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Feb 2019 - IDC Innovators - Doc # CA44400919

IDC Innovators: Canadian FinTech-Enhanced Wealth Management Solutions, 2019

By: Robert Smythe, Jason BremnerResearch Vice President, Industry and Business Solutions

Abstract

IDC Innovators are emerging vendors with revenue <$100 million that have demonstrated either a groundbreaking business model or an innovative new technology — or both. This IDC Innovators study profiles five fintech-enabled wealth management solution providers: Justwealth Financial, Nest Wealth Asset Management, Responsive Capital Management, WealthBar, and Wealthsimple. Wealth management processes in Canada are undergoing transformation from processes used by major banks to more cost-effective and faster processes offered by a growing number of fintech-based service providers utilizing advanced analytic tools to establish and manage investment portfolios.

Fintech portfolio managers in Canada are currently supporting younger investors with smaller accounts who are looking to reduce the fees associated with account management, transactions, and investment instrument overheads that existing wealth management and investment instrument providers are charging today.

"Fintech wealth management firms will need to be vigilant," says Robert Smythe, research associate, IDC Financial Insights, "as major banks have the ability to quickly introduce digital wealth management processes or acquire FinTech competitors when robo-wealth managers become significant competitors.


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