A new partnership has been formed in the insurance industry, as another PC broker has invested in a firm that offers wealth products.
The broker, PC Financial Insurance Services Inc., has announced its investment in Wealthsimple Inc., a Toronto-based company that provides online investment management services. This investment will allow PC Financial to expand its offerings to include wealth products, in addition to its current insurance services.
“We are excited to partner with Wealthsimple and offer our clients a wider range of financial services,” said Barry Stein, President of PC Financial Insurance Services Inc. “This investment aligns with our goal of providing our clients with comprehensive and convenient solutions for their financial needs.”
Wealthsimple, which was founded in 2014, has quickly become a leader in the online investment management industry, with over $5 billion in assets under management. The company offers a user-friendly platform that allows clients to easily invest in a diversified portfolio of low-cost ETFs.
“We are thrilled to have PC Financial as an investor and partner,” said Michael Katchen, CEO and co-founder of Wealthsimple. “Their commitment to providing accessible and affordable financial services aligns perfectly with our mission to make investing simple and accessible for everyone.”
This partnership comes at a time when the demand for online investment management services is on the rise, as more and more individuals are turning to digital platforms for their financial needs. With this investment, PC Financial is positioning itself to meet the evolving needs of its clients and stay competitive in the industry.
“We are confident that this partnership will bring great value to our clients and strengthen our position in the market,” added Stein.
The details of the investment have not been disclosed, but both companies have expressed their excitement for the future of this partnership and the potential it holds for their clients. This latest development in the insurance industry highlights the importance of adapting to changing consumer preferences and the growing demand for digital financial services.
