Toronto’s Wealthsimple, an online investment service, has a launched an automated platform for financial advisors to manage their clients’ investment portfolios.
Wealthsimple for Advisors is a new, digital way for Canadian advisors to maintain their clients’ portfolios, while letting Wealthsimple help them with the investment management. The robo-advisor handles the entire signup, from KYC to assessing suitability – freeing up the advisor’s time to provide holistic financial planning advice to their clients.
“It is crucial for the investment industry to innovate, and present advisors with the tools to help their clients become informed investors,” says CEO Michael Katchen. “We want to work with the industry to provide smart technology and support the advisor’s ability to deliver outstanding client experiences.”
Wealthsimple will take the first 0.35% of an advisors’ assets on the platform, but advisors are free to add their management fee.
Founded by a team of financial experts and technology entrepreneurs, Wealthsimple is currently registered and operating in every Canadian province and territory. Since launch, Wealthsimple has brought in more than $400M in assets under management with over 10,000 clients on the platform. Last month they were named to PayPal’s FinTech Five.