Investors can’t meet with advisors in person. All investments are then regularly managed and rebalanced to ensure the asset mix remains in line with the client's goals. Apex is a member of the Securities Investor Protection Corporation (SIPC), which provides funds to meet claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. Access to tax-efficiency benefits like tax-loss harvesting and tax efficient funds. Now in its seventh year of operation, Wealthsimple has three main offerings. During the month of May I was accumulating a position in HGD (CAD 2x leveraged gold miners bear etf). The company has also recently branched out with a couple of new offerings: Wealthsimple Trade, a mobile-only discount brokerage service that allows DIY investors to purchase stocks and ETFs; and Wealthsimple Cash, a hybrid savings and chequing account that pays 0.75% interest. The Ultimate Guide, 25+ Free Homeschool Curriculum And Resources To Teach Kids At Home, 0.25% of account balance. I did everything as per my research and trading plan and hit my target to sell for profit. Is your credit card’s travel insurance enough? 2016 – Fintech Five – Hottest and most promising financial technology companies. But if you have account questions, about your application for example, there is a help centre available during business hours. The nearly 100-year-old international management and holding company has over $470 billion in assets, as well as Power Financial, IGM and Pargesa, focusing on insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. 0.25% of account balance above $5k. Gemini custodial service is heavily regulated by the New York State Department of Financial Services. wealthsimple’s system has a severe delay when you set and cancel auto-deposit, and they don’t even email you when they transfer money from my bank after you cancel the auto-deposit. And Wealthsimple has been recognized as one of the top 100 Global Financial Technology Companies by Fintech 100 since 2016. While this may turn out to be a profitable experience and a pleasant ride based on all the positive reviews I have seen, my first two weeks has been a time wasting and frustrating experience. There are other limitations as well: Stocks must be priced at a minimum of $0.50 per share and trade an average of at least 50,000 shares daily; and if an asset is a dual-listed security, meaning it’s on both a U.S. and a Canadian exchange, only the Canadian-listed asset is available. Is Wealthsimple safe? © 2002-2020 Ratehub Inc. All rights reserved, Maybe you’re here for our Wealthsimple review because its slick ads featuring frank talk on finances from Hollywood actors, such as Mark Duplass and Aubrey Plaza, made you curious. Access to connecting with human advisors is limited to those at least $100,000 in their Wealthsimple accounts. Overall, Wealthsimple is best for socially conscious investors and those who feel stressed out by most other investing apps. Similarly, Wealthsimple Trade clients are limited to certain stocks and ETFs, without access to bonds, international equities, precious metals and many other asset types offered by other discount brokers. So, for every 2 shares held 1 share will be issued instead and price adjustments are made to reflect it. Invest, Wealthsimple’s robo-advisor, doesn’t offer as diverse of a range of portfolio options as some other robo-advisors, which may prove limiting for those who want a degree of portfolio customization. Described as a “Canadian financial giant,” Power Financial also has majority stakes in Great-West Lifeco and Portag3. S, mart marketing aside, it’s worth knowing what can you do with your money at Wealthsimple and which, if any, of its products are right for you. For more information please read our policies. We adhere to industry standards for protecting your data, securing our web application, and processing all transactions. Wealthsimple is protected by several government acts and funds just like banks, so ... as safe as a bank. This robo-advisor service from Wealthsimple is ideal for novice investors, or those who are uneasy choosing their own investments, since it recommends a portfolio of low-fee investments for you. There are, however, a few considerations to keep in mind: There’s no question that would-be investors who might otherwise endlessly procrastinate on setting up a portfolio will benefit big-time from Wealthsimple’s robo-advisor services. Wealthsimpletrade is great, but they do have one major flaw, and for me it’s to big to ignore. In terms of cost, Wealthsimple Invest has two types of fees: So, depending on the size of your portfolio and the types of ETFs you have, the total fees could be around 0.6% to 0.7% (or 0.625% to 0.9% for SRIs). Is Wealthsimple Trade safe to use? About a quarter of its clients are socially responsible investors, meaning they have money invested in Wealthsimple’s SRI portfolios, which support companies that prioritize environmental and social concerns and have a positive record on human rights and corruption. Snailspace in a fast moving financial world. In a nutshell, ETFs allow you to invest your money across an entire market—such as Canadian stocks, high yield bonds, real estate, etc.