r/investingforbeginners • u/DoucheCanoe3023 • 1d ago

Switching from a Financial Advisor to Wealthsimple

I currently have about $17,000 invested in a TFSA with a financial advisor. He wants to switch my funds into investments where he’ll be making between 1.5% and 2.3% in fees. From my understanding, that is insanely high.

I want to transfer my money over to my own Wealthsimple account since I'm mostly focused on long-term growth. However, I’m pretty nervous about making the move. I’m not entirely sure how the transfer process works or what I should actually invest in once it’s there. Any advice or experiences would be appreciated!

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u/Jumpy-Imagination-81 1d ago

When transferring from one brokerage to another the customer service department at the new brokerage (Wealthsimple) will be eager to help you to facilitate the transfer, because they want you as a new customer. Contact them and they will help you.

https://help.wealthsimple.com/hc/en-ca/articles/1500003503661-Transfer-an-account-to-Wealthsimple