When I first heard of Wealthica, I was quite intrigued. All over the personal finance blogosphere, you read about the virtues of Personal Capital (perhaps mainly because of the generous affiliate link, but also because it looks pretty awesome) to be able to track your net worth, and I have always wondered if there was one for Canadians. I didn’t sign up for Personal Capital because I believe that it is only for US accounts.
Currently, I track my net worth in a little notebook (well for the past 15+ years I’ve been doing the same thing). It’s a little archaic, yes, but I’m not one for spreadsheets because I can’t navigate my way through Excel. One day when I reach financial independence I will take a class on how to use Excel.
Since I was curious, I signed up for Wealthica and had a few months to check it out. Here’s what I think of it.
what is wealthica
I read somewhere that Wealthica is considered the Canadian version of Personal Capital and it is very similar to Mint in a way, but for your investments. With Wealthica, you can see all your investments in one place.
Wealthica was created in 2015 and is based out of Montreal, Quebec (this further adds to my theory that the Quebecois are pretty brilliant because they have poutine, SNC-Lavalin, Dollarama, and Save Spend Splurge). Wealthica is tracking over $1 Billion in aggregated investments. Tracking $1 billion of net worth is pretty impressive, especially for Canada (where we don’t have as much GDP and population compared to the United States)!
how wealthica works to track your net worth
Wealthica aggregates your data so that you can see all your investments in one place. This would be especially relevant if you have multiple investment portfolios. For example, TD e-series and Questrade and BMO Investorline. It also consolidates within investment brokerages. In Questrade, I have a TFSA, an RRSP, and a non-registered account. With Wealthica, it shows me the total amount of NA.TO (National Bank) that I own, even though it’s split between a few different accounts in Questrade.
I was curious how Wealthica makes money. According to this personal finance Reddit forum, Wealthica will make money by adding advanced report options and add-ons and by selling their software to financial institutions. I wonder if they will eventually be like Personal Capital where you have the option of using their investing service.
is wealthica secure?
Of course, this was the first question that popped into my mind when I signed up for Wealthica. It’s similar to Mint. It is read-only. They also use Amazon web services for their hosting infrastructure. They ask for API authorization from accounts and with other accounts (like for example Questrade), there is API access. I’m not an IT professional and when I first logged into Wealthica and added Questrade, my reaction was like “how did they do that!?” and admittedly got a bit startled about the whole thing. I don’t even think I logged in with my Questrade account, it was weird how they got the information. I think API access involves linking accounts or something like that.
- It’s free (I like free, including birthday freebies and free baby stuff)
- It’s great if you use Questrade or other things that involve API access
- Safe depending on your partner institution because of the API access, especially if you use Questrade, Wealthsimple, Wealthbar, or Interactive Brokers
- They email you to let you know if there are any changes to your accounts, you can choose to have a weekly email if wanted or even daily for updates
- It is a great way to check out the monthly dividends, and there is an automatic currency exchange rate (Canadian dollars) which makes tracking dividend income very easy (I usually manually add it up myself, that’s how low tech I am!)
- It summarizes your commission/trading fees paid, and your dividends paid, your transaction history very clearly (much better than Questrade ever does for me)
- I think come tax-preparation time, Wealthica will be very useful.
- There is a “Family Office” option where you can aggregate your family’s net worth profiles
- It ‘aggregates’ the data among different accounts, so if I have 100 shares FTS.TO (Fortis) in my TFSA and 40 FTS.TO in my RRSP it aggregates it to show 140 shares of FTS and automatically calculates the purchase price so you don’t have to
- You can enable ‘private mode’ so that the actual numbers don’t show up on the screen (perfect for if you are checking your net worth at work haha)
- Welthica does not include bank accounts yet, this is pretty important in my opinion as there are a lot of people who include their cash in the bank accounts in their net worth (uh, I think everybody does)
- Because of this, you have to manually enter your liability/ mortgage amount regularly (doesn’t link your bank mortgage yet)
- Wealthica is also missing some partner institutions
- There isn’t a chat support or phone support option (yet?) but there is a community forum where you can post your question and they seem pretty responsive and you can also email them
- It would be great if they have an asset allocation function (e.g. fixed income, international, Canadian etc.) as I have seen that Personal Capital has this option from the many Personal Capital reviews I’ve seen. They have a larger picture asset allocation (e.g. real estate vs equities) though.
my thoughts about wealthica
I think it’s pretty neat but there’s a lot more that can be added for it to be more functional and for it to really capture the ‘net worth’ to prove more utility for me. They are working on it though, apparently, they are planning to add a mobile app (I would be cautious checking out your net worth on the bus in case someone sees the $12,345,425 total and wants to kidnap you to rob you). They are also trying to add bank accounts and additional partner institutions in the next few months.
I think this will be a great tool for those who like to track their net worth and especially for those who like to track their dividends. This makes it easier for me so I don’t have to continuously track my ACB my sell and buy dates in my accounts because it summarizes it Wealthica (and print out 1000+ pages from Questrade’s e-statements haha).
Readers, have you tried Wealthica before? How do you track your net worth?