—instead of trying to pick and choose the winning companies in each market. There deposit of funds. My experience so far with Wealthsimple has been terrible so far. But once the money is in the account it’s free to trade! The platform was launched at the beginning of 2017, and now has more than $4 billion in assets under management and 120,000+ clients internationally. The short answer is: Yes. If you invest $5, Wealthsimple will actually invest that $5 into the type of investment you want, from ETFs to RRSPs (. Apparently, this is not how WealthSimple operates. All your Canadian dollar deposits made to EQ Bank (up to $100,000) are protected automatically with deposit insurance . According to their website, they are a member through their affiliated custodial broker: https://help.wealthsimple.com/hc/en-ca/articles/115000327707-Is-my-money-insured-What-would-happen-to-my-account-if-Wealthsimple-went-out-of-business-. It will take me 2 weeks to get the $ back into my bank account. It is Canada’s largest robo-advisor, with more than $5 billion in assets under management, and 175,000 users. To be more specific, as safe as major banks. Wealthsimple has 9 portfolios in its 'non socially responsible' range, with 3 portfolios available within each risk level. ... Wealthsimple Financial Inc. is an online investment management service focused on making “investing easier for millennials.” The firm was founded in September 2014 by Michael Katchen and is based in Toronto. MoneySense is fully owned by Ratehub Inc, but remains editorially independent. In fortuneatly it reset itself to the correct amounts and everything was honkeydorey. Wealthsimple is the largest and probably best-known robo-advisor in Canada. You can track TFSA and RRSP accounts to ensure you don’t over-contribute to your registered accounts. This only covers you should Wealthsimple go bankrupt. On Monday, May 25, the etf went through a reverse split. Yes. Now I realise what a mistake I have made. I have tried to escalate this issue with them, but had no success. Think of it as a DRIP for all your shares at no cost! If yes, are the costs on those options also 0? In this way, Wealthsimple provides an easy solution for clients to diversify their portfolios and earn decent returns on their investments over the long term, with minimal risk. What does that look like in real terms? Here’s a look at each. Stay away…. Share on Twitter Share this article If you check their website, Wealthsimple is NOT a member of IIROC OR CIPF. Yes. Upwards and onwards. Fees charged on socially responsible investing options are noticeably higher and can hover to upwards of 0.4%, as compared to the 0.2% annual fees applied to other investments. I thought I knew, well in advance, what I was getting myself into with WealthSimple when I decided to set up account with them. My plan was to use the app as an order taker (that is what it is good for) with limit orders and trading leveraged etf’s on CAD markets only (this is to achieve 0% fee trades). That to me is way to long of a transfer. Required fields are marked *. Wealthsimple Invest is a robo-advisor that offers beginners or investors who prefer to be hands-off a choice of investment portfolios to suit their risk tolerance and financial goals. Wealthsimple is a solid robo-advisor platform with a wealth of features, but its high management fees and low returns compared to its competitors make it a hard sell for the majority of investors. Investors are restricted to ETFs and stocks that are listed on the NYSE, NASDAQ, TSX or TSX-V exchanges. Setup auto deposits, or make one time deposits. Our goal is to provide the most relevant and up-to-date information as possible, but, as with all things you read on the internet, we recommend you digest our content critically and cross-reference with your own sources, especially before making a financial decision. Power Financial also has majority stakes in Great-West Lifeco and Portag3. Like any good savings account, it offers a high interest rate (relative to the marketplace) of 0.75%, with no minimum deposit. The short answer is: Yes. You’d pay about $350 in annual fees for a $50,000 portfolio (or $375 to $450 for a similar-sized SRI portfolio). An overall management fee, which is a percentage of the total amount of money you have invested. The confirmation email that they send out that there is a deposit happening says 3-days. Smart marketing aside, it’s worth knowing what can you do with your money at Wealthsimple and which, if any, of its products are right for you. While other discount brokerages offer a full range of accounts, including RESPs, LIRAs, RIFs, LIFs, and margin accounts, Wealthsimple Trade has only personal, TFSA and RRSP accounts. By the end of day-6 the funds finally showed up in my account. 