How Wealthica works?
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- Updated On:29-Nov-2022
- Replies:1
Short Answer
Visit the Wealthica site and sign up with basic details. Link all your bank accounts and investment accounts. The app will automatically sync all your details and will start tracking your financial status.
Detailed Answer
What is Wealthica?
It is an app for financial management that tracks your bank account, crypto currencies, shares, ETFs, portfolio, inflows, outflows etc. It was founded in 2015 and at the time of writing, it is associated with around 140 financial institutions and investment platforms in Canada.
How does Wealthica work?
To set-up your Wealthica account:
- Click on this link: Sign-up into Wealthica
- Enter your name, email address and set a password.
- Read the terms and conditions of the app thoroughly and if you accept the rules, sign up.
- You can open your account in no time at the convenience of your home.
- Once done, link your Wealthica account with all your bank accounts and investment accounts.
- The app syncs with your accounts on an everyday basis and you can view your financial health on a single screen.
- You can not only view your holdings, balances, and transactions, but you can also track the financial state of your family members.
Why is Wealthica Useful?
Most of them have multiple bank accounts and investment plans with different service providers. The bank account and investment platform of the family members would be different too. Wealthica aggregates information from all the accounts and displays it on one dashboard. This will help in planning for major events like retirement savings, wedding expenses, education savings etc.
Wealthica’s method of operations
In order to amass data from all your accounts, Wealthica sets up a safe link between the app and your financial institution (bank or investment platform). It uses API authorization or two factor authentication, to collect information on your holdings and cashflows. The company does not sell or share your information with any third party organisation or persons. All the data is rather safely parked on a cloud platform.
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