Planswell
Planswell is a Canadian online financial planning service focused on "helping people maintain the best possible standard of living throughout their lives". The company was founded in 2015 by Eric Arnold (CEO), Michael Wickware (CMO), Eric Rogness, Scott Wetton (COO) and is based in Toronto.
| Private | |
| ISIN | 🆔 |
| Industry | Financial Services, Online Investment Management |
| Founded 📆 | 2015 |
| Founder 👔 | |
| Headquarters 🏙️ | , Toronto, CA , |
Area served 🗺️ | |
Key people | Eric Arnold (CEO), Eric Rogness, Michael Wickware (CMO), Scott Wetton (COO) |
| Services | |
| Members | |
Number of employees | 50-100 |
| 🌐 Website | https://planswell.com |
| 📇 Address | |
| 📞 telephone | |
Robo-Advisors[edit]
Definition[edit]
A robo-advisor can be defined as a "self-guided online wealth management service that provides automated investment advice at low costs and low account minimums, employing portfolio management algorithms."[2]
History[edit]
It's known that the first robo-advisors were launched in 2008 during the financial crisis and were used as online interface to manage and balance client's assets by financial managers.[3] The technology behind robo-advisors is not new as this kind of software has been used in the financial industry by advisors and managers since early 2000's. By the end of 2015, robo-advisers from almost 100 companies around the globe were managing $60 billion assets of clients and it is estimated that it will hit $2 trillion by the end of 2020.[4]
While robo-advisors are most common in the United States, they are also present in Europe,[5] Australia,[6] India,[7], Canada[8], and Asia.[9]
In Canada, Robo-advisers are still gaining traction in the financial marketplace, compared to what is available in the United States. It has been reported that the number of robo-advisers in Canada has more than doubled in the last three years alone, showing its viability.[10]
Company History[edit]
2015 – Present[edit]
In 2015, Planswell was founded led by CEO, Eric Arnold under the assumption that the majority of Canadians do not meet the criteria of being labelled an ideal client in today's investment landscape.[11][12]
In November 2016, the company began offering free financial plans to Canadians through a waitlist[13]
In January 2017, the company opens up the software Canada-wide, making financial plans available in B.C., Alberta, Manitoba, Ontario, New Brunswick and Nova Scotia, while revealing a $6.8 million funding round.[14]
As of June 2018, Planswell has raised a total of $13.8M in funding and created more than 50,000 free financial plans for Canadians. [15]
Products and Services[edit]
Planswell enables plan holders to invest online like a robo-advisor platform through their website.
The company does not occupy retail space; instead PlanPros (advisors and service agents) are readily available via in-person, phone, and email. There is no account minimum required and no charge per transaction. An annual fee is charged ranging from 0.4% to 0.5% based on the size of each account, compared to that of traditional wealth managers that charge fees between 1 per cent to 2.5 per cent.[16]
References[edit]
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedCNBC.com2017January10HoSolarina - ↑ Schueffel, Patrick (2017). The Concise Fintech Compendium. Fribourg: School of Management Fribourg/Switzerland. p. 26. Search this book on
- ↑ NARAYANAN, APARNA (June 27, 2016). "As Robo Advisors Go Viral, Where Do Traditional Money Managers Go?". Investor's Business Daily.
- ↑ "https://www.algonest.com/site/robo-content/". www.algonest.com. Retrieved 2018-06-27. External link in
|title=(help) - ↑ "Robo-Advisory in Wealth Management" (PDF). Deloitte Consulting GmbH. October 2016.
- ↑ "ASIC's Greg Medcraft says 'robo advice' can reduce fees and conflicts".
- ↑ Adajania, Kayezad E. (September 22, 2015). "Robo advisory could change distribution". LiveMint.
- ↑ François Desjardins (October 17, 2015). "Préparer sa retraite, un texto à la fois" [Preparing your retirement, one SMS at a time]. Le Devoir (in French). Retrieved December 5, 2015.CS1 maint: Unrecognized language (link)
- ↑ "Singapore start-up to launch robo adviser to tap tech-savvy rich". Reuters. June 15, 2016.
- ↑ "Robo-advisers find popularity where few thought they would". Retrieved 2018-08-15.
- ↑ "Financial planning goes robo". www.advisor.ca. Retrieved 2018-08-13.
- ↑ "Online financial planner Planswell secures $7 mln more - PE Hub". PE Hub. 2018-06-07. Retrieved 2018-08-13.
- ↑ "Toronto's Planswell Raises $6.8 Million, Expands Financial Services Nationally". Techvibes. Retrieved 2018-08-13.
- ↑ "Toronto's Planswell Raises $6.8 Million, Expands Financial Services Nationally". Techvibes. Retrieved 2018-08-13.
- ↑ "Planswell raises $7 million to develop financial planning platform". BetaKit. Retrieved 2018-08-13.
- ↑ "Robo-advisers find popularity where few thought they would". Retrieved 2018-08-15.
Planswell[edit]
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