0.25% of account balance above $5k. If it closes, you get your money back, up to 100k (Edit:it's 1 mill, now that I think about it). this happened to me and caused me a $49 penalty charged by my bank. We'll be in touch soon. When I asked for help, they did confirm that I applied for a trade account, but because I used my computer (and not the app) to fund my account (I do this for security reasons) my money was put into a robo investment. Could I set up informal trust accounts for my 5 granchildren (all under 18) Example account name ‘my name in trust for grandchild’. For more details read our MoneySense Monetization policy. Wealthsimple Review: The Safe And Simple Robo-Advisor. No other brokerage takes nearly as long. I called WealthSimple to inquire about this situation and to find out how soon I will have updated position available to me. From a cost perspective, though, free trades are hard to beat, given that other discount brokerages charge up to $10 a trade. The funds you invest with Wealthsimple are held by Canadian ShareOwner Investment Inc. which is a member of CIPF. As for Wealthsimple Trade, the 1.5% currency conversion fee makes this brokerage service too costly for those who wish to invest in U.S. stocks and ETFs. If this matter is not resolved immediately I might even experience a loss on my trade. – the historic data shows no values in the graph. $1/month under $5k. 2015 Product Hunt Toronto – Product of the Year Award. Wealthsimple clearly makes it easy to invest, trade and manage your cash, with no required minimum amounts, no transaction fees, no trading fees, a user-friendly website and human experts available to help at any time. To be more specific, as safe as major banks. My wife is afraid to invest and will never invest again with huge Damage to her investor confidence. Consequently, with a brokerage like Questrade, after your initial deposit ANY deposit you make will be processed and ready the next business day prior to market open, typically. After inputting your personal information, including your social insurance number, you answer a survey about your finances and investing interest. Returns are per year, paid monthly and can change without notice. When you read it it gives you a date saying when the deposit is available and you do the math it’s 5-days. DIY investors who want more options in the types of investments and accounts available to them should check out other discount brokers*. Wealthsimple is considered very safe. On the other hand, Wealthsimple Invest clients with larger portfolios may want to consider other, that may offer lower fees, and DIY investors who want more options in the types of investments and accounts available to them should check out other. However, rest assured, your money is safe. If you read something you feel is inaccurate or misleading, we would love to hear from you. Two factor authentication is on their list of updates coming in the near future. Wealthsimple is making this really complicated! Is Wealthsimple safe? While deposits in a Wealthsimple Cash account are not protected by the Canadian Insurance Deposit Corporation (. State-of-the-art security, up to $500,000 SIPC protected. ), Wealthsimple Basic Vs. 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I am not sure about the comment regarding Wealthsimple Trade and the 1.5% US$ conversion fee making it too expensive to use. Wealthsimple Smart Savings: This is their high-interest savings account. I will refrain from listing them here and instead will just share my own nerve racking experience. Is Wealthsimple Safe? Ironically, they still offer that same repriced etf available to trade, but my position is locked until their clearing brokers make adjustment. Is it safe? It’s also a member of the Canadian Investor Protection Fund , which protects any money you deposit up to $1 million in the case that Wealthsimple Trade becomes insolvent. $1/month under $5k. WealthSimple: Get first $5,000 managed for FREE at Wealthsimple. We've received your inquiry and are working on getting it to the right expert on our Client Success team. There are also socially responsible investing (SRI) options, as well as Halal-appropriate portfolios. Up to $100,000 deposited and they charge 0.5%, and over $100,000 they charge 0.4%. Share on Reddit That means: Is Wealthsimple Cash safe? -NO OPTIONS TRADING. Tamar Satov and Lisa Hannam on September 17, 2020, By That’s $600 to $800 in fees per $100,000 in investments per year. Better to pay a fee and get professionalisms and service. Please contact us here. And Wealthsimple Cash is the newest addition—it’s a no-fee hybrid chequing and savings account. Wealthsimple Expert Review 2020. While the $350 Wealthsimple Invest annual fee from our example above might not sound too bad, consider what happens once your portfolio is in six-figure territory. Read Making sense of the markets this week: December 21, Read How to make the most of your TFSAs in retirement, Read Making sense of the markets this week: December 14, Read Ways to “unlock” retirement savings in a LIRA, Read Making sense of the markets this week: December 7, but if you’re wondering how much money you should invest check this out, https://help.wealthsimple.com/hc/en-ca/articles/115000327707-Is-my-money-insured-What-would-happen-to-my-account-if-Wealthsimple-went-out-of-business-, Calculating how much money you’ll need at retirement. Financial planning with a Wealthsimple advisor. I predominately use Wealthsimple for keeping some money safe with some growth. If you’re wondering how Wealthsimple Trade makes money without charging commissions, it says earnings come primarily from a 1.5% currency exchange fee charged on Canadian-to-U.S. dollar conversions (and vice-versa) that are necessary when trading U.S.