Canadian Digital Financial Planning Firm Expands into U.S.

By Alex Padalka November 3, 2020

Toronto-based Planswell says it has expanded its free financial plans offering to U.S. residents.

The company claims that customers of the platform can enter basic financial details and in return get tax-optimized options to grow their investment accounts as well as advice on life and disability insurance and reducing debt, according to Planswell.

“The U.S. was identified as our first expansion market for several reasons, including the size and needs of the population and the overwhelming response to early testing,” Eric Arnold, the company’s CEO, says in a statement. The firm has been testing in 18 countries.

"America is just the beginning," Arnold says. "We’ve set our sights on making a global impact."

Planswell makes money by offering more guided advice over the phone through its robo-advisor and selling financial products, including insurance and mortgages, according to GlobalNews.ca.

In April 2020, Planswell made its software available to financial advisors to use with their clients, the company says.

Canadian firms have been inching into the U.S. wealth management space. In October, Canadian private equity firm Onex announced plans to take a stake in the parent company of Overland Park, Kan.-based wealth management firm Resources Investment Advisors, which oversees around $45 billion in assets under management. And in September, Canada- based CI Financial closed its acquisition of Balasa Dinverno Foltz, an RIA overseeing $4.5 billion, and announced plans to acquire Bowling Portfolio Management, which manages $450 million in client assets.

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