Wealthica Review: Track Your Investment Portfolios and Net Worth

A quick Google search shows that a good number of people are searching for portfolio trackers 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 Wealthica is here to the rescue!

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.

Wealthica review

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 April 2021, Wealthica tracks almost $10 billion in assets and allows its users to link accounts from over 140 financial institutions and investment portals in Canada.

Wealthica is based in Montreal.

Open a free Wealthica Account.

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.

Wealthica portfolio
  • 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.

Wealthica alerts
Wealthica Email

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.

GET WEALTHICA

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.

Wealthica income report
Wealthica Dashboard

Fees Report: Wondering what you have been paying in fees and MERs? This add-on shows your monthly fees and taxes.

Wealthica fee report
Wealthica Dashboard

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.

Wealthica performance report
Wealthica Dashboard

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 realtime 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.

Wealthica google sheet export addon
Source: Wealthica

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.

Wealthica Pricing – Is It 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

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?

The company uses bank-level encryption to protect your financial data, and thousands of Canadians use Wealthica to track over $5 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.

For more information about how your security is ensured, check their terms of service and privacy policy.

Final Thoughts

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.

I couldn’t connect my Tangerine Investment Account and haven’t figured out whether this is due to the fact that I had set up the DoubleSafe secure login for Tangerine or maybe I just don’t remember my password.

Other than that, I was able to link every other account in one try.

If you want to try out a free Wealthica account, sign up here.

Wealthica Review
4.8

Summary

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.

Wealthica Review: Track Your Investment Portfolios and Net Worth
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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

6 thoughts on “Wealthica Review: Track Your Investment Portfolios and Net Worth”

  1. Thanks, I signed up and very easily added all our assets (including Tangerine funds!). This saves me going to 4 different bank sites and a Fund Company site to keep track of everything.

    Reply
  2. This is a great app for Canadian investors. The “Mint for Canadians”. I like that you can link Canadian add-ons to monitor and rebalance your overall portfolio.

    Reply
  3. Thanks very much for this article. Welthica appears to be just what I have been looking for.

    I am concerned though about the possibility of third parties somehow gaining access to our accounts as a result of the online link between Wealthica and our financial institutions. I have read somewhere that most will not honor our loss if this should happen. This of course is a very slight possibility, but……

    I would appreciate your comments as well as those from others on this.

    Reply
  4. Thanks for this. Very informative.

    Do you have any posts on how to build a “balanced” investment portfolio? I’ve seen posts on ETFs etc, but I’m curious as to how build one and what to have in them for diversification etc.
    Also, when you respond to comments, is there a way to be notified rather than me searching for the post I commented on? I’m subscribed by the way..
    Thanks for your great posts.
    Ror

    Reply
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