So-called “robo advisory” firm Wealthsimple Financial Inc. is going mobile, with the launch of its smartphone app.
The Toronto-based firm said Wednesday it has launched a new app that “puts a financial advisor in your pocket”.
The app, which is available on both the iOS and Android operating systems, allows clients to access their portfolios, review balances, returns and asset allocation in real time, and facilitates contact with the firm’s advisors, which it calls “wealth concierges”.
The service is one of a handful of firms that have cropped up in Canada recently to offer high-tech, low-cost investment services. It charges between 35 and 50 basis points to put clients, with as little as $5,000 to invest, into a diversified portfolio of exchange-traded funds (ETFs).
Earlier this month, Wealthsimple expanded its services to Alberta, Manitoba and Quebec. It initially began operations in Ontario and British Columbia back in September.