Founded in 2015, Wealthica is an online financial aggregator for Canadian consumers. The platform appeals to everyday investors, financial advisors, and individuals looking for a simple, convenient way to track and manage their portfolios. Its role is to help customers make smarter financial decisions and have better control over their money.
More than 50,000 Canadians use Wealthica to track, analyze, and manage their assets, from stock and dividends to cryptocurrency holdings. After registration, you'll gain access to budgeting tools, income reports, balance sheets, and other features. There's also the option to set up custom alerts and add a robo-advisor to your account.
Chances are, you already use or plan to use Wealthica if you're reading this. Perhaps you are not fully satisfied with its features or want a more complex solution. This service can be a great choice for the average investor, but it has its drawbacks.
With that in mind, let's take a closer look at the best Wealthica alternatives and how they stack up against each other. We'll also discuss the pros and cons of using this platform, what makes it stand out, and where it falls short.
Let's dive in.
Wealthica at a Glance
Wealthica is a financial app designed for portfolio management, budgeting, and investment tracking. The company has partnered up with more than 150 Canadian financial institutions, including Fidelity, Hampton Securities, HSBC, National Bank, and others. As of today, it tracks over $18 billion in aggregated assets, from equities and private investments to real estate.
Developed by fintech professional Simon Boulet, the platform gives customers a holistic view of their wealth. Depending on your needs, you can use it as an investment or budgeting tool, financial aggregator, or wealth manager. Investors can track and estimate asset value, see how their portfolios are performing, assign accounts to family members, and set financial goals.
Wealthica offers three membership plans, including a free version. Premium and Pro users can create an unlimited number of portfolios, export their data, split asset classes, and more.
The free plan doesn't offer as much flexibility, but you can add power-ups to your account. Let's see a few examples:
- Google Sheets Export
- Yahoo Finance Export
- Balance Sheet Report
- Income Report
- CoinTracking
- Risk Profile
Some add-ons are free, while others require a monthly fee. Wealthscope, for instance, starts at $15.95 per month and comes with all sorts of features, such as portfolio builders and scorecards. As you would expect, these fees can add up in the long run.
As far as security goes, Wealthica uses AES-256 encryption and stores customer data in the cloud. It also supports two-factor authentication and transaction PINs. What's more, it has read-only access to your financial information, meaning that it cannot make any changes to your account or conduct transactions on your behalf.
Why You May Want an Alternative to Wealthica
Wealthica can be an excellent tool for the average investor, but it has some shortcomings you may not be aware of.
First of all, it's not the best choice for high-net-worth individuals (HNWIs). Unlike Kubera and other complex tools, it's more limited in terms of functionality.
For example, you'll have to manually enter mortgage balances, the value of your real estate assets, and other data. This process can be tedious and time-consuming, especially for investors who own multiple properties. Additionally, these data points are not automatically synchronized, meaning you need to update them manually.
Another drawback is that you can't see your financial data in real-time. Customer accounts are only updated once a day, which may not be sufficient for those who conduct multiple transactions daily.
Wealthica is based in Montreal and works largely with Canadian banks and other financial institutions. The company has recently partnered up with Chase Bank, Edward Jones, Robinhood, UBS Wealth Management, and Wells Fargo, but it doesn't have full access to all investment accounts, transactions, or documents. Basically, you can't track these data points on the platform to get a consolidated view of your finances.
Also, note that Wealthica doesn't offer in-depth portfolio analytics like Kubera and other apps. Users can view their transaction history, create risk profiles, and request performance reports, but these features are limited. Plus, some are only available for Premium and Pro users or require access to paid add-ons.
Last but not least, there's no way to contact technical support directly. If something goes wrong, your only option is to contact customer service by email or live chat. Alternatively, you may call the company's headquarters and hope that someone will put you in touch with the tech department.
On the positive side, users have access to a knowledge base and Reddit group. However, none of these solutions ensures prompt service.
5 Wealthica Alternatives for Investors of All Stripes
As one of the largest financial aggregators in Canada, Wealthica makes it easy to track your budget and assets. Whether you're trading Bitcoin, stock, or equities, you may use the platform to manage your portfolio on the go.
