High angle view of businesspeople shaking hands and closing a deal

Toronto-based CI Financial Corp. has completed its acquisition of a majority stake in WealthBar Financial Services Inc., the company announced Wednesday.

WealthBar, an online wealth management and financial planning platform (a.k.a. robo-advisor), will continue to operate as a stand-alone business under its current leadership of co-founder and CEO Tea Nicola, co-founder and chief technology ifficer Chris Nicola, and chief investment officer and chief compliance officer Neville Joanes, all of whom are retaining an ownership interest in the firm, CI says in release.

The acquisition was first announced on Dec. 14, 2018. Terms were not disclosed.

“We welcome WealthBar to the CI Financial group and are looking forward to a very productive partnership,” said Peter Anderson, CI’s CEO, in a statement. “CI’s scale and resources will support the continued rapid growth of the WealthBar business, while WealthBar’s experience and industry-leading online tools and services will fuel the development of our own comprehensive digital strategy and continued innovation across the CI group of companies.”