Tracking all your investments across multiple channels can be a nuisance.
I’ve struggled to find ways to efficiently track all of my investments, that don’t require complex spreadsheets or confusing apps.
I recently tested out Wealthica, which could be a tech solution to this personal finance problem.
In this Wealthica review, I will analyze this ultimate financial aggregator and Canadian answer to Mint and the U.S.-based Personal Capital.
Wealth tracking platform/portfolio tracking platform/Financial aggregator
- Is the only financial aggregator exclusive for Canadians
- Is a portfolio-tracking tool for Canadian investors
- Has a powerful free version
- Offers a consolidated view of all your holdings
- Has crypto-focused features
- Is easily customizable
- Can help track family’s collective net worth
- Google Sheets and Excel export are paid
- Doesn’t offer debt-tracking services
- Daily update frequency might be too late for investors
Table of Contents
What Is Wealthica?
If you visit its website, it defines Wealthica as “the ultimate 360° tracker”, which allows you to keep track of your:
- Investment portfolio
- Crypto assets
- Net worth
- Finances (transactions, money in the bank account, etc.)
Unless you are in the mood for nit-picking and believe that Wealthica should allow you to track your life insurance and the changing value of your physical assets, it’s easy to see that Wealthica gives you a comprehensive and consolidated picture of your “wealth”.
The platform was created to keep track of your investments through a variety of different institutions. For instance, if you have a Questrade account, a Wealthsimple account, and a TD Direct Investing account, you might have difficulty gaining a wholesome view of your investment portfolio.
You can go down the spreadsheet rabbit hole, but it takes time and effort to update and keep track of. Investors across the border had Personal Tracker, which Canadians don’t have access to until Wealthica was launched in 2015. It’s a Montreal-based company that has been compared with Mint. But unlike Mint’s day-to-day budget tracking, Wealthica is more wealth-oriented and portfolio-oriented.
Currently, Wealthica tracks about $10 billion in aggregated assets and can be integrated with over 100 financial institutions, including brokerages, banks, and credit unions.
Wealthica Review: Features And Power-ups
One of the best things about Wealthica is that most of its core features are free. If all you want to do is keep track of your finances and gain a consolidated view of the investments and liquid wealth you spread out in multiple bank accounts, then the basic, free version of Wealthica would be ideal for you. But if you want to do more, there are two ways you can get access to the full power of Wealthica:
- You can buy additional features, such as paid power-ups, with your free plan; or
- You can subscribe to its premium or pro plan.
Wealthica offers three different plans:
- Premium ($11.99/month or $125/year)
- Pro ($24.99/month or $250/year)
Let’s look at some of the core features and power-ups that Wealthica offers and see how they might benefit you.
Wealthica allows you to connect your Wealthica account to over 100 financial institutions. It includes the big six banks, credit unions, financial institutions like Desjardins, and U.S. banks. It’s still beta testing, though, and is not available for free users.
Once your Wealthica account is connected, you can see the big picture of your wealth (i.e., account balances) distributed across different financial institutions.
A consolidated picture like this helps you keep track of your net worth’s evolution and determine whether it’s growing per your financial plan or whether fees and debt are eating into it without you realizing it.
Wealthica also keeps track of all your transactions and notifies you whenever a new transaction takes place. Tracking your transactions on one platform instead of checking out your transaction history for different bank accounts and credit cards is both convenient and time-saving.
Aside from that, Wealthica also shows you all your holdings, so you’ll know how much of your wealth is tied up in your investments.
Portfolio tracking is the forte of Wealthica. It’s the only Canadian financial aggregator that caters to the need of Canadian investors and consolidates their portfolio from a wide variety of Canadian trading platforms and investment accounts.
With Wealthica, you can track how every single holding of yours has performed and how much it’s worth, whether it’s a stock, an ETF, funds, crypto assets, or any other investments.
Under the equities section in your Wealthica account, you can see each of your holding’s detailed information, such as asset class, daily low, daily high, weight, and how much unrealized gains you are sitting on.
