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Power Financial adds to investment in robo-adviser Wealthsimple

In View Summary

Wealthsimple, a Toronto-based investment platform, has raised additional funding from Power Financial, bringing its total funding to US$165mn. Wealthsimple provides automated technology that allows its users to set autonomous investing protocols. That is, users provide data about their financial situation and their risk tolerance while Wealthsimple creates a personalized portfolio which can be further customized by end users.

The platform has over 65,000 clients and US$1.9bn AUM. In terms of operational activity, Wealthsimple recently launched in the UK and expanded its operations in the US, with more than 80% of people who use robo-adviser platforms in Canada using Wealthsimple.

Wealthsimple provides automated technology that allows its users to invest on autopilot

The platform’s USP is that it provides the same type of tools and advice to all users with no caps on investment amounts. Additionally, it requires no minimum amount to open an account and charges a 0.5% fee for all assets under management. Neither does it charge any trading, account transferring or rebalancing fees. In addition to managing customer assets, it provides education through a branded online magazine and gives users access to its own stable of financial advisors.

Ultimately, Wealthsimple is a good example of a next generation financial advisor that is embracing a B2B approach to customer acquisition.

Reported Benefits

Benefits to Customers

  • Transparency and convenience
  • Real-time accessibility
  • Improved response time

Benefit to the Insurer

  • Reduced time and costs
  • Real-time access to customer interaction data
  • Improved customer engagement

The Digital Insurer's View

The potential for digital advisory tools is immense as the customer demand for improved products and service capabilities will continue to increase. Wealthsimple’s business proposition provides customers with a holistic financial management platform. Furthermore, the asset and wealth management industry will continue to witness similar robo-advisory deals and partnerships as the AI component underpinning this service continues to advance.

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