Toronto-based robo-advisor Wealthsimple Financial Inc. is looking to give a second opinion to investors with its new Portfolio Review service.
To use the service, which was announced on Monday via Wealthsimple's website, individuals upload all of their financial statements — from investment accounts to credit cards to a mortgage — to Wealthsimple's platform. A Wealthsimple advisor (called a wealth concierge) reviews the statements and then discusses the individual's financial picture over the phone.
Wealthsimple advisors will primarily look to see how an individual's financial picture can be improved in terms of fees, diversification and taxes. For example, in a blog post describing the new service, Wealthsimple says its advisors will look to see if an individual is properly diversified whether it's in terms of geography or asset classes.
"If somebody has half his assets in, say, his home, it might not make sense for him to invest in a bunch of real estate in his portfolio," reads Weaalthsimple's blog post. "If the real estate market takes a turn for the worse, that person will find himself painfully exposed."
Individuals do not have to be a Wealthsimple client for their financial information to be reviewed and they do not have to sign up sign up for an account with the robo-advisor.
Photo copyright: designpics/123RF