Is Wealthsimple a headwind for EQ Bank?

With Wealthsimple’s recent announcement of the expansion of their banking products offered, do you believe it will have an impact on EQB? Do you think EQ should look into forming a brokerage service, or acquiring or merging with one such as Questrade? Being privately owned, I figure Questrade would be easier to make a deal with than Wealthsimple (Power) or Qtrade (Desjardins/credit Unions).

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Asked on June 18, 2025 8:16 am

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I do feel that Wealthsimple could be a potential headwind for Equitable Bank however I do believe it is largely overblown.

There is plenty of room in this space for more than one major player. Wealthsimple is coming out with some pretty rock-solid products, but I do not believe they will capture 100% of the total addressable market, that being Canadians who are sick and tired of paying the mortgages/rates/account fees that major banks charge.

I think EQ is carving out its own path here and is doing quite well. Could it potentially lose some customers to Wealthsimple? Yes. Could it continue to grow customers at a double digit pace? Yes. Both things can certainly be true.

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Posted by Dan Kent

Answered on June 18, 2025 4:14 pm

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