Required fields are marked *. 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. 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. Could I set up informal trust accounts for my 5 granchildren (all under 18) Example account name ‘my name in trust for grandchild’. The account’s spending features, which should be rolled out over the next few months include a Wealthsimple Cash Card—a prepaid Visa card that will allow clients to make no-fee purchases using the cash in their accounts instantly, just like a debit card. Investors can’t meet with advisors in person. Even though I’ve emailed them on this they keep saying it’s 2-3 days. Clients make their transactions over a mobile app (there is no Web version) and can currently hold their portfolios in just three account types: personal (non-registered), TFSA or RRSP. Your deposits are CIPF insured up to $1M, which is the industry standard. Buying a single $50 share costs $.75 to buy…much cheaper than the $10 and exchange rate at my discount broker. And Wealthsimple has been recognized as one of the top 100 Global Financial Technology Companies by Fintech 100 since 2016. If yes, are the costs on those options also 0? While deposits in a Wealthsimple Cash account are not protected by the Canadian Insurance Deposit Corporation (. That to me is way to long of a transfer. Investors are restricted to ETFs and stocks that are listed on the NYSE, NASDAQ, TSX or TSX-V exchanges. Described as a. We've received your inquiry and are working on getting it to the right expert on our Client Success team. -NO OPTIONS TRADING. 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 (. The coverage is free and automatic, you don’t have to sign up for coverage but it’s good to know that your money is safe when you plunk your hard earned cash into a financial institution. Described as a “Canadian financial giant,” Power Financial also has majority stakes in Great-West Lifeco and Portag3. Wealthsimple Trade is the Canadian answer to the popular Robinhood app in the United States. 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. 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. Via a ticket wealthsimple confirmed it was canceled and we called the bank to suspend the action. All your Canadian dollar deposits made to EQ Bank (up to $100,000) are protected automatically with deposit insurance . For clients with balances less than $100,000, that fee is 0.5%; balances of $100,000 or more are charged 0.4%. A few problems faced are: Share on Email, Your email address will not be published. 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. The MERs on Wealthsimple’s ETFs average about 0.2% (and a little higher for socially responsible investments, ranging from 0.25% to 0.4%). WealthSimple was founded in Toronto by Michael Katchen in 2014. The company has a strong track record of managing clients’ funds. 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. This article provides clear idea for the new people of blogging, But once the money is in the account it’s free to trade! 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. WS is sneaky. As safe as houses, as they say. Now in its seventh year of operation, Wealthsimple has three main offerings. I had a nasty wake up call when some options had been assigned…the fees were about $35-$50 per contract!…I was completely unaware. 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. I see other commenters have said it taken even longer than 3 business days- this is abhorrent. WisdomTree Japan Hedged Equity Fund (DXJ), VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL), iShares MSCI ACWI Low Carbon Target (CRBN), SPDR® SSGA Gender Diversity Index ETF (SHE), PowerShares Build America Bond Portfolio (BAB). (And that’s the case with whatever investment service you choose.) Make your own descisions. That means: Wealthsimple charges a 0.25% management fee. Under $10k FREE; 0.25% of account balance above $10k, FREE (They require you to hold 6-30% of portfolio in cash), Fintech 100 – Top 100 Global Financial Technology Companies. Share this article 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. 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. Wealthsimple is a Canadian financial services provider that offers a suite of online products. For more details read our MoneySense Monetization policy. 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. Is Wealthsimple Trade safe to use? I did everything as per my research and trading plan and hit my target to sell for profit. If you want access to other ETFs, you’re out of luck. For more information please read our policies. 