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Wealthsimple Helps to Simplify and Customize Investing Solutions - Yodlee.com

Wealthsimple Helps to Simplify and Customize Investing Solutions

What is the smart and simple way to invest in your financial future? Investing can be scary and overwhelming. But the worst thing you can do is let your money rot away in a savings account. Our team at Wealthsimple is here to help and make smart investment simple for you.

Wealthsimple is one of the largest robo wealth advisors in Canada; we provide automated investing solutions for clients, and manage their investment accounts. We use algorithms to automatically rebalance their portfolios or shift investments to meet their target risks, based on the amount of risk they’re willing to bear.

The Wealthsimple solution is available through our website as well as mobile apps. We’re recently moved into the advisor space, so we can help financial advisors automate their traditional investment advice businesses, giving them the option of adding our mobile solutions.

When Wealthsimple needed a way to improve our onboarding process for new clients, we turned to the fully RESTful Envestnet® | Yodlee® Aggregation API. This product integration helps to streamline the account opening process by securely verifying accounts in seconds; reducing fraud, risk and abandonment; and enabling clients to add accounts quickly with Envestnet | Yodlee FastLink.

When new clients sign up, they answer a short questionnaire that describes their risk, savings goals, and debt to give us an idea of what their financial picture and risk profile looks like. Then we craft a portfolio that matches their risk score. From there, we encourage them to invest money with us, and use it to purchase exchange-traded funds (ETFs) on their behalf. ETFs are similar to a modern-day mutual fund, but traded on the stock exchange, instead of the mutual fund market.

When clients join Wealthsimple, we typically ask them to connect at least one bank account to their Wealthsimple account, so they can fund their investment account with us. With Envestnet | Yodlee Aggregation API, clients have the option of adding all of their accounts to see a holistic view of their finances.

That means we require proof that 1) they own the account, and 2) they have control of it. We have an AML (anti-money laundering) requirement we need to meet, plus we’re very concerned about our clients’ security.

In the past, we asked clients to send us a screen shot or a cleared check for proof, so we could manually determine that clients met those two requirements. Our partnership with Envestnet | Yodlee enables us to automatically check that the client’s name matches the one on their account and see all the necessary bank details, so we can add their bank account to their investment account in seconds, not days.

That has helped us save a lot of time, and even clients. A portion of clients would never even return after the tedious onboarding process before, so having access to the Envestnet | Yodlee API has really improved our conversion rate. We even opted for a custom integration with the API, so it still looks like our own product. Ultimately, this relationship is going to help Wealthsimple reach a lot more people, and help clients improve their financial health.

To get started with Wealthsimple, click here to sign up and learn how to invest in your future. We will build a financial plan that makes sense for you.

Are you building an innovative financial app? Find out how to leverage the Envestnet | Yodlee Aggregation API by visiting the developer portal: https://developer.yodlee.com.