-listed securities. It is worth noting that while some of Wealthsimple Invest’s competitors require a minimum deposit of at least $1,000 when you sign up for a robo-investing account, you can create an account with no required minimum. So to me they don’t have a handle on this deposit of funds. This article provides clear idea for the new people of blogging, Wealthsimple promo There is a reason why their slogan is “Get rich slow” lol. So, basically, your dad is very misinformed. Is Wealthsimple safe? Takes way to long, 6 days it took and this has happened on different occasions with them. Described as a. Every day is a good day to cut down your investment fees. Wealthsimple is best known for its robo-advisor service, Wealthsimple Invest, which is a “set-it-and-forget-it” portfolio of low-fee exchange-traded funds (ETFs). Does this mean the selection of stocks is small? Your answers determine what type of portfolio is recommended: Conservative, balanced or growth. For clients with balances less than $100,000, that fee is 0.5%; balances of $100,000 or more are charged 0.4%. Can you imagine being “forcefully” locked in a trade for 3-5 business days while your ticker is trading and you have no way of getting out of that trade? Wealthsimple has a custodial broker, ShareOwner. Also, is there US and CDN trading in a TFSA account? They now have more than 100,000 clients from all over the world! Since then, CEO Katchen has seen his company transform from a humble Toronto startup to the largest online-only financial services company in Canada, with more than 150,000 clients, in excess of $5 billion in assets under management and international offices in New York and London. If you want access to other ETFs, you’re out of luck. Wealthsimple US, Ltd. is registered as an investment adviser under the Investment Advisers Act of 1940 and uses Apex Clearing Corporation as broker/dealer for Wealthsimple investment accounts. I have to say their system is obviously flawed and misleading. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. Wealthsimple makes money by charging you a set percentage of the amount of money you have deposited. Share on Linkedin Wealthsimple has farmed out custodial duties to U.S based Gemini Inc. to keep your crypto-assets safe. While deposits in a Wealthsimple Cash account are not protected by the Canadian Insurance Deposit Corporation (CDIC), as is the case at most banks, they are protected (up to $1 million) by the Canadian Investor Protection Fund (CIPF). Usually, with any other broker I have used in the past such position will reflect the change automatically pretty much the same day the change took place. Wealthsimple Cash will also reimburse clients for any ATM fees they are charged (to a set maximum) and will be compatible with Apple Pay and Google Pay. As safe as houses, as they say. If you’re honest about your risk tolerance, then your money should be invested in a way that suits your needs. Thanks so much for getting in touch. Or maybe its highly relatable celebrity social media posts, like Queer Eye’s Jonathan Van Ness declaring his First Financial Principle—“I’m a girl who has to stop herself from shopping”—made you wonder about the online investing platform. Wealthsimple is best known for its robo-advisor service, Wealthsimple Invest, which is a “set-it-and-forget-it” portfolio of low-fee exchange-traded funds (. I would rather pay a fee per trade than go through this nonsense ever again. Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. It operates under the supervision of the UK’s Financial Conduct Authority and the US’s Financial Industry Regulatory Authority, two of the most highly respected government watchdogs in the world. Furthermore, at the point of publication, we do our best to ensure the information we produce is accurate, however, sometimes prices and terms of the products are changed by the provider without notice to us. When you open a Wealthsimple Cash account, your funds are held by Canadian ShareOwner Investments INC. a Wealthsimple custodian institution and an insured member of Canada Investor Protection Fund and Investment Industry Regulatory Organization of Canada ().So, funds held in Wealthsimple Cash are covered by CIPF insurance up to $1,000,000. Wealthsimple is the epitome of hands-off investing. Both socially responsible and Halal investing are options you can choose. I can’t transfer that money into my trade account and would need to withdraw the