But despite these perks, Wealthica is far from perfect and doesn’t appeal to everyone. Listed below are some alternatives that may be better suited for today's savvy investors, so you might want to check them out.
Kubera: The Best Wealthica Alternative for Financial Management of Diversified Investments
Let's start with Kubera, a modern all-in-one wealth tracker. The platform appeals to investors of all levels, including HNWIs, providing the tools they need to make sound financial decisions. Like Wealthica, it offers a 360-degree view of your investment portfolio, but it has more advanced features.
With Kubera, users can track global currencies, stocks, real estate, DeFi assets, precious metals, and crypto coins — just to name a few. There's also the option to store your passwords, estate documents, and other data in an e-vault, add notes, and see how your assets are performing.
Kubera is one of the best Wealthica alternatives for a reason. Its intuitive interface lets you track just about any type of asset, including but not limited to:
- Cryptocurrencies and NFTs
- ETFs (exchange-traded funds)
- Vehicles
- Web domains
- Private equity
- Houses
- Collectibles
- Art
What's more, you can use Kubera to manage your loans, credit cards, bank accounts, debts, and insurance policies from a single dashboard. This eliminates the need to install multiple apps and share your data with other third parties.
Key Features
Kubera works with over 20,000 financial institutions from around the world, including Canadian banks. You can connect your account to all major brokerage accounts, crypto wallets, and crypto exchange accounts, track alternative investments, and calculate your portfolio value.
That said, here are some of the key features that set Kubera apart from other wealth tracking apps:
- Powerful analytics tools
- Estate planning tools
- Safe deposit box
- Shareable portfolios
- Automatic currency conversion
- Real-time insights
- Secure API access
- Supports all major crypto exchanges
- Enables users to track DeFi assets
- Intuitive, easy-to-use interface, with graphs, diagrams, and charts
- Connects with over 20,000 financial services
For example, users can also add account beneficiaries and share their portfolios with financial advisors, friends, or family members. You can even set up a "dead man's switch" to give beneficiaries access to your data if something happens to you.
Currently, Kubera is available as a mobile app for iOS and Android devices, but it also works on PCs and laptops. Its interface resembles Microsoft Excel, making it easy to create tables, add entries, and calculate your net worth. Plus, you can view asset allocation and other data in real-time.
Follow these steps to install the Kubera iPhone App or the Android version.
Also, note that Kubera offers bank-grade security. The platform has read-only access to your account and doesn't store your banking credentials. Users can also set up two-factor authentication to further secure their accounts.
The best part is, you can try Kubera for 14 days for as little as $1 before committing to an annual membership. Sign up today to see how it works and test its features!
Mint: The Best Wealthica Alternative for Budgeting
Mint, Intuit's budgeting app, gets our vote as one of the best Wealthica alternatives on the market. Its intuitive platform enables users to manage their finances, track their bills, and set savings goals.
After registration, you can sync up your credit cards, investment accounts, credit cards, and other financial services to see where your money goes and spend smarter. You also have the option to set up alerts, track your credit score, determine your net worth, and categorize your expenses.
This isn't an investing app, but you can use it to visualize your assets. Plus, it's an excellent tool for tracking your income, expenses, and savings. Other notable features include:
- 24/7 access to your credit score
- View all of your financial accounts and transactions in one place
- Set a monthly budget and financial goals
- Set up bill reminders
- Weekly account summaries
- Multi-factor authentication
Like Wealthica and Kubera, Mint works on both Apple and Android devices. The platform supports Canadian banks and financial services, but it can't track dividend income and other more complex assets. Plus, it doesn't use API authorization, a key feature offered by Wealthica and other finance apps.
The Mint budgeting app is free, but it also offers a premium plan for $4.99 per month. The free version generates revenue from advertising, and you can expect to see intrusive product ads every time you log in. For an ad-free experience, you'll have to upgrade your membership.
Another drawback is that you can't generate reports through Mint. Additionally, there's no way to add joint accounts or reconcile your bank statements. Many users also complain about synchronization issues, which can be nerve-wracking