Wealthica offers consolidated reporting for family offices

By Jonathan Got | February 27, 2024 | Last updated on March 18, 2024
2 min read
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Editorial note: This story has been edited for clarity.

Montreal-based fintech Wealthica Financial Technology Inc., an investment aggregation platform, launched consolidated reporting for family offices earlier this month. The software, which family offices can use on their own or with their wealth advisors, inventories an estate’s assets and assigns them to family members, holding companies or trusts to help with succession planning.

For family offices, communicating and sharing documents among family members and advisors is difficult, said Jeff Matte, managing director of Wealthica. “Having everything inventoried in one place is something that a lot of family offices are looking for.”

While Wealthica’s existing account aggregation displays the balances of all financial accounts across institutions, the new asset inventory area can record items like boats and real estate as well as liabilities such as mortgages and loans. Each asset or liability can be assigned to an individual or entities like trusts to help track intergenerational wealth transfers.

Consolidated reporting complements existing platform features like the dashboard, which shows the positions, net worth and goals of each client in the family office. Advisors can also drop documents such as life insurance policies, Fund Facts, wills and tax slips into the document vault so both advisors and clients have access to everything in one place, said Billy Kawasaki, Wealthica’s general manager.

The new tool is available with a family office–level subscription, with pricing beginning at $250 a month. Wealthica can develop custom features for an additional monthly cost. The complete version, which includes basic and custom features, and additional technical support, costs $1,000 a month, Kawasaki said.

Matte said Wealthica’s software is suited for family offices with assets between $15 million and $500 million.

“We’re the perfect tool for a middle-sized family office that just wants a tool to track investments and get a 360 view,” he said. “The goal is to cover as many use cases as possible without changing the core of Wealthica, which is investment tracking.”

On Tuesday, Wealthica said it added a cost base calculator to its platform as well as the ability to categorize transactions — features aimed to help with tax preparation.

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Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.