Robo Advisor Companies in the Canadian Marketplace

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Canadian Robo Advisor Companies: Competitive Landscape (5)

Wealthsimple has a strong team of experts and uses innovative technology in its products. It recently faced challenges with getting less traffic from website visitors and also finds it difficult to make financial topics engaging and not boring. The company targets mainly millennials for its products and uses Nobel Prize-winning research to create products.


  • Wealthsimple, Inc. has a strong team of employees who have previous experience working for tech giants such as Amazon, Google as well as Apple. These experts operate in areas relating to software engineering, design and data science.
  • It also has a strong advisory board because members are also well-recognized within the investment sphere as thought leaders.
  • The company promises full transparency for both communicating with customers and responsible investment.
  • Wealthsimple leverages cutting-edge technology to provide services that operate automatically, requires less human efforts and less time to carry out its function. It helps to build customers’ confidence by promising them consistent availability of licensed experts for help and queries.
  • The company has an online presence on social media platforms such as Instagram, Facebook, and Twitter. It has 30.3k followers on Instagram, 88,749 followers on Facebook and 46.3K followers on Twitter.
  • Wealthsimple has won several awards including the Webby Award for Best Financial Services website and being listed as one of Fast Company’s Most Innovative Companies 2019 and LinkedIn’s Top 25 Canadian Startups.
  • Employees seem to be satisfied with the company because they have given the company an overall rating of 4.7/5 stars. It has 311 employees and has seen a 3.32% growth.


  • Wealthsimple is challenged with making smart investing more appealing or “sexy” to their customers because it is boring.
  • Although the company catered to a wide age range of customers (18 -102 years old) in 2018, 80% of them were below 45.
  • Customers who lose some value of their investments in a short period might become discouraged from using the brand since the aim is to earn more and not lose. This might seem more unpromising to those who aren’t investing for long-term goals.
  • The company is active on LinkedIn with 27,050 followers but does not make this obvious or easy to follow from its official website because it is not listed as one of their social media platforms. This is also true about its YouTube channel, on which its subscribers appear to be private.
  • Between November 2019 and December 2019, Wealthsimple saw a decline in website visitors from 1,000,000 to 931,700. Between September and October of the same year, website visits were almost constant.

Products and unique brand features

  • Wealthsimple is a money manager that mainly targets millennials. To modernize the current brokering market, it offers products to millennials through “an easy-to-manage interface, a digitally-engaged communication channel, cool, fashion forward branding and social media savviness”.
  • Their products are Invest, Cash, Trade and SimpleTax. These products help customers to invest on autopilot, earn 2.4% interest, conduct commission-free tax trading and file tax returns online, respectively.
  • Wealthsimple specializes in wealth management, financial advisement, investments, portfolio management, and investment advisement.
  • The Invest product involves a globally diversified portfolio with low-fee funds that are invested using Exchange Traded Funds (ETFs) which can be personalized and is encrypted. Auto-deposits can be made with this product; dividends are automatically reinvested, automatic rebalancing is done and the investment account is easily accessible. This product was developed using Nobel Prize-winning research and has 3 options for benefits and pricing, including Basic (Deposit $0 — 100k), Black (Deposit $100k+) and Generation (Deposit $500+).
  • The Cash product offers 2.4% interest, does not attract any fees, has everything encrypted and protected by Canadian Investment Protection Fund (CIPF). Offerings that will soon become available include the Tungsten metal card (Wealthsimple Cash Card) and ATM reimbursements among others.
  • The Trade product gives customers the opportunity to trade using a mobile app and does not require additional paperwork. It is commission-free and customers can start with $1 because there is no account minimum; making it an attractive option for everyone.
  • The SimpleTax product makes filing for tax return easy with an award-winning design that offers everything in one page. It is friendly and fast, secure and private, gives step-by-step guidance and offers an auto-fill feature from CRA to the return form. This platform/software is certified by CRA, Revenu Québec and Netfile Certified.
  • The company places a lot of emphasis on the human component in its product language which it believes other brands cannot deliver. All communication about products is done digitally through emails, text and also video chat and is done with a licensed representative of the brand.
  • To make products more appealing to customers, Money Diaries was created to provide an entertaining spin on money matters that’ll make it easier to understand.


Research strategy

To provide information about Wealthsimple Inc.’s strengths, weaknesses, an overview of their products including unique brand features, and their revenue we consulted the company’s official website, social media accounts, business news sources such as Business Insider and Forbes and company profile databases such as ZoomInfo and Craft.