Wealthica Review: Features, Pricing

Wealthica is an online net worth tracking tool through which a person can consolidate all his investments, and keep track of them. It can be accessed via a website and a mobile application.

About Wealthica

It was Martin Leclair (Co-founder and CEO) and Simon Boulet (Co-founder) laid the foundations of Wealthica. With Wealthica they challenged the financial institutions and portfolio advisors. The main aim of the company was simple- prepare consolidated investment reports.

It was just a website at first. Later they launched the Wealthica mobile app. Later on, to improve its horizons, the company added another member on board Eric Lemieux. He was formally associated with Desjardins as VP-Wealth Management.

Wealthica founders introduced some more platforms for the audience that wanted to link their crypto accounts. These were Vezgo, Plaid of Crypto, and Crypto Data API.

Latest Update Wealthica

As of December 2022, Wealthica is successfully tracking over $23Bn in assets. With more than 50k users, it has made a vast network by allowing linking more than 200 financial institutions. In 2023, this number has just grown and reached $26Bn+.

Security Measures Taken by Wealthica

Wealthica is extremely concerned about the privacy of its users. To protect them they have a very secure system. Here is what they do:

• Partners and Certifications- They have partnered with the best security networks around the globe. Wealthica has certifications from fData, Amazon Web Services, detectify, SECURE SSL Encryption, BCF, and even Raymond Chatbot GT.

• Time to time Security Testing- Dealing with large sums of money and sensitive information of the customers, they run constant vulnerability checks, scans, and monitoring for threats.

• Bank Level Security- They use AES-256 Encryption to secure customer data. It is what most banks use in Canada. Along with that TLS 1.2 technology and restricted employee access are some more measures they take.

• Authentication- To improve the security level, Wealthica has a 2-way authentication system. Once you put your password, a PIN is generated and sent to your mobile/app to allow access.

• No one is allowed to see your data- To add another layer of safety, Wealthica has a “Private Mode”. This mode is to prevent any kind of over-the-shoulder snooping. Once this mode is on, you can use all the features with more safety.

Features of Wealthica

Here are some features of Wealthica:

- Wealthica Tracking- Wealthica Account can be connected with many banks and credit unions in Canada. Once connected, users can track their investment and transactions happening via any of them. Such a consolidated network is useful to track everything from one platform.

- Portfolio Tracking- The most popular feature of Wealthica is Portfolio Tracking. Rather it is its forte. It does not matter what stock, ETF, mutual fund or share you have invested in. Wealthica allows you to track every investment with equal rigor.

- Free Power Ups- Wealthica allows a lot of free power ups to better access the platform. For example:

1. Balance Sheet

2. Coin Tracking Account

3. Cryptocurrency Widget

4. Consolidated Free Report

5. Performance Report

6. Budget Wizard

- Third Party Add-Ons- For users that want more than the free power ups can go for paid add-ons from third party like:

1. P/L Timeline Tracker

2. Passiv Lite

3. Paper Growth

4. Yahoo Finance Growth

5. Microsoft Excel Export

6. Google Sheet Export

Benefits of using Wealthica

Given below are some of the benefits you can derive from Wealthica:

• It is Free- The best part of Wealthica is that it is free to use. You can use all the basic functions for free.

• The Budgeting Tool- There is a special feature “Budget Wizard” that can help you track all the expenses of a month. You can categorize them and make a budget for the upcoming month based on it.

• Timely Alerts- You get timely alerts whenever a transaction is being done or some awaited cash is realized for your investment.

• Robo-Advisors- Wealthica has networked with WealthSimple, Questrade, Tangerine, and many more. Hence, it is very easy to link any of your Canadian robo-advisors.

• Security- Security is another added advantage of Wealthica that you might already know by now.

• Allow Advisor to Peek- If you have an advisor or a CA looking after investments, then Wealthsimple allows you to share your information with them. Rather you can easily link with your respective advisors.

Price Plans Wealthica

They provide 3 plans for the users that are Basic, Unlimited Connect, and Premium Connect. Now that you know the benefits of Wealthica, it is time you explore the pricing options to see which one is better.

They have a money-back guarantee. It means that if you take a paid plan and are not satisfied with their services, you can easily get your money back within 2 months or 60 days.

1. Free ($0)

By taking a free version of Wealthica you get quite a lot of features like:

• You can connect with 2 Canadian FIs.

• All asset details can be logged in manually.

• Users are allowed to get a balance sheet report.

• You can check for Capital gains. You get Cash drag notifications etc.

• What you don’t get in this version is the chance to access all the new features of Wealthica.

2. Unlimited Connect ($50 Annually)

In the Unlimited Connect version, you get the opportunity to access all the new features of Wealthica. In order to transfer the data to Excel you have to pay an extra $4.19 per month. But exporting to Google Sheets is free.

This option is great because:

• You can share your dashboard with others.

• The premium support option is given to you.

• You can accept sharing invites from 3 users of your choice.

• You also get 7 days free and a cashback of up to $50 when you take the

Wealthica Unlimited Connect version.

3. Premium Connect ($150 Annually)

Last but not least is Premium Connect. In this, you get all the features of the Basic and Unlimited Connect version. But you also get more features like:

• 75% discount on Stockchase

• Enhanced Holding View

• Unlimited Portfolio Options

• Unlimited Share invites

If a user wants to export and sync his data to Excel then in any plan he has to pay some extra monthly charges.

Review

Wealthica is a great portfolio tracker for users in Canada. It aims to offer a consolidated picture of your net worth based on your investments. It will help you make a better decision and look at the real picture of your investments.

In terms of security also, it has proven to be quite successful. With their customer base increasing every day, it is a good sign that this platform will have a big network in Canada.

The price plans are also very decent. Beginners can start with $0 and later on change the plan if need be. It is tough to manage a diversified portfolio on your own. And without keeping track on your investments, you can never know what returns you are getting.

A platform like Wealthica can prove to be a good aid if you are a Canadian and need a reliable tracking platform. In addition to it, using a paid premium plan will allow you to use more of the features and get more benefits. If you feel unsure, the 7-day free trial plan is always at your disposal.