Betterment) tax forms from Wealthsimple.

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