Montreal-based Wealthica Financial Technology Inc. is expanding its focus to target advisors and institutional investors.
In doing so, the privately-owned financial aggregation firm has appointed Eric Lemieux as chief revenue officer and added Lemieux to its board of directors.
The former vice-president of wealth management at Desjardins will lead Wealthica’s efforts regarding advisors and institutional clients as the industry shifts toward open banking, said Wealthica CEO Simon Boulet.
Wealthica’s aggregation engine links more than 100 Canadian investment institutions and portals, allowing investors to see all of their investment accounts in one place.
The firm’s white label dashboard enables advisors to see all of their clients’ assets, even if they’re in multiple accounts.
“The platform will be branded under the advisor’s company and gives them the opportunity to get the 360-degree view of the client’s portfolio, as long as the client grants access,” said Lemieux.
“This will help advisors be able to give better advice because they can see all of the assets and where they lie.”
While a basic version of the service is free for individual investors, advisors pay based on the number of clients or assets under management (AUM) in the platform.
“On the fintech spectrum, Eric brings the ‘fin’ side of things,” said Boulet. “We’ve been focused on software, technology and building our application for the last few years. Eric’s addition to the team will allow us to invest more time with customers, financial institutions and future clients.”