Briefing

Wealthsimple doubled investment base last year

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The financial technology firm had $3.4 billion in assets under administration (AUA)—the amount of money being invested through the platform—as of Dec. 31, 2018, compared to $1.7 billion the previous year, according to parent company Power Financial’s annual report. Wealthsimple—not yet five years old—now has over 100,000 clients. (The Logic, with a h/t to the reader who spotted it)

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Talking point: Wealthsimple’s growth has been fuelled partly by a flurry of product announcements in new areas. It launched a white-label option for financial advisers in 2016, and group retirement plans for employers the same year. And, the company’s figures are likely to see a significant boost from its most recent launch, a stock trading app for users who want to make investment decisions proactively, rather than leaving them to the platform’s algorithms. Wealthsimple won’t charge a commission—an attractive proposition to the millennial first-time investors that have been its core demographic so far.