By Gadjo Cardenas Sevilla
Wealthsimple, an online investment manager, is putting the power of their services in their new mobile app for iOS and Android devices.
Aiming to help Canadian mobile users take better control of their investments. Wealthsimple says they are the first “robo-advisor” service in Canada to give their clients access to their investment accounts anytime, anywhere through the power of connected mobile devices. The company says that this allows customers instant access to accounts and investment portfolios.
Robo-advisor
Robo-advisors are online-based operations that build cheap web-based customized portfolios for clients, typically with exchange-traded funds, and then monitor and rebalance them on an ongoing basis.
“Wealthsimple App puts a financial advisor in your pocket. Since the very beginning, we have strived to provide Canadians with the perfect intersection of smart investing and cutting-edge technology.With our native apps, your dedicated wealth concierge is just a tap away to answer any questions you may have about your investments,” a Weathersimple spokesperson said.
Savings are a big draw for customers. “We charge less than half a percent vs. 2.42% that the average Canadian pays for investment management and don’t charge for trades or transactions.”
Clients will have the ability to view your performance, check on your asset allocation, and add funds using a secure PIN. You can also give friends and family their first $10,000 managed for free by referring them through the app.
The app provides clients with the ability to access their investment portfolios and add funds using a secure PIN, check their portfolio balance and returns in real time, view their asset allocation of stocks and bonds, contact their wealth concierge, and refer friends and family to Wealthsimple. Clients can download the app using either the Apple App store or Google Play store.
Privacy and Security
Wealthsimple’s mobile app gives clients the option to use either TouchID or to set a unique 4-digit passcode on iOS and a lock pattern on Android for quick, easy, and secure access to their investment portfolios. Understanding the latest built-in security features on most smartphones and putting these to use is a boon for consumers who are familiar with and trust these security features.
Of course, there are many mobile device users who still need convincing. As with the mobile wallet, having any form of access to one’s personal and financial information on their mobile phone still feels risky, since misplacing the device or theft means that not only is the hardware compromised, anyone can gain access to their financial information.
Initial customer reviews of Wealthsimple seem to be very positive. “Huge fan. I’m a Wealthsimple client and this makes everything easy to track and manage. Excited to see where they go with this next.” Said user m-j-k on the App Store.
“As a happy Wealthsimple client, I’m excited to see that this app has launched. It allows me to see how my investments are doing anytime, any day, right from my iPhone. Looking forward to the features and benefits that are sure to come as they develop this app further,” says lmkendrick, a user who finds the app very user friendly.
It is good to see a Canadian company innovating in this space and breaking new ground not just in investment thinking but also in the various ways mobile devices can be used to manage their money.
