Doing My Thing
Back to blog
•
3 min read
How to Tell If You're Paying Management Fees in Wealthsimple

🕵️‍♂️ How to Tell If You’re Paying Management Fees in Wealthsimple

Wealthsimple makes it pretty easy to invest — sometimes too easy to forget you might be paying management fees without realizing it. If you’re like me and have a TFSA, RRSP, non-registered account, and a chequing account all with Wealthsimple, here’s how to quickly figure out if you’re being charged a 0.4% management fee on your investments.

✅ Step 1: Check Your Homepage for Labels

When you log into your Wealthsimple app or website, head to your Accounts list:

  • If you see a label like Managed next to your account (e.g., TFSA or RRSP), that means it’s a Wealthsimple Invest account — they manage it, and you’re paying a fee.
  • If there’s no label and you see stock tickers like VEQT, TSLA, or XAW, that’s likely a self-directed account — no management fee here!

🔍 Step 2: Check Account Numbers in Settings

Go to Settings → Accounts, and look at the account numbers. The prefixes tell you what type they are:

  • 📗 Numbers starting with H → Self-directed (Wealthsimple Trade)
  • 📘 Numbers starting with W → Managed or registered savings accounts (Wealthsimple Invest)
  • 📙 Numbers starting with WZ → Self-directed registered accounts (TFSA/RRSP via Wealthsimple Trade)

Example:

  • W-1234567 → Managed TFSA, you’re likely paying 0.4% annually.
  • H-2345678 → Self-directed TFSA, no management fee.
  • WZ-9876543 → Self-directed TFSA inside Trade app, also no fee.

💡 Bonus Tip: Check Your Statements

You can also confirm by looking at your monthly statements:

  • Go to Settings → Documents → Statements
  • Look for terms like Advisory Fee or Management Fee

If you see these, it’s managed. If not, you’re all good!

🏁 Wrapping Up

If you didn’t know about these fees — you’re not alone. I didn’t either. Wealthsimple’s “set it and forget it” vibe is great, but it’s worth knowing what you’re paying for.

If you’re comfortable managing your own ETFs (like VEQT, XEQT, or VFV), switching to a self-directed Wealthsimple Trade account could save you hundreds a year.

Need help switching? Hit me up — happy to share what I did. 🙌