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Wealthica Review 2023: Portfolio Tracking

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When it comes to personal finances, keeping track of your net worth is a must. However, with multiple financial institutions and investment portfolios, it’s not always easy. The last thing anyone wants to do is spend hours building a fancy Excel spreadsheet trying to navigate your way through the cells and formulas. That’s why most investors opt to have an investment dashboard that consolidates all their assets in one place. Wealthica’s investment tracking app will give you a snapshot of your net worth and show you how your portfolios are performing with the click of a button.

In this Wealthica review, we will dive into what Wealthica is all about, how it works, and highlight some notable features to help simplify your financial life.

What is Wealthica?

You may have heard of Personal Capital—consider Wealthica the Canadian dupe for financial management. Wealthica was created in 2015 out of Montreal, Quebec. It is the largest financial aggregator in Canada, and the only one specialized in Canadian investment accounts. Their proprietary aggregation technology allows Wealthica to connect and import data from 140+ Canadian financial institutions and investment portals. Tracking over $16 billion in assets and investments is extremely impressive for this relatively new company.

As the ultimate portfolio analysis tool in Canada, Wealthica has helped over 50,000 users get more out of their money. Wealthica gives you a comprehensive and consolidated picture of your wealth, even if it is held with different financial institutions and brokerages. It also keeps track of all your transactions and notifies you whenever a new transaction takes place. Imagine how much time you can save by aggregating your banking information on one screen instead of logging into multiple accounts to check your transaction history.

How does Wealthica work?

If you’re like most of us, you deal with more than one financial institution. Wealthica puts you in control of your financial future with a fully integrated online dashboard. Not only can you find your accounts here, Wealthica automatically updates each day to show where your balances stand, what your holdings are, and all the transactions that have occurred. You get to sit back and let Wealthica keep track of your crypto assets, net worth, stocks, and dividends while you watch your wealth grow.

When measuring the progress of your financial goals becomes easier than pouring a cup of coffee, most people tend to forget about all those transaction and investment fees. They add up pretty quickly, and if your information is spread across multiple platforms or in your old notebook, it can be easy to lose track of how they affect your overall portfolio. Wealthica allows you to analyze and track how fees affect your performance over time for a big-picture analysis.

To collect your data, Wealthica establishes a secure connection between the app and your financial institution. Using API authorization or your credentials, they retrieve your investment portfolio and financial data. Wealthica never sells, publishes, or shares your information with third parties. If you’re wondering where your data is stored, Wealthica uses cloud services located in Canada, including servers, databases, and object storage. Some of these services are not available in Canada, so they use services in the US to process your data.

Wealthica Dashboard

Wealthica Features, Benefits and Add-ons

Wealthica is one of the best Canadian aggregators for a reason. Packed full of impressive features, benefits, and add-ons, Wealthica is pure financial wizardry.

Wealthica: Features

Portfolio Tracking: Wealthica allows you to track the performance and value of every single holding. You’ll be able to apply this feature to stocks, ETFs, funds, and even your crypto assets.

Transaction History: Some banks only give you a limited-time transaction history, but Wealthica saves and archives your transaction and balance history forever, even when you switch or transfer to a new bank or brokerage.

Create Assets: You can manually add valuable assets, like your house, cars, jewels, and private investments, to your dashboard to give you a full picture analysis of your net worth.

Group Accounts: Your family will have a one-page report card of all your net worth. Easily assigned accounts and assets to family members to get an up-to-date balance sheet for the whole family.

Holdings View: Wealthica Holdings will give your dashboard a boost by showing you cost-basis data, revenues, and more. You can also categorize and group your holdings into portfolios.

Wealthica: Benefits

Free Account: That’s right, free! The basic functionality you need for consolidating your investment accounts comes without the price tag.

Link Robo-advisor: If you already have a Canadina robo-advisor, you can link it to Wealthic and view transactions on your dashboard. Works with TangerineWealthsimple, Questrade and others.

Household Net Worth: Your family dashboard allows you to divide your net worth by family members, asset type, group, and legal entities.

