If investing and trading money has always been concerning for you, Wealthsimple can make things easier in no time. With the help of powerful technology and efficient human help, the company aims at providing its patrons with financial freedom by creating sophisticated yet affordable financial solutions. Michael Katchen, the Co-founder and CEO of Wealthsimple, has always cared deeply about entrepreneurship. He, therefore, thought about coming up with an innovative solution for all Canadians to be able to have access to the tools required to achieve financial freedom. At Wealthsimple, you can grow your money through investing in Crypto, file your taxes, send cash, get into commission-free stock trading, and do a lot more anytime, anywhere.
How did it start?
At the age of 12, Michael won a stock-picking contest. It was then that he saw how the value of shares of a dot-com business evaporated into thin air. Ever since he has been obsessed with investing. Today, with Wealthsimple, a Toronto-based robo-adviser company, he has managed to build $8.4 billion in assets under his management. His goal is to ‘humanize money’. And this has prompted him to provide his customers with the ease of online stock trading, tax filing, and maintaining money through just a few clicks on the mouse!
Quite strikingly, COVID-19 made things a little easier for Michael at the business front. To be precise, the fact that so many businesses, big or small, faced the lashes of the pandemic, Wealthsimple managed to become the winner. People were uncomfortable visiting the banks when the pandemic struck. This is what helped Michael as a young entrepreneur in Canada. He also saw a huge number of consumers investing in Crypto for the first time because the markets were hit badly due to COVID-19 – coupled with the fact that they had to make the investments from the comfort of their homes.
The company started its journey to provide its customers with smart and simple investment methods. They do not require any high fees or account minimums which are generally associated with traditional investment models. Wealthsimple invests their consumers’ money in a global diversified portfolio which has low-cost index funds. Also, with their cutting-edge technology, the investors can earn the best possible returns in less time. This means they take care of the automatic rebalancing, dividend reinvestment, as well as tax-loss harvesting. Wealthsimple aims at humanizing monetary investments and making them less tedious and less time-consuming for its customers.
1. Monetary investments are tough, time-taking and require high fees.
2. Investments or trading is subject to market risks that are not known to the common people.
3. Managing money regularly with regular monthly investments is often ignored.
Answering these above-mentioned issues, Wealthsimple offers personal help through expert in-house financial advisors. They will not only make investment easier but will also answer all queries posed by the customers which they might have regarding potential risks in terms of their investment accounts.
To wrap it up,
Wealthsimple was co-founded in 2014 by Michael Katchen and Brett Huneycutt. Based out of Canada, the company provides investment management services for its customers. Wealthsimple provides financial planning, securities, wealth management, and advisory services for people worldwide. The company has around $8.4 billion assets under management and 1.5+ million users from all over the globe. It has been recognized as one of the top 100 Global Financial Technology Companies by FINTECH100. Michael Katchen also won the award of the EY Entrepreneur of the Year in 2016. Today, Wealthsimple has an investment of $265 million backed by the Power Financial Group and Allianz X.
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Michael is the Co-founder & CEO of Wealthsimple, a leading financial investment service provider in Canada, the U.K. and the U.S.
Michael Katchen completed his education in Business Administration from the Rotterdam School of Management. After working for a few years initially, he ventured into being an entrepreneur and co-founded Wealthsimple, along with one of his old mates. The company’s sole aim is to humanize financials for its customers. Katchen, since the very beginning, knew well that most people of his age had no idea regarding financial investments. So, through Wealthsimple, he aims at targeting the financially illiterate Millennials who should know how and when to invest for a more relaxed future.
Katchen started Wealthsimple for those uninvested masses who have very little or no knowledge about investments whatsoever. So far, it’s been a huge hit. Katchen’s Wealthsimple has sailed through the initial years to become the biggest robo-advisor in Canada today. The company now has 65,000 clients, $2 billion in assets under management, with 40% first-time investors, where 80% are under 45 years.