The financial technology firm Wealthsimple has launched an automated platform to help financial advisors manage their clients' investment portfolios.

Wealthsimple says its "robo-advisor" will handle the entire signup process, from compiling know your client data to assessing suitability, which will free up the advisor's time to provide more complex financial planning advice. The service includes an administrative interface for the advisor as well as a personalized dashboard that each client can access over the internet and through mobile apps.

Fee of 0.35% on assets

Wealthsimple charges a fee of 0.35% on the assets the advisors administers on the platform, while advisors are free to add their own management fee on top of this amount.

"It is crucial for the investment industry to innovate, and present advisors with the tools to help their clients become informed investors," says Wealthsimple CEO and founder Michael Katchen. "We want to work with the industry to provide smart technology and support the advisor's ability to deliver outstanding client experiences."