A quick Google search shows that a good number of people are searching for portfolio trackers that work like Personal Capital in Canada.
If you are one of the many Canadians who rue the fact that we don’t have Personal Capital in Canada, you should definitely be glad that we now have Wealthica!
Investors love to have access to an investment dashboard that consolidates their investment assets in one place.
Whether it is to get a snapshot of your net worth or to see how your portfolios are performing, an investment tracking app or spreadsheet is always great to have.
This Wealthica review covers how it works and how you can easily benefit from using the net worth tracking tool for yourself.
What is Wealthica?
Wealthica is an investment tracking web and mobile app developed by Wealthica Financial Technology Inc.
The company was founded by Martin Leclair and Simon Boulet and they recently brought on board, Eric Lemieux, who was a former vice-president of wealth management at Desjardins.
As of this update in October 2021, Wealthica tracks more than $14 billion in assets and allows its users to link accounts from over 200 financial institutions and investment portals in Canada.
Wealthica is based in Montreal.
How Wealthica Works To Track Your Portfolios
The fundamental idea behind Wealthica is that you should be able to easily see all your investments in one place.
For example, say you have investment accounts at Tangerine, Wealthsimple, Questrade, and TD Direct Investing…you can log in to your Wealthica account and view all those investments instantly through your Wealthica dashboard.
Wealthica automatically updates each day to show where your balances stand, what your holdings are, and all the transactions that have occurred.
- To get started, sign up here.
- Link your investment accounts at any of the over 140 financial institutions listed on the platform.
- Add other assets and liabilities e.g. real estate, alternative investments, mortgage debt, etc., and their estimated current value.
- Wealthica consolidates all your assets and syncs daily so you can start tracking your net worth on one simple dashboard.
Benefits of Wealthica
Here are some benefits of using a wealth management app like Wealthica.
It is FREE: The basic functionality you need for consolidating your investment accounts is free. If you need additional functionality, you can opt for a premium account.
Informed Wealth Management: You can view your portfolio performance over time, see how much you are paying in fees, and make better investment decisions.
Create a Family Office: Wealthica offers a Family Office option so you can share the same dashboard with others in your family. The dashboard divides your net worth by family members and provides a one-page financial picture.
Budgeting Tool: Wealthica has a Budget Wizard you can use to track your monthly income and expenses, categorize your income and expenses, and easily create a budget.
Get Alerts: Wealthica can notify you when there are new transactions and if you have cash waiting to be invested.
Add your Robo-Advisor: If you have invested with a Canadian robo-advisor, you can link up your accounts and view all your investments on your dashboard. Wealthica works with Wealthsimple, Questrade, CI Direct Investing, Tangerine, and Nest Wealth.
Link with your Advisor: If you are working with a financial or investment advisor, you can provide them with restricted access to your Wealthica dashboard.
Secure Account: Wealthica uses bank-level security to protect your account and personal information.
Wealthica Investment Dashboard
Wealthica offers standard add-ons you can use to extend the functionality of your dashboard. The free add-ons include:
Balance Sheet: This add-on consolidates your assets and debts per asset type. You can compare changes in your asset values between dates with just one click.
Income Report: This add-on shows the income generated by your investments e.g. interest income and distributions.
Fees Report: Wondering what you have been paying in fees and MERs? This add-on shows your monthly fees and taxes.
P/L Timeline Tracker: This add-on compares your portfolio value vs. your deposits over time. You also get a profit/loss ratio, holdings chart, USD/CAD comparison, top losers and gainers chart, and upcoming earnings.
Performance: Use this add-on to find out what your portfolio rate of return is compared to the benchmark indices.
Coin Tracking: If you “invest” in cryptocurrencies, you can use CoinTracking to track your cryptocurrency investments (over 5,000 cryptocurrencies) using data from popular exchanges including Binance, Bitfinex, Coinbase, Kraken, and Cryptopia.
Yahoo Expert Export: Export your stock positions to Yahoo Finance for real-time stock quotes and news.
Stockchase: You can add the Stockchase widget to learn about what experts are saying about various stocks and investments.
Passive Lite: Passiv is a portfolio rebalancing tool. You can learn more about this tool in my Passiv review. Wealthica easily integrates with Passiv Lite and if you have a Questrade account, you can upgrade to the fully functional version of the app.
Developer Add-on: You can extend Wealthica and add your own add-ons and widgets from third-party providers.
Users who want to maximize their use of Wealthica can sign up for their paid add-ons including:
1. Google Sheets Export: This add-on exports your positions and daily financial transactions to Google Sheets. Your spreadsheet automatically updates transactions and you can add live quotes and market data.
This add-on costs $5.99 per month.
2. Wealthscope: If you are looking for in-depth portfolio analysis, Wealthscope may be what you need. This add-on provides insight into how your portfolio is doing based on performance, fees, income and downside protection. It comes with a rebalancing tool, portfolio building and planning functionalities.
Wealthscope costs $15.95 per month or $99.95 when you pay for an annual plan.
Is Wealthica Free?
Wealthica offers a free dashboard to consolidate all your investment accounts. You can link an unlimited number of accounts and have free access to transactions, alerts, and reports.
Wealthica makes money if you go with a Wealthica Premium plan or decide to upgrade your account with one or more of the available paid third-party add-ons.
In addition, they make money by offering the Wealthica API to other fintech companies.
Wealthica Premium takes this tool to another level. In addition to what you get on the free plan, a premium account offers the following extra benefits:
- Access to 15-minutes delayed stock quotes for your holdings
- Unlimited portfolios
- Exports and sync to Google Sheets
- 30% discount on export to Excel
- Stockchase premium at a 75% discount
- Priority support, and more.
Is Wealthica Safe and Secure?
The company uses bank-level encryption to protect your financial data, and thousands of Canadians use Wealthica to track over $14 billion in investment assets.
When you set up 2-factor authentication on your account, a security pin sent to your phone is required to complete login on a new device.
The information available via your Wealthica dashboard is read-only and no one can move or transfer your money via the app.
When available, Wealthica connects to your account using API access e.g. for Questrade, Wealthsimple, and Interactive Brokers.
Wealthica recently announced that it has completed SOC 2 Type II certification. As per its website, “A SOC 2 Type II certification is an audit performed by an independent auditor that confirms that Wealthica’s internal controls are effective for protecting customer information.”
My review of Wealthica is positive and I consider it to be one of the best portfolio trackers available in Canada.
I found the overall onboarding process to be very easy, and after linking my accounts, my Wealthica dashboard was populated with data within minutes.
Wealthica is designed to help you consolidate all your investments in one place so you have a true picture of your portfolio/net worth and can make smarter financial decisions.
Wealthica is a free portfolio tracker and investment dashboard for Canadians. This Wealthica review covers how it works similar to Personal Capital and everything else you need to know.