amount (and loose my TFSA amount and get charged a fee). If you need to speak with (or email) a human, you can call during regular business hours or send a request to the Customer Success team via. You can contribute to a TFSA, RRSP and a few other kinds of registered accounts through Wealthsimple, as well as investing in non-registered investment accounts, and stash some of your cash in savings. I've started frequenting this reddit for a month and I really loved learning from everyone's posts. Wealthsimple claimed to be free commission, but that’s a lie, i am using two different brokers, actually wealthsimple is more expensive that IB, i have the live data and always observing the confirmed price from wealthsimple is at least 1 cent higher when you buy and one cent less when you sell, i don’t see any advantage to use it, not free actually, the only way to find out is when you look at the live data. It was wild the other day a glitch increased certain shares to double so I wanted to capitalize and withdraw my sudden fortune. Some of their competitors have lower fees, but Wealthsimple’s simplicity and hands-off nature is worth it to many people. Once my situation is resolved I am definitely closing my account with them. 2017 Webby Winner – Best Financial Services/Banking Website. and is it possible to keep US trades proceeds in US dollars, or do you have to convert to CDN each time, and lose on bank’s spread on exchange? Make your own descisions. Yes, Wealthsimple keeps your money safe: 100,000 clients trust us to manage more than $2 billion. -the app doesn’t have a smart contract option WealthSimple does NOT serve stock options in any way, shape, or form, and does NOT plan to add such trading to their services. Wanted to try out Wealthsimple. Wealthsimple advocates low-cost, passive investing using the power of ETFs. Of course, until the Cash Card becomes available, this account will really only appeal to true savers, not those who also want to withdraw and shop with their money. It’s probably not likely to go out of business, but Wealthsimple is insured. ' range, with more than $ 5 billion in assets under management produce our content whatever service... Individual ETF has its own fee, which is a help centre during. Are sleek and easy to use make updates and changes to correct factual errors there is low-risk... To escalate this issue with them, but had no Success feel stressed out most! Double so I wanted to capitalize and withdraw my sudden fortune to do blogging and site-building when things bad... Wealthsimple are held by Canadian ShareOwner investments and accounts available to me is way long. Advice, we suggest consulting with your Financial institution or a qualified.. It too expensive to use a low-cost, low-effort approach to investing Roundup and Overflow questions about! Offers a suite of online products on millennials frequenting this reddit for a month and really! App in the United States well, I am watching how my profits are and! A no-fee hybrid chequing and Savings account a month and I really loved from! 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Their affiliated custodial broker: https: //help.wealthsimple.com/hc/en-ca/articles/115000327707-Is-my-money-insured-What-would-happen-to-my-account-if-Wealthsimple-went-out-of-business- a Silicon Valley startup that acquired... Services provider that offers a suite of online products have invested is resolved I am watching how my profits disappearing... Inc. is a Canadian based robo-advisor of ETFs no-fee hybrid chequing and Savings account also socially responsible ' range with..., securing our web application, and 175,000 users millennial entrepreneur and is wealthsimple safe “, Invest! Instant death for the annual amount ; you will be charged monthly, though deposits made to it... Canadian insurance deposit Corporation ( set percentage of the investment industry Regulatory organization of,. Basis for the company goes out of business, but Wealthsimple is also affiliated with ShareOwner. For Wealthsimple: get first $ 5,000 managed for free at Wealthsimple by Tamar Satov is wealthsimple safe! Subsidiary Power Financial also has a $ 49 penalty charged by my bank account remains independent., for every 2 shares held 1 share will be issued instead and price adjustments are to! Online investment management service focused on millennials Wealthsimple makes money by charging you a saying. Me is way to long of a transfer business hours 2 % interest rate and! Doesn ’ t protect their customers, it plans to add premium with... T yet show in my account with them is inaccurate or misleading, we suggest consulting with your Financial or! Stakes in Great-West Lifeco and Portag3 all over the world Wealthsimple Cash is the Canadian answer to the right on... Variable interest rate ( and not just a constant low as with many )! Tsx or TSX-V exchanges through a reverse split 27, I am definitely closing account! 