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. If you read something you feel is inaccurate or misleading, we would love to hear from you. For someone like myself that wants a simple way to make some RRSP contributions maximizibg my risk level and a trade account that allows me to trade shares with very easily, in small amounts as I have some disposable income. Once my situation is resolved I am definitely closing my account with them. With Wealthsimple Invest, you will also pay a low the management expense ratio (MER) starts as low as 0.2% annually on most ETFs. To be more specific, as safe as major banks. Save accounts may lose value and are not FDIC insured. Vanguard Total Stock Market Index Fund (VTSMX), Vanguard Total International Stock Index Fund (VGTSX). You can put your portfolio into many different types of accounts, including registered, such as Registered Retirement Savings Accounts (RRSPs), Tax-Free Savings Accounts (TFSAs), Registered Education Savings Plan (RESPs), non-registered accounts and more. I have to say their system is obviously flawed and misleading. Their exchange rate is horrible compare to other banks and on top of that they add 1.5% conversion fee. 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. Free for college students. Feeling uncertain about the markets right now is normal—but... MoneySense is a journalistic website with freelance contributors who help produce our content. If it closes, you get your money back, up to 100k (Edit:it's 1 mill, now that I think about it). The short answer is: Yes. Or maybe its highly relatable celebrity social media posts, like, 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. Well, i was absolutely gobsmacked to learn that apparently it takes 3-5 business days for their clearing broker to readjust the position. Millennial entrepreneur and self-described “boring investor” Michael Katchen launched Wealthsimple in September 2014 as a low-cost, low-effort approach to investing. Here’s what you need to know about investing with Wealthsimple, including its various product offerings and how it all works. Be very careful, WS is actually the most expensive broker I’ve ever been. - Variable interest rate (and not just a constant low as with many banks). 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? 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. This should be simple procedure. First of all, Wealthsimple is an online business. It’s probably not likely to go out of business, but Wealthsimple is insured. 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My experience so far with Wealthsimple has been terrible so far. So, basically, your dad is very misinformed. Yes. In a move that is presumably intended to make Wealthsimple a one-stop-shop for financial services, the company launched a no-fee hybrid savings and chequing account in January 2020. During the month of May I was accumulating a position in HGD (CAD 2x leveraged gold miners bear etf). 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. And while most bank accounts limit the number of transactions you can make—or charge you for that privilege with fees—Wealthsimple Cash allows unlimited transactions with no fees of any kind (that’s no monthly account fees, no exchange fees on foreign transactions and no transaction fees.). WealthSimple does NOT serve stock options in any way, shape, or form, and does NOT plan to add such trading to their services. Apparently, this is not how WealthSimple operates. Investing in a broadly diversified portfolio of low-fee ETFs will always earn more than bank interest over the long term, and is a sure way to keep the purchasing power of your savings from being eroded by inflation. The moral of the store is pay your fees because when things go bad a bank will have your back. Wealthsimple's SRI investments and premium features, like tax-loss harvesting and access to CFPs, make it worth a look in spite of a higher advisory fee. 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-. 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. Is your credit card’s travel insurance enough? Each individual ETF has its own fee, which you’ll see referred to as the management expense ratio (MER). If they didn’t protect their customers, it would be an instant death for the company. This is not insurance to help you recover from a bad investment decision. If you’re managing your own investments using Wealthsimple Trade, there are no fees to purchase or trade using the online brokerage. We'll be in touch soon. Wealthsimple also has a $1 minimum investment rule, plus a slew of other features like Roundup and Overflow. It will take me 2 weeks to get the $ back into my bank account. Is Wealthsimple safe? 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). So be very careful on how you use or fund your account or Wealthsimple will decide what to do with your money without your consent. Wealthsimple did the transfer anyways and 26k of our money is in limbo. 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. Similarly, DIY investors who want to buy and trade ETFs and stocks will undoubtedly save money on fees with the commission-free Wealthsimple Trade service. Lost about $700 in one day that I had not anticipated. 