The U.S. launch marks the Toronto-based robo-advisor’s first expansion outside of Canada
Robo-advisor’s cost-saving proposal is subject to OSC approval
“Wealthsimple Black” will provide clients with $100,000 or more invested in the service with a lower management fee and access to tax-efficient funds and tax-loss harvesting
The new service is intended for advisors who have clients with smaller accounts they want to keep on, but don’t meet minimum account requirements
Individuals are able to upload their statements to Wealthsimple for review, and an advisor with the firm will look to see how the person’s finances can be improved
Advisors will be able to send invites to clients they feel would best benefit from the robo-advisor’s services and then monitor those clients’ portfolios and track their success
The Canadian robo-advisor firm beat out well-established major U.S.-based financial services institutions for the prize
New ETF products will have slightly higher fees
That change was made possible thanks to the firm’s acquisition of ShareOwner, whose dollar-based investment services allows investors to purchase fractional shares of ETFs
Robo-advisor will be able to work more closely with advisors as a result of the transaction