It also shows which brokerage or trading platform you are holding that equity in. This is beneficial because if you have one holding in multiple brokerage accounts (say, the National Bank of Canada), you will be able to see the collective weightage of that holding in your overall investment portfolio, thanks to Wealthica.
It also offers cash drag notifications. If you are managing your portfolio yourself, you can prevent yourself from the negative impact of holding too much cash for a relatively long time in your portfolio.
In addition to the features above, the platform also allows you to add power-ups to your Wealthica account. Most of them are free, although some would require you to pay a monthly sum. Some of the most valuable power-ups include:
- The balance sheet, which can be both personal and family-based. By adding family members to your Wealthica account and creating groups, you can track the net worth of your whole family together.
- The CoinTracking account, which you can integrate into your Wealthica account. You can track how your crypto portfolio is performing as part of your overall investment portfolio.
- The Cryptocurrencies Widget, which helps you create a “watchlist” of your favourite cryptocurrencies.
- A consolidated fee report, which helps you get a comprehensive snapshot of how much you are paying for banking and investing.
- A performance report power-up, which gives you the option to compare your portfolio’s performance against significant benchmark indexes like S&P/TSX or S&P 500.
- The budget wizard lets you create a budget with categories for different expenses. Since it tracks your transactions automatically, it’s easy for you to monitor your budget and ensure that you are not overspending.
- The risk profile is a relatively simple analysis that shows you how much of your portfolio is equities and what part is allocated to bonds. Then, based on the equities-to-bond ratio, you’ll learn what kind of investor you are (e.g., cautious, adventurous, etc.).
Paid Power-Ups And Third-Party Add-Ons
Wealthica was created by tech-oriented developers and augmented by financial advisors, not the other way around. This is why you have a lot of customization accessibility and add-ons. If you are tech-savvy, you can use Wealthica in many ways that most people can’t. The third-party add-ons include:
Profit/Loss (P/L) Timeline Tracker
It allows you to see how many deposits you’ve made over time—in securities and other investments— and how it has grown or shrank over a timeline.
It allows you to balance your investments according to the percentage you want. You can set the percentage, and it will track the number of your holdings that are more than or less than your target goal.
Paper growth, on the other hand, helps you keep your portfolio balanced. You can set goals for different investment categories, and it will keep track of whether or not it’s on track.
Yahoo finance export
This add-on is ideal for people who actively monitor and adjust their holdings. It allows you to export your holdings onto Yahoo Finance and observe how they perform in real-time.
Microsoft Excel export
This add-on also allows you to export your data to Excel and play with your spreadsheets. It’s ideal for several reasons. For instance, it offers more granular control over your financial data. It’s also suitable for people transitioning to or from Excel.
Google Sheet export
The Google Sheet export add-on is the paid power-up that allows you to do the same thing on Google sheets.
The Wealthscope add-on is a powerful portfolio and investment analysis tool that automatically evaluates your portfolio for five essential dimensions: performance, downside protection, diversification, fees, and income. It gives you a “scorecard,” which tells you where your portfolio is standing.
Wealthica offers a wealth of benefits (no pun intended). The fact that you can get most of the benefits it offers from the free version is just the cherry on top. A few key benefits of this powerful platform are:
- It’s designed for Canadians by Canadians. That’s the shortcoming of generic budget-tracking apps like Mint and other portfolio trackers that aren’t available in Canada. Since its Canadian-focused, it connects with most—if not all—financial institutions, so there won’t be any major gaps in your investment and financial information.
- It combines portfolio-tracking with wealth-tracking. Most wealth trackers that offer portfolio tracking don’t offer the detailed overview and control over each of your holdings, but Wealthica does. And the best part is that it combines different brokerage accounts, including the ones you have cryptocurrencies in, for a detailed picture of your portfolio.
- It allows you to track the budget and net worth of your family as a whole.
