One of Canada’s new so-called “robo advisor” firms has expand its services to three new provinces.
Toronto-based Wealthsimple Financial Inc., which launched back in September in Ontario and British Columbia, has now also begun operations in Alberta, Manitoba and Quebec.
“All of us at Wealthsimple are incredibly excited to bring our service to more Canadians,” said Michael Katchen, CEO and founder of the firm, in a post announcing the news.
The firm represents one of a new breed of firms aiming to provide low-cost investment alternatives to traditional brokers, fund dealers and bank-based advisors. It constructs low-fee portfolios of exchange-traded funds (ETFs) for clients with as little as $5,000 to invest, based on their risk tolerances and investment goals. Annual fees range from 35 to 50 basis points.
“We want to make wealth management accessible and simple for every Canadian,” Katchen said. “We have brought together some of the top minds in technology and paired them with financial industry heavy weights to create a product that offers time-tested investment strategies and personalized advice, all at one of the lowest fees in Canada. It’s the way investing should be.”