Mandeville, Smart Money introduce WealthPort service

Vancouver-based Credential Financial Inc. is bringing robo-advisor technology to its affiliated firms through a new partnership with Toronto-based Nest Wealth Asset Management Inc. that was announced on Thursday.

Through the agreement, Credential’s partner firms will have access to Nest Wealth Pro, a white label digital platform that offers traditional advisors and their firms the same technology that digital wealth-management platforms (a.k.a. robo-advisors) use.

“Nest Wealth’s intuitive platform and technical process sets the firm apart in the competitive space of digital wealth management,” says Kim Thompson, senior vice president, advisory services, with Credential, in a statement. “We look forward to this partnership to provide our partners with a digital solution that will expand their capacity to service their members.”

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Nest Wealth Pro allows clients to sign up with an advisor through a digital onboarding process. As is the case when signing up for a robo-advisor, the onboarding includes the collection of know-your client and risk profile information. As well, clients can check on their accounts or communicate with their advisors through a computer, tablet or mobile device.

“We are proud to have an offering that improves efficiencies for wealth-management firms as it helps in areas as far reaching as the digital engagement of potential clients, day-to-day management of portfolios, client goal tracking and the complete digitization of a traditionally paper-based industry,” says Randy Cass, Nest Wealth’s CEO, in a statement.

Nest Wealth Pro, which first launched in June 2016, is also agnostic in terms of products. This means firms that partner with Credential can use Nest Wealth Pro’s portfolio management technology with the firms’ own product choices. Robo-advisors, such as Nest Wealth, tend to focus on ETFs in their own portfolios.

Credential, which oversees more than $30 billion in assets under administration, has partnerships with approximately 200 credit unions and portfolio management firms, including Vancouver City Savings Credit Union (VanCity), Edmonton-based Servus Credit Union and Vancouver-based Dixon Mitchell Investment Counsel, and 1,500 advisors on both the Mutual Fund Dealers Association of Canada and the Investment Industry Regulatory Organization of Canada platforms.

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