Money-Back Guarantee: If you’re looking to add more functionality to your portfolio and give Wealthica Premium a shot, you’ll be fully protected by their 60-day money-back guarantee.

Wealthica: Add-ons

Wealthica’s free add-ons include a balance sheet, capital gains report, a Budget Wizard, an income report, a fees report (your monthly fees and taxes are all displayed, so you’re not left wondering what you’ve been paying in fees and MERs) and a performance report (compare your portfolio rate of return is compared to the benchmark indexes).

Wealthica’s paid add-ons include:

Passiv Light: Passiv is a portfolio rebalancing tool that calculates trades needed based on the target portfolio and available cash.

Wealthscope: This add-on will give you insights into how your portfolio is doing based on performance, fees, income, and downside protection.

P/L Timeline Tracker: As the name suggests, this tracker compares portfolio value vs deposits over time.

CoinTracking: Track how your crypto portfolio performs with useful insights about your trade profits and losses, the value of your coins, balances, realized and unrealized gains, and reports or tax declarations. Link to exchanges such as Binance, Coinbase, CoinSmart and others.

Other notable paid add-ons include Yahoo finance reports, Excel export and Google sheet export.

Wealthica Crypto tracking

Is Wealthica Safe?

When you’re giving your financial information over to someone else, your first question should always be, is this safe? Wealthica reads and saves your banking and investing data to build a visual dashboard that is strictly read-only. Even if you want to fund withdrawals or perform money transfers, it’s not possible through their platform. They use AES-256 and TLS 1.2 encryption technology to ensure a safe connection. Using API authorization and your credentials, your financial institution allows your investment data to be viewed through portals, eliminating the risk of someone moving your money.

Setting up your Wealthica Account

Simply enter your address and choose a password. Next, link all your accounts from over 140+ financial institutions. You can also manually add valuable assets once you’re logged in. Each day, Wealthica connects to your financial institutions and syncs your balances, holdings, and transactions. That’s it. Making better decisions with your money has never been so easy.

Wealthica Dashboard

When Wealthica says a 360° view of your investment portfolio, they mean it. Their customizable dashboards streamline hundreds of investments and bank accounts. From income sources and risk exposure to distribution of holdings, you’ll be completely empowered in your own wealth management process. With the personal family dashboard, you can effortlessly view reporting on your family’s net worth. You can also take advantage of their standard add-ons to extend the functionality of your dashboard.

You can also stay up to date on your investments on the go, with Wealthica’s mobile-friendly app.

Wealthica Premium

Want to take your investment portfolio to another level? Wealthica Premium can give you a ton of extra benefits. With unlimited portfolios and priority support, this is a great option for the more seasoned investor. How about access to 15-minutes delayed stock quotes for your holdings? With Wealthica Premium, you’ll always have up-to-date stock prices. They also offer discounts on exports to Excel and Stockchase. Wealthica Premium is available for $11.99/month, or you can opt for an annual plan and get a 25% discount.

Wealthica Pros & Cons

Pros: The Good Stuff

  • It’s Free: Seriously, we can’t stop saying it – it’s free! They even offer some free add-ons

  • Fully Encyrpted: Wealthica uses bank-level security to keep your personal information safe

  • Advisor Sharing: Share limited access of your financial details with your trusted advisor

Cons: The Not So Good Stuff

  • Add-ons Add Up: Advanced functionality comes at a price. For example, Wealthscope (one of their popular add-ons) comes at a steep price of $15.95/month. It’s up to you to decide if these extra bells and whistles are worth the price for your investment portfolio

  • imited Support: Wealthica doesn’t currently offer a chat or phone support option

  • Adding Liabilities Manually:Adding your mortgage amount to your dashboard must be done manually.

A Wealthica Review for 2022

You don’t need to be a millionaire to benefit from Wealthica. The whole idea of this ingenious investment tracking app is to empower you in your financial journey as you move from Point A to Point B. So, whether you have years of experience or you’re new to investing, you won’t be wasting your time logging into multiple websites; your financial life will be in one place automatically. You will get to watch your net worth grow each month, giving you motivation as you hit financial goals over and over again.

Frequently Asked Questions

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