Company News

The robo-advisor provides clients with financial planning and access to a dedicated advisor and has expanded its offerings to include private investment portfolios

By Fiona Collie |

Vancouver-based robo-advisor WealthBar Financial Services Inc. has reached the $100 million mark in assets under management (AUM) just more than two years after its launch.

"While reflecting on our journey so far, our team has come a long way from being an idea on paper," says Tea Nicola, WealthBar's CEO, in a statement.

WealthBar, one of a handful of robo-advisors to launch in Canada in 2014, provides clients with online onboarding and investment management as well as financial planning and access to a dedicated advisor.

"While we might be online, we know our clients see value in having a dedicated advisor and planning," says Nicola. "Having someone who genuinely cares available to talk is an important part of what makes our clients successful."

WealthBar has expanded its offerings to include private investment portfolios. The portfolios are offered through Vancouver-based Nicola Wealth Management, which owns a stake in the company. WealthBar also launched a group RRSP platform in August 2016. 

For the most part, Canada's fledgling robo-advisors have largely been quiet about the number of clients and assets they hold. An exception is Toronto-based Wealthsimple Financial Corp., which says it currently manages about $750 million in client assets.

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