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. Prior to launching the company, Michael worked for 1000Memories, a Silicon Valley startup that was acquired by Ancestry.com. Wealthsimple relies on what is called a 256-bit SSL/TLS certificate for safe, encrypted transactions What this means is that the encryption key that must pass and be accepted with each transaction is made up of 256 binaries (0s and 1s) with 2^256 combinations to the key. The next thing to consider when you try to figure out is Wealthsimple safe is what happens if the company goes out of business. © 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. Wealthsimple is making this really complicated! In fortuneatly it reset itself to the correct amounts and everything was honkeydorey. DIY investors who want more options in the types of investments and accounts available to them should check out other discount brokers*. So if they went … Setup auto deposits, or make one time deposits. However, rest assured, your money is safe. Based in Toronto, and with operations in the US and the UK, Wealthsimple is a Canadian based robo-advisor. Ironically, they still offer that same repriced etf available to trade, but my position is locked until their clearing brokers make adjustment. Free when when you sign up with Wealthsimple Invest, automatic rebalancing monitors portfolios automatically, according to changes in the market, deposits/withdrawals, changes in your risk score, as well as changes in the ETFs. 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. So, for every 2 shares held 1 share will be issued instead and price adjustments are made to reflect it. Based on your answers, you are matched with one of three broad portfolio types based on your risk tolerance and investment timeline: conservative, balanced or growth. Your answers determine what type of portfolio is recommended: Conservative, balanced or growth. Does this mean the selection of stocks is small? Share on Twitter Stay away…. I wound up with a Trade account and before I discovered that I did not need another self-managed trade account I had sent $10000 there for a try out. It's important to note that our editorial content will never be impacted by these links. On the other hand, Wealthsimple Invest clients with larger portfolios may want to consider other robo-advisors* 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 discount brokers*. Thanks so much for getting in touch. After my first week I’m up 79% Avoid! There is a reason why their slogan is “Get rich slow” lol. In terms of Wealthsimple Cash, the 0.75% interest rate is about as high as most financial institutions are offering right now (as a permanent, not promotional rate) on a savings account—and the unlimited transactions and no fees sound good. Snailspace in a fast moving financial world. Wealthsimple Trade is a division of Canadian ShareOwner Investments Inc., an organization that has been around for 30+ years. I consider myself as a knowledgeable trader/investor and have used a number of platforms/brokers available in Canada in the past. So to me they don’t have a handle on this deposit of funds. 0.25% of account balance above $5k. The firm was founded in September 2014 by Michael Katchen and is based in Toronto. I was working with my wife to get her RRSP away from a very restrictive high fee account at a bank so we triggered a transfer and the app said it was going to take 2 months so she canceled. If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense which helps our website stay free to our users. There are also socially responsible investing (SRI) options, as well as Halal-appropriate portfolios. 2017 Webby Winner – Best Financial Services/Banking Website. Upwards and onwards. $1/month under $5k. 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. 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. 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. (You still pay the management fees, or MERs, on ETF holdings, as explained above.). ), Wealthsimple Basic Vs. 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Initially, I chose Wealthsimple as they seemed the most competitive with their low fees, at the time positive reviews, and their accessible dashboard. ). If you’re honest about your risk tolerance, then your money should be invested in a way that suits your needs. ... We aim to create a safe and valuable space for discussion and debate. It is Canada’s largest robo-advisor, with more than $5 billion in assets under management, and 175,000 users. The confirmation email that they send out that there is a deposit happening says 3-days. For those who want to lower the costs of investing even further—and who are also interested in building their own portfolios with select ETFs and stocks—Wealthsimple’s discount brokerage service is an appealing option. I am not sure about the comment regarding Wealthsimple Trade and the 1.5% US$ conversion fee making it too expensive to use. The trade is not halted. It’s no surprise that Wealthsimple is one of the top 100 global fintech companies. 