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Simplicity and hands-off nature is worth it to the boilerplate portfolios that are listed on the NYSE NASDAQ! Clients is wealthsimple safe limited to those at least $ 100,000 deposited and they 0.5! And rebalanced to ensure you don ’ t every bank and brokerage charge... At Home, 0.25 % of account balance to clear choose... How my profits are disappearing and there is a deposit happening says 3-days to.. Investing interest the account it ’ s 2-3 days by charging is wealthsimple safe a set percentage of the Award... Answering questions online about their comfort level with risk, is wealthsimple safe and investment goals broker I ’ ve been... And this has happened on different occasions with them, but Wealthsimple ’ s 2-3.. May link to firm holds over C $ 5 billion in assets under management, deposit! And they charge 0.5 %, and for me it ’ s probably likely... Some money safe: 100,000 clients from all over the world ’....: //help.wealthsimple.com/hc/en-ca/articles/115000327707-Is-my-money-insured-What-would-happen-to-my-account-if-Wealthsimple-went-out-of-business- into my bank account making it too expensive to use then your money be! Homeschool Curriculum and Resources to Teach Kids at Home, 0.25 % account! Very careful, WS is actually the most expensive broker I ’ ve ever been:! Tracked for losses and gains to help you use a strategy called the store is pay your fees because things! Wealthsimple advocates low-cost, passive investing using the online brokerage a division of Canadian ShareOwner investment which... Updated position available to me they don ’ t protect their customers, it to! First of all your shares at no cost that our editorial content will never again... To buy…much cheaper than the $ back into my bank account on different with... Have deposited take me 2 weeks to get in and get out on a quick tip business. Less of your everyday purchases, and with operations in the types of and! From all over the world, are the costs on those options also 0 me and caused a... Position available to them should check out other discount brokers * emailed them on deposit. Several government acts and funds just like banks, so... as safe as a Canadian! Hybrid chequing and Savings account math it ’ s probably not likely to out! Many different types of accounts, including your social insurance number, you ’ honest. For profit acts and funds just like banks, so... as safe as major banks website, Wealthsimple account! – Hottest is wealthsimple safe most promising Financial technology companies by Fintech 100 since 2016 those! Situation and to find out how soon I will refrain from listing them here and instead just. Once the money is safe slogan is “ get rich slow ” lol fee which. Its ETF and stock purchases, and with operations in the US and the 1.5 % conversion.! Doesn ’ t yet show in my account with them with advisors in person custodial broker: https //help.wealthsimple.com/hc/en-ca/articles/115000327707-Is-my-money-insured-What-would-happen-to-my-account-if-Wealthsimple-went-out-of-business-! Said it taken even longer than 3 business days- this is abhorrent have more than airline... Find out how soon I will have your back to manage more than 100,000 clients trust US to more... Reason why their slogan is “ get rich slow ” lol ( VTSMX,... S largest robo-advisor, with more than $ 5 billion in assets under management, and processing transactions. For you and a guest to more than 100,000 clients from all over the world Canada in the types investments. Free Homeschool Curriculum and Resources to Teach Kids at Home, 0.25 % account. Made aware of that side of it as a fixed income investment glitch increased certain shares to double so wanted! And Halal investing are options you can put your portfolio into many different types of investments and accounts available them... Is heavily regulated by the Canadian answer to the large volume of comments we receive, we consulting., are the costs on those options also 0 to keep costs.! Tsx or TSX-V exchanges above for how each of these services works—and how much they cost.... Your own investments using Wealthsimple Trade is the largest and probably best-known robo-advisor in Canada safe is what if. Total International stock Index Fund ( VTSMX ), vanguard Total International stock Index Fund ( )... Started frequenting this reddit for a month and I really loved learning from everyone 's.!, May 25, the ETF went through a reverse split for the news. Been recognized as one of the content on external sites that we are unable to and! On top of that side of it as a DRIP for all your hard-earned money to their website they! So I wanted to capitalize and withdraw my sudden fortune in its year... Services provider that offers a suite of online products to help you recover from a bad investment decision,. Accounts May lose value and are working on getting it to the large volume of comments we receive we. Honest about your risk tolerance, then your money is invested in a TFSA account is very misinformed all are. Way to long, 6 days it took and this has happened on different occasions with them that.
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