Financial advisors looking to build their books of business while outsourcing portfolio management have a new option to do so.

Toronto-based robo-advisor firm Wealthsimple Inc. has launched Wealthsimple Advisor Services Inc., a mutual fund dealer registered with the Mutual Fund Dealers Association of Canada. The new firm, which will go by the brand name Wealthsimple Advice, allows advisors and clients to benefit from Wealthsimple’s technology, much like Wealthsimple for Advisors does for financial planners, according a news release.

“Our purpose is to free up advisors to focus on the value-added services that clients expect from their advisor relationship by offering simple, clear and transparent experience focused on clients’ individual goals.” says J-F Courville, CEO of Wealthsimple for Advisors, in a statement. “Our MFDA-licensed firm will allow us to support advisors with a modern, integrated solution.”

For example, Wealthsimple’s robo-advisor platform helps advisors automate front- and back-office operations and provide “seamless” client experience, the news release says.

“We’ve built a platform centred around advisors’ needs, developed with an eye to solving the challenges advisors face every day,” says Dave Nugent, chief client officer at Wealthsimple, in a statement. The new firm “reduces the administrative and compliance tasks that eat into valuable time that could be better spent working with clients and growing a practice.”

Furthermore, Wealthsimple Advice is ideal for “growth-stage advisors” who want to focus on building their books while outsourcing investment management, the news release states. The firm will offer passive or active portfolios of ETFs or mutual funds.

Mackenzie Investments will be added to Wealthsimple’s list of subadvisors and will offer three model portfolios for Wealthsimple Advice, available in varying equities and fixed-income allocations, ranging from 65% equities to 75% fixed income.