- A consolidated view of your portfolio, wealth, and expenses allows you to make informed financial decisions. It also helps you plan for and follow your financial goals with more clarity.
- It focuses on cryptocurrencies and helps you see them as a part of your overall investment portfolio.
Wealthica Review: Social Proof
The reviews shared on the Wealthica website are quite flattering and offer a very attractive social perception around the app. This positive outlook is further endorsed by its Google Play rating of 4.4/5, based on 336 reviews.
Wealthica has a dedicated subreddit, and it’s quite active on this particular website. But even on other independent sources, I only read good things about Wealthica, and it’s easy to understand why. Even its free version offers most Canadians something that no other app does: tracking and a consolidated view of their finances.
The app/platform is simple, intuitive, and valuable without being imposing. Because of this, most users are happy with Wealthica.
Is Wealthica Safe and Legit?
Yes, and it’s a resounding yes. A wide variety of factors endorses Wealthica’s safety, and the first is that it’s a read-only app. Wealthica allows you to see your finances and your portfolio, not manage them. You can’t initiate transactions or buy and sell securities with Wealthica. For that, you’ll have to log on to and access the relevant account.
Wealthica account comes with bank-level security, i.e., AES-256 encryption and high-end transit safety protocols. All the APIs are in a sandbox environment, which minimizes cybersecurity threats. Also, you can augment log-in security with two-factor authentication.
No human eye watches your Wealthica data unless you give express permission to the Wealthica staff when you need help. For data privacy, Wealthica adheres to both Canadian Personal Information Protection and Electronic Documents Act (PIPEDA) and the European General Data Protection Regulation (GDPR) compliance regulations.
Most importantly, Wealthica isn’t a financial advisor. It doesn’t make its money by offering financial advice based on your data, and your information and financial data are never shared with third parties. Instead, the company earns from paid subscriptions and by selling while-label versions of Wealthica to financial institutions and individuals.
The company might share its user’s financial data with third parties in the future, but it would be anonymous and, most probably, buried in pools of similar data.
1. Is Wealthica Safe?
Yes. Wealthica accounts are guarded behind bank-level digital security. You also can’t make any financial transactions of Wealthica, so the threat of someone taking control of your financial life through Wealthica is minimal.
2. How Much Does Wealthica Cost?
Wealthica has a powerful free version. You can buy a few additional features for a monthly fee. It has two paid versions: Premium, which costs $11.99 a month, and Pro, which costs $24.99 a month.
3. Is Wealthica Better Than Mint?
It is for Canadian users. Wealthica connects with more financial intuitions, and apart from budgeting and transaction tracking, it also offers powerful portfolio tracking features.
4. Is Wealthica Better Than Personal Capital?
Since Personal Capital isn’t available in Canada, Wealthica wins by default for Canadian investors.
Wealthica Alternatives and Competitors
There aren’t many pure Wealthica alternatives for Canadian investors. The closest match is Mint for Canada.
Wealthica vs. Mint
There are significant overlaps but also considerable differences between the two apps. For starters, Mint is primarily a budgeting app, whereas Wealthica focuses more on portfolio tracking. Both apps connect with a decent number of Canadian financial institutions and allow you to input hard assets like real estate manually. Plus, they are both free.
Wealthica allows you to track your investments, their history, dividends, and even your crypto assets. Mint falls short here. Mint is also a personal budgeting app, whereas Wealthica allows you to connect with family members and track household wealth.
You might find a good use for both these applications, but Wealthica is definitely the go-to option for Canadian investors. Still, budget-focused individuals might lean more towards Mint.
As a free portfolio tracker, Wealthica checks a lot of boxes. It gives you a comprehensive picture of your portfolio, finances, and wealth, and if you’ve added them to your account, your overall household wealth. This “big picture” view allows you to find holes in your wealth-building strategies, and you can adjust accordingly.
Wealthica is easy to use, safe, intuitive, full of helpful features, and, most importantly, has a FREE version. So, if you haven’t yet, consider giving it a go.