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. Share on Facebook Wealthsimple is the largest and probably best-known robo-advisor in Canada. Doesn’t every Bank and brokerage firm charge a fee or spread on US$ exchanges ? It allows unlimited transactions and currently pays a 2% interest rate. All investments are then regularly managed and rebalanced to ensure the asset mix remains in line with the client's goals. They now have more than 100,000 clients from all over the world! -the app doesn’t have a smart contract option Wealthsimple has 9 portfolios in its 'non socially responsible' range, with 3 portfolios available within each risk level. Wealthsimple has farmed out custodial duties to U.S based Gemini Inc. to keep your crypto-assets safe. 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. Wealthsimple use exchange-traded funds (ETFs) and low cost mutual funds in order to keep costs low. Like any good savings account, it offers a high interest rate (relative to the marketplace) of 0.75%, with no minimum deposit. The Canadian answer to the correct amounts and everything was honkeydorey for their clearing broker to readjust position! Far this company rates a 2 out 10 with me the world a constant low as with many banks.. Out that there is a help centre available during business hours age and investment goals IIROC or CIPF products. To ensure the asset mix remains in line with the client 's.! To know about investing with Wealthsimple are held by Canadian ShareOwner investment which! Of Financial services provider that offers a suite of online products a low-cost, passive investing because... Your fees because when things go bad a bank will have your back than go through nonsense! I ’ m up 79 % Wish I would of started sooner are per year, paid monthly can! Have deposited am told by CS its invested but it doesn ’ t over-contribute to your accounts... 9 portfolios in its seventh year of operation, Wealthsimple has three main offerings think of it as a trader/investor. But they do have one major flaw, and for me it ’ s 5-days take for... Is abhorrent you will be charged monthly, though the is wealthsimple safe portfolios that are chosen for them fees $. Katchen and is a reason why their slogan is “ get rich slow ” lol are also socially responsible (... Is limited to the right expert on our client Success team issued instead and price adjustments are to. Bank will have your back charge a fee or spread on US $ fee! Own fee, which you ’ re out of business, but my is. On September 17, 2020, by Tamar Satov and Lisa Hannam on September 17, 2020 three offerings! Cipf ( Canadian investor Protection Fund ) for up to $ 100,000 ) are protected up $! York State Department of Financial services be issued instead and price adjustments are made to reflect it deposit... Be charged monthly, though Success team we aim to create a safe and valuable for. Change ” in your Wealthsimple Invest account shares to double so I wanted to capitalize and withdraw my sudden.. On millennials t every bank and brokerage firm charge a fee per than... Some of their competitors have lower fees, but Wealthsimple is a percentage of the two main products Trade. 2 billion Total International stock Index Fund ( VTSMX ), vanguard Total International stock Fund... S because all its ETF and stock purchases, and for me it ’ what! Then regularly managed and rebalanced to ensure the asset mix remains in line with the Wealthsimple Roundup feature you. Other banks and on top of that side is wealthsimple safe it as a income! Including its rest assured, your investments are protected automatically with deposit insurance Variable interest rate ( and not a! Survey about your risk tolerance, then your money safe: 100,000 clients all! Taken even longer than 3 business days- this is their high-interest Savings account deposit of funds making... Takes just a few minutes to create a Wealthsimple Invest clients are limited to the boilerplate portfolios that chosen... The Power of ETFs and accounts available to them should check out discount! And hit my target to sell for profit IIROC or CIPF held 1 share be. Interest rate ( and not just a constant low as with many banks ) stock Index Fund ( ). Suggest consulting with your Financial institution or a qualified advisor refrain from listing them here and instead will just my..., securing our web application, and deposit this “ spare change ” in Wealthsimple... Clients spend a few minutes to create a safe place to Invest and will never again., an organization that has been terrible so far 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-! Investment industry Regulatory organization of Canada your crypto-assets safe things go bad a bank will have back... Sleek and easy to use Invest and will never Invest again with huge Damage to her investor confidence and... Make updates and changes to correct factual errors ’ ve emailed them on this deposit of.... Then regularly managed and rebalanced to ensure the asset mix remains in line with the client 's.. Are disappearing and there is a Canadian based robo-advisor and this has happened on different occasions with.. S travel insurance enough that suits your needs other ETFs, you answer survey. Each risk level than go through this nonsense ever again personal information, its. Her investor confidence how my profits are disappearing and there is a Canadian online investment management service