Signing into six different financial portals to check the performance of your investments can feel time-consuming and monotonous. Moreover, it can be difficult to track and calculate your net worth with your assets diversified across different platforms. That’s where Wealthica comes in; a financial and investment tracking app that provides an overview of all your financial transactions and investments.
What is Wealthica?
Wealthica was born from the ambition of three men looking to consolidate investment reports. It is an investment tracking app and web-based app that supports more than a hundred financial institutions and investment platforms. It is a Montreal-based company that was founded in 2015. Today, Wealthica is one of Canada’s largest financial aggregators with more than $5 billion aggregated assets.
Wealthica’s Story
Wealthica was created after the sale of an internet infrastructure company called iWeb. iWeb was built by Martin LeClair and Simon Boulet; masters of web development and design. It was later sold to Internap Network Services Corporation. After its sale, Eric Lemieux; a former executive of Desjardins joined their team, and thus began the creation of Wealthica. Through the expertise of these three men and their desire to consolidate investment reports, Wealthica was born. They hope to provide a transparent overview of all your investments and financial transactions across all platforms in one account.
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Wealthica’s Mission on Consolidating Your Investment Reports
Wealthica was created with the mission to provide Canadians with an unbiased overview of their investments so that they may see the true value of their net worth. Wealthica works by first connecting to your financial institutions and investment platforms. Once connected, it compiles all of your investment holdings into a single list where you can review your balances and see where you stand. It records all transactions and automatically updates each day so you may review the performance of your investments.
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Why Canadians Love Wealthica
Wealthica has been growing in popularity amongst Canadians due to the number of benefits it provides the user.
Benefits
- Free Reports – Track your wealth and get free reports on your investments.
- Family net worth – Wealthica provides the option to add family members or companies to your dashboard so that you can individually track their net worth. Wealthica also provides a one-page overview of the net worth as a family or business.
- Provide restricted access to your advisor – When it comes to financial planning, you’ll have to provide your advisor with your financial information. However, everyone isn’t comfortable with laying out their entire wealth to a stranger. With Wealthica, you can provide your advisor with restricted access to your dashboard so that they may help with your financial planning.
- Alert – Get alerts for new transactions and cash drags.
- Sync – Wealthica is supported by +90 financial institutions and investment platforms, making it easy to sync your financial information into one area.
Features
Wealthica has a variety of features that allow users to gain a better perspective on their investments, which in turn will help them manage and make better financial decisions. Currently, Wealthica offers both free and paid add-on features.
Free add-ons
| Balance Sheet | When you meet your financial advisor, a balance sheet report can help your financial planner understand your financial position. This in turn will allow them to recommend steps and provide strategies on how you can reach your financial goals more efficiently. |
| Income Report | Wealthica also provides an income report, so that you may get a better understanding of your income sources. |
| Fee Report | Calculating your fees across multiple investment and saving platforms can be difficult. But with Wealthica’s fees report, you’ll know how much you pay in fees (MERs included) per month. |
| Realized Gains Report | You realize gains when you sell an asset for more than what you initially bought it for. Knowing how much you gained is important as you’ll have to pay taxes on it. |
| Coin Tracking | If you’ve invested in cryptocurrencies, you’ll be able to keep track of it on your dashboard. |
| Performance Report | Find out your investment ROI with Wealthica’s performance report. |
| Passive Lite | Passive Lite is a handy tool that automatically calculates how to rebalance your portfolios. It provides you information based on your trades, available cash and investment target. |
| Developer Add-on | The developer add-on gives you the freedom to add third party widgets to your Weathica dashboard. |
Paid add-ons
| Google Spreadsheets | This add on will cost you $5.99 a month, but it will give you the ability to export all your financial transactions and investment holding to a google spreadsheet. Through it, you’ll be able to consolidate all your transactions and holdings so you can get an overview of your finances and compare the performance of all your investment portfolios. |
| Wealthscope | This add on will cost you $15.95 a month or $99.95 annually, but it will help you understand and manage your investments better. It uses data and technology to analyze your financial portfolio as a whole and provides information that will help you see if you’re diversifying enough, understand your risk exposure and more. |
How Much Does it Cost to Use Wealthica?
Wealthica is a free service that anyone can use. They have a number of widgets you can add to enhance your experience and get further insights into your investments. However, as mentioned not all the add ons are free, the Google Spreadsheets and Wealthscope add on will cost you $5.99 and $15.95 a month, respectively.
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Your Security is Wealthica’s Priority
Wealthica is committed to your safety by having your information protected through Amazon Web Services (AWS); a secure cloud services platform. To break it down, Wealthica ensures the security of your information in 3 main ways.
- Bank-level security – Through innovative technologies and programs, Wealthica ensures your credentials are encrypted and inaccessible to their employees and administrators.
- Enhanced login security – Wealthica takes it a step forward by implementing a 2-step authentication process. Those who choose can have a security PIN sent to their smartphone to authorize any logins from a new device.
- Site Lock – Wealthica also implemented a daily scan of its website through Site Lock which verifies Wealthica’s security every day.
Bottom Line
Wealthica is a great tool to help you track your investments and finances in one account, whether you’re new to investing or have years of experience. Wealthica’s many features will help you stay organized and provide you with the information you need to make the best decisions for your future.
