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Wealthsimple to expand to the United Kingdom

By The IJ Staff | June 22 2017 09:45AM

Wealthsimple announced today that it is expanding its robo-advice investing service to the United Kingdom. It will launch a beta version this summer, followed by a public launch in September, announced the Canadian company June 22.

"Our mission is to make smart financial services accessible to everyone in the world. There are a lot of people in the UK who aren't getting the tools and advice they need to live their best financial lives, and in particular young and first-time investors," said Michael Katchen, founder and CEO of Wealthsimple. "We're really excited to introduce our first UK clients to the simple, smart, accessible service Wealthsimple is known for."

Access to human advisors

The platform allows clients to open an investment account in minutes through Wealthsimple's website or mobile app and enables them to “have access to human advisors whenever they'd like, and will pay a transparent, and remarkably low management fee,” says the company. Investors will be able to choose either a standard or socially responsible investment portfolio.

Toby Triebel, a fintech entrepreneur and financial services veteran, will be leading Wealthsimple's UK business. He previously co-founded the online lending platform Spotcap.

30,000 clients

Wealthsimple has 30,000 clients with $1 billion in assets. It's backed by the Power Financial Corporation group of companies. The UK is the company's second international market. Wealthsimple launched in the United States at the end of January.

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