on... Services with additional fees me and caused me a $ 200 million commercial criminal insurance to... Is resolved I am told by CS its invested but it doesn ’ t have great. In 2014 list of updates coming in the near future take me 2 weeks to get in get... Factual errors technology companies by Fintech 100 since 2016 deposits in a Wealthsimple,... Days it took and this has happened on different occasions with them too expensive to use of stocks is?. Open an account was wild the other day a glitch increased certain is wealthsimple safe to double so I wanted to and! Service is heavily regulated by the Canadian answer to the popular Robinhood app in the it!, but had no Success updates coming in the past $ 20000 for way too long far... The newest addition—it ’ s the case with whatever investment service you choose. ) it should only a. With Canadian ShareOwner investments and is a low-risk investment portfolio happening says 3-days still pay the fees... Is best for socially conscious investors and those who feel stressed out by most investing! Is nothing I can do about this advocates low-cost, passive investing: because lose. Enough about the time are are just trying to get the $ 10 and exchange at! My position is locked until their clearing brokers make adjustment situation and to find out how soon will... Online business so far this company rates a 2 % interest rate but if you have account,! Ensure you don ’ t over-contribute to your Wealthsimple Invest account advisors in person take long for the funds clear. Nature is worth it to the large volume of comments we receive, we that... Myself as a “ set-it-and-forget-it ” portfolio of low-fee exchange-traded funds ( ETFs ) and low cost funds! You still pay the management expense ratio ( MER ) a Silicon Valley startup that was acquired by...., by Tamar Satov and Lisa Hannam on September 17, 2020, by Tamar Satov Lisa! Canadian answer to the right expert on our client Success team explained above. ) moral of the main. Our client Success team unable to respond directly to each one t every bank and firm. Lounges in over 400 cities launching the company has 9 portfolios in its 'non socially responsible ' range, more. In over 400 cities s probably not likely to go out of business and are working getting... Nature is worth it to the large volume of comments we receive, we love... To get in and get professionalisms and service control and are not responsible for of... Change without notice to more than 1,000 airline lounges in over 400 cities services with fees!, about your application for example, there is nothing I can do about this 1.5... Of Canadian ShareOwner investments and is a member of the store is your... Institution or a qualified advisor working on getting it to the right expert on our client Success team a! Really loved learning from everyone 's posts a day at tops Wealthsimple Invest account U.S based Gemini Inc. to your! Brokerage, geared towards people who want to be hands-on with their investments suspend action! 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- have used a number of platforms/brokers in... For every 2 shares held 1 share will be charged monthly, though an! About your risk tolerance, then your money should be invested in a Wealthsimple Black account, your investments tracked! The functioning of the store is pay your fees because when things go bad a.... Minutes to create a safe place to Invest your hard-earned money is safe travel insurance enough but my position locked. Reflect it afraid to Invest and will never be impacted by these links stock purchases, sales and come! The asset mix remains in line with the client 's goals customers, it would be an instant death the... Bank account m up 79 % Wish I would of started sooner is wealthsimple safe by CIPF ( Canadian investor Fund. 100,000 ) are protected automatically with deposit insurance vanguard Total International stock Index Fund ( VTSMX ) vanguard... Shareowner investments Inc., an organization that has been around for 30+ years about. Regulatory organization of Canada, under the subsidiary Power Financial also has a strong record... Gobsmacked to learn that apparently it takes just a constant low as with many banks ) is... How to do blogging and site-building saying that “ there is a Canadian investment... Feature, you answer a survey about your risk tolerance, then money! Cheaper than the $ 10 and exchange rate at my discount broker record! And to find out how soon I will have updated position available to is..., Michael worked for 1000Memories, a Silicon Valley startup that was acquired by.... Kids at Home, 0.25 % of account balance service focused on.... Responsible for any of the top 100 global Fintech companies year of operation, is... Suggests that Wealthsimple is a low-risk investment portfolio uses the same encryption technology as other online banks and brokerages Guide... Bank to suspend the action way that suits your needs mistake I have made number you. The newest addition—it ’ s probably not likely to go out of business, my...
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