Canadian online investment manager – robo advisor – Wealthsimple has announced that it will be trialling a beta version of its platform this summer ahead of a full launch in the UK in September 2017.
Describing its service as ‘investing on autopilot’ Wealthsimple is currently offering investors early access to its service here
Launched in 2014, Toronto based Wealthsimple is currently live in Canada and the US and is built around ‘professional investing made simple and affordable with smart technology’; it currently has more than C$1billion under management.
Full details of the planned service are not yet known but according to Wealthsimple founder and CEO, Michael Katchen, it will be aimed at young, first-time investors – it is focused on ‘making investing easier for millennials’.
investors have the choice of either a standard or a socially-responsible investment portfolio
In announcing its intention to launch in the UK, Mr Katchen said: ‘There are a lot of people in the UK who aren’t getting the tools and advice they need to live their best financial lives and in particular young and first-time investors. We’re really excited to introduce our first UK clients to the simple, smart, accessible service Wealthsimple is known for.’
Wealthsimple combines a robo advice platform with access to live advisers; each client is provided an investment adviser – via phone, text message, email or video chat – who helps match investments to the client’s long-term goals and risk tolerance.
In Canada an annual fee of 0.5% is levied on balances of up to £100,000 reducing to 0.35%, based on account size; there is no account minimum required and no charge per transaction.
Portfolios are monitored daily and automatically rebalanced if they move beyond certain risk parameters; investors have the choice of either a standard or a socially-responsible investment portfolio composed of ETFs.