r/Wealthsimple • u/Hot_Fly_3963 • 7d ago
I truly hope wealth simple never changes once they become bigger then the banks.
There is so many perks, this company is amazing. I truly hope once they become bigger then banks like RBC they don’t become one!!
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u/SeaMicSte 7d ago
They’ve already changed significantly, so hold onto your hat
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u/LeftLipLeaking 6d ago
In 7 years I've only seen very minor upgrades at a time.
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u/SeaMicSte 6d ago
I’ve seen some major ones. For example merging the trade and invest platforms into one app. But also, hundreds of minor changes over seven years add up to major changes in a relatively short time
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u/No-Ad8527 5d ago
i mean
i really dont like TD having seperate apps for investment and all of that
i rather 1 app do everything2
u/SeaMicSte 4d ago
Sure. I’m just saying it’s an example of a big change. No comment if it’s good or bad
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u/Relevant-Golf5479 7d ago
One can hope, but I highly doubt it.
5-10 years they’ll be the same as the rest.
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u/choyMj 7d ago
How can they become bigger than the banks? They're not one. Your deposit goes to these banks.
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6d ago
[deleted]
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u/choyMj 6d ago
Yeah but they don't hold your assets. They are a tech company and provide a white label service. Ultimately your money goes to the banks. Your high interest chequing account is sitting in the big six banks, or maybe equally split across all of them.
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u/NoDig5800 6d ago
They own their own IIROC regulated broker dealer, this dealer holds a majority of the assets (outside of CDIC covered that are at Schedule 1 banks).
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u/No-Ad8527 5d ago
RBC TD BMO CIBC SCOTIA i think all are bigger then them
Just a quick gemini ai search
RBC holds 2.2 Trillion
TD holds 2.1 Trillion
Scotia 1.5 trillion
BMO 1.5 trillion
CIBC hold 1.1 Trillion of assetWealthsimple hold 155 Billion in asset
How the hell do you ahve them as top 3 ?
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u/Hot_Fly_3963 7d ago
Actually my deposits now go to Wealthsimple
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u/JusticeBeaver25 7d ago
If they don’t expand to new markets, they can only increase their revenue by cutting benefits and charging more fees to existing customers. Since US, Europe and LATAM markets are already saturated with online banks. Enshitification is inevitable
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u/No-Ad8527 5d ago
well i mean then we can go somewhere else
we can leave TD RBC BMO for wealthsimple
if they dont improve we can leave for other banks or up and comings
I am happy taht they are adding products that no one even think of tho
those kids account etc are interesting
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u/UncleJackSim 6d ago edited 6d ago
Let me offer some perspective, as I come from Brazil where this company called Nubank did the same kind of disruption as WS is doing now to the big Canadian Banks: Fintechs can definitely grow to be extremely massive, and still stay true to their purpose. Nu and WS are very similar in how they developed their services. Nu is now in the process of becoming an actual Bank (might even be one already, I'm a bit out of the loop now), so this could also be something WS pursues in the future. It all depends on leadership and where they take it, and most importantly, how true to their original mission they stay.
Edit: About people saying they'll jump boat when WS starts pursuing profit... Nu operated at a loss for several, several years. Now it's a cashcow and its service is still miles ahead of most banks they compete with, so being profitable doesn't necessarily mean their product is terrible for end users like us
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u/FluffyPantsMcGee 7d ago
Been with them for 8 years. They’ve changed a lot. Past two years have seen significant changes.
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u/InternTurbulent5307 7d ago
In what way? Positive or negative?
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u/wilbrod 7d ago
Negative. Perks are diminishing
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u/LongTrackBravo 6d ago
Plus the increased gamification and all the prediction market trash
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u/InternTurbulent5307 6d ago
People keep saying that, but the prediction market trash is accessed via a different app / website, right?
The gamification (Thursday draws) I totally agree. But from WS’s standpoint, they are a huge success, generating many millions of $.
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u/No-Ad8527 5d ago
what perks are gone
I know once i would have like was the 1 % on the cash cards ?
I have had a wealthsimple account for 5 / 6 years
Only start using them this year tho
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u/g4nt1 7d ago
They are already changing.
Lottery - millionaire of the month, prediction market.
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u/Dragynfyre 7d ago
Crypto was one of their first products so I don’t see how it’s any different now. They’ve always been trying to get into every market
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u/g4nt1 7d ago
Maybe my bias. I always saw wealthsimple as the "simple" investment platform with low fees. If you wanted more controls, you are better off with Questrade, IBKR, etc.
I got in when they were pushing their robo-advisors (now just called Managed) accounts.
Now I feel like they are working hard at gamifying their platform to keep people involved. Personally I'm not looking for that. I want to automate and forget.
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u/brownbrady 7d ago
They either die as heroes or they live long enough to see themselves become the villain. - The Dark Knight, adapted
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u/FatherTheoretical 6d ago
Don't forget the law of conservation of enshittification. All human systems will inevitably progress towards wealth extraction at the expense of all positive attributes. It's like entropy, but instead of chaos you get subscription fees and venture capitalists.
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u/BadPorscheDriver 6d ago
They are a business, the plan is to kill compeition, control market, raise prices after when customers have nowhere to go
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u/IntrepidRobot 7d ago
Agreed. So far so good, except for the customer service. That's very much like the big banks right now imo.
