Advisors looking to build their books of business while outsourcing portfolio management have a new option to do so.
Wealthsimple, a Toronto-based, online portfolio manager, has launched Wealthsimple Advice, a wealth management firm registered with the MFDA. The new firm allows advisors and clients to benefit from Wealthsimple’s technology, says a release, much like Wealthsimple for Advisors does for financial planners.
For example, the Wealthsimple platform helps advisors automate front- and back-office operations and provide “seamless” client experience, says the release.
“We’ve built a platform centred around advisors’ needs, developed with an eye to solving the challenges advisors face every day,” says Dave Nugent, chief client officer at Wealthsimple, in the release. The new firm “reduces the administrative and compliance tasks that eat into valuable time that could be better spent working with clients and growing a practice,” he says.
Further, the firm is ideal for “growth-stage advisors,” who want to focus on building their books while outsourcing investment management, says the release. The firm will offer passive or active portfolios of ETFs or mutual funds.
Mackenzie Investments will be added to Wealthsimple’s list of subadvisors, and will offer three model portfolios for Wealthsimple Advice, available in varying equity and fixed income allocations, from 65% equity to 75% fixed income.