IIAC praises certain regulators for rejecting best interest standard

Toronto-based financial technology firm Planswell announced Monday that its free financial planning tool is now available to Canadians in British Columbia, Alberta, Manitoba, Ontario, New Brunswick and Nova Scotia.

“We’ve seen that basically no one knows what they need to do on a monthly basis to maintain their lifestyle in retirement,” says Eric Arnold, CEO and co-founder of Planswell, in a statement. “It’s been amazing and we can’t wait to ensure that everyone has the same opportunity to secure their financial future, regardless of their current status.”

The financial planning engine at Planswell is designed to show Canadians in a matter of minutes how to maximize their investment potential, minimize their borrowing costs and financially protect themselves and their loves one.

The company has raised a $6.8 million dollar seed round from a range of investors, including former senior executives from a few of Canada’s major financial institutions, the firm says in a news release.

“Over 100,000 financial advisors across Canada will tell you that their ideal client has $1 million or more in investable assets. That’s just under 1% of the population,” Arnold adds.

“The other 99% have been completely ignored, or worse, have been targets of predatory, high-fee products in the absence of a plan. We’re finding we can save Canadians hundreds of thousands of dollars towards their retirements through better planning.”

Read: Free plans from Toronto startup