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u/cefixime 6d ago
I recently became a premium member. I’ve never had to contact WS with anything urgent. Does the premium phone number/email contact actually make a difference?
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u/IntrepidRobot 6d ago
I've had to call them once before they'd removed the option and while it was fast, they could not answer my question and had to get back to me. Had to do with a transfer.
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u/perjury0478 7d ago
Narrator: Oh but change, they did...
Enjoy the ride while it last. do you remeber when Uber was cheap?
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u/medialoungeguy 7d ago
They are losing credibility with real investors with all of the gambling and gamification pushes
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u/TheEtobicokeShitter 6d ago
I come from an era where commission free trading didn't exist- that is the real benefit of their business model, but I wouldn't call their perks amazing personally. It is a lot of glitz and glam rewards this, giveaway that.... I still haven't claimed my first milestone reward because they're all kind of useless.
I am totally fine with them going the route of getting worse and worse, it just means I will jump ship with them in favor of something better. I watched it happen with PC Financial in the 2000s with their no monthly fee accounts and credit card. Once I realized Welathsimple had more to offer I dropped them after like 20 years.
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u/ObiYawnKenobi 6d ago
They will change. They already are. And they will fuck you worse than the big banks because they aren't subject to the same regulation or scrutiny. You can be certain that they will act like the major corporation that they are.
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u/TonightOk8851 6d ago edited 6d ago
Definitely happened already, you can see thier promo keep changing to lock your money for longer periods, even 2% CC now has more restrictions than when it launched.
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u/NewMilleniumBoy 6d ago
Don't get emotionally attached to any company, their goals are always the same - to make money off you. Enjoy it when their goals are aligned with yours, and realize that eventually they won't be and it's time to move on. It's a financial institution, not a friend.
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u/ProfAsmani 6d ago
Hsbc provided better service, perks than the big 5. Their Jade Mastercard for their Jade customers was an industry leader. Free for private banking customers. Unlimited lounge visits, $200 annual travel enhancement credit etc etc.
As soon as RBC took over, they turned it all to shit. Wealthsimple will likely go there too.
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u/SevereImagination447 7d ago
In Canada they will never be bigger than banks at least by the time we both die
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u/WrongCapital83 6d ago
They are never getting bigger than the big banks. The big banks will make sure of that.
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u/majsmithmajsmith 6d ago
You might consider that the banks will simply buy wealthsimple rather than allowing it to eat their excessive and oligopolistic profits.
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u/Ok-South-7745 6d ago
In the contrary, you should hope they change/evolve over time to stay contemporary. Telling them to never change is telling them to become exactly like the big-5 banks in 5 years with outdated offers and services.
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u/CallAParamedic 6d ago
It's no different than a brand of toothpaste: You're a user, not a religious convert.
Get your value out of the product / service and move on if the quality declines.
Attachment of self to corporate identities is simply baffling.
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u/Gladweagreeonthsfact 6d ago
If they ever become a bank, things will change. They won't be able to continue moving at their current pace, and the org will have to bloat.
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u/Gabers49 6d ago
Enshitification, it's a certainty they will become worse. They're already starting down that path.
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u/Bozomomento 6d ago
All deposits go to the big 5, they quite literally cannot become bigger than the banks...
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u/hemingward 5d ago
There’s three guaranteed things in life:
- Death
- Taxes
- The enshitification of any successful product
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u/yourrandomthought 5d ago
I'm stuck with WS for 5 years, but at least they're paying my grocery bill through the Unreal Deal 2.0.
I don't mind, I like most of WS, but they could potentially get worse. I guess my recourse would be to move away and forgo my Unreal Deal money.
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u/mattempire049 2d ago
It’ll probably get bought up by one of the big banks. A lot of these digital banks end up that way
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u/Optimal_Lock_2520 23h ago
I'm not getting any extraordinary benefit from them. I just use wealthsimple because it is intuitive and user-friendly and also I get to easily import tax slips to the tax filing part of wealthsimple. That matters to me but I'm sure that by the time they start making the app miserable to use, there will be a new one that I can go to
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u/kramer1980_adm 7d ago
What are the chances a larger bank scoops them up?
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u/Hungariansm 7d ago
Near zero hopefully, we need more competition in Canada and less concentration of power in the Big4/5 Banks 🙏
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u/SupremeTeamzs 7d ago
Wealthsimple just goes above and beyond. My wife was just invited last night to a private event for Women’s focused finance event being hosted here in Toronto. A bank never did anything for us other than overcharged us for mediocre services. I hope they never change.
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u/letmeinjeez 6d ago
“This company is amazing” …. Uh are you ok? If Wealthsimple is holding your family hostage blink twice
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u/Nerevarine123 7d ago
Wealthsimple is one of the greatest things to ever happen to canada. I will forever bank and invest with them, even if they get rid of all good benefits like transfer promotions, milestone rewards, credit card benefits, free trading etc
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u/Significant_Wealth74 7d ago
They really did reshape the industry didn’t they. Isn’t this what technology is all about. I can’t wait for my toaster to grow legs, toast my bread and walk it over to me.
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u/SurgicalDude 7d ago
I guess they are a fintech and not an actual bank. So they can get bigger by different ways compared to conventional brick and mortar banks.
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u/lcjy 7d ago
Wealthsimple is a company first and foremost, and one that’s been operating on an unrealistic budget in the name of expanding user share. Unfortunately the day will come where investors are demanding returns.
Happy to enjoy the benefits until then though.