Wealthsimple brings previously inaccessible investing strategies to all investors
TORONTO, Sept. 15, 2014 /CNW/ - Wealthsimple, a technology-driven investment manager, officially launched today to make smart investing simple. Its mission: provide every Canadian, regardless of net wealth or financial knowledge, access to smart, low-fee investing solutions – plus the advice they want, when they need it.
"Our mandate is to take the guesswork out of investing," said Michael Katchen, Founder and CEO of Wealthsimple. "We built our investment platform from the ground up by working with some of Canada's foremost finance experts and technologists to deliver a product that offers sophisticated investment strategies and personalized service that's affordable."
Wealthsimple is a first-of-its-kind service. It constructs personalized investment portfolios with low-cost index funds across 10 asset classes, at one of the lowest fees in Canada. Typically, this type of advice is only available through financial advisors to people with assets of $250,000+. Other benefits include:
● Minimum account size $5,000 (much lower than the industry average)
● Among the lowest management fees in Canada at 0.35-0.50%
● Institutional pricing, no trading costs, and no administration fees on RRSP and TFSA accounts
● Entirely paperless (every step is digitized and all account information is available online)
● Automatic rebalancing and tax loss harvesting
"Thirty years ago, the mutual fund industry changed investing as we know it. 10 years ago, ETFs did the same thing," noted Joe Canavan, 30 year industry veteran and former CEO of Assante Wealth Management. "Since launching in the US, online investment platforms have exploded, attracting more than $3 billion in assets under management. Now, with the launch of Wealthsimple, Canadians can enjoy the next evolution of investing in Canada."
How it works:
- Every client receives a customized portfolio based on their risk profile and investment goals.
- Each portfolio is built based on time-tested investment strategies that look at identifying the right asset classes, minimizing risk through diversification, and rebalancing regularly.
- An online dashboard makes understanding your investments easy by clearly stating your total investment, portfolio value, and overall performance.
"The key to responsible investing is discipline," said Professor Eric Kirzner, Head of Value Investing at the Rotman School of Management. "Pick your asset allocation, consider your risk tolerance, and do it in a way that is educated and emotionless. The platform and process developed by Wealthsimple brings these principles to life and I am excited to be part of the team to deliver it to Canadians."
Founded by a team of financial experts and technology entrepreneurs, Wealthsimple offers Canadians the best of investment strategy and innovation. The company's investors and advisors include industry thought-leaders: Eric Kirzner, Roger Martin, former Dean of the Rotman School of Management, and Joe Canavan, among others. On the technology side, experts include David Ossip, Founder of DayForce and Workbrain, as well as Y Combinator alumni and founders of 1000memories, Brett Huneycutt and Rudy Adler, who worked to build the intuitive, consumer-friendly platform.
The service is currently available in Ontario and British Columbia. For more information please visit wealthsimple.com, email [email protected], or speak to a wealth concierge at 647-350-7675.
Wealthsimple is a technology-driven investment manager that is changing the way Canadians invest. Our mission: provide every Canadian, regardless of net wealth or financial knowledge, access to smart, low-fee investing solutions – plus the advice they want, when they need it. We offer sophisticated investment solutions built with low-cost index funds across 10 asset classes, at one of the lowest fees in Canada. Founded by a team of financial experts and technology entrepreneurs, Wealthsimple makes smart investing easy for everyone.
For further information: James DeCosimo, Kaiser Lachance Communications, T: (647) 725-2520 x218, C: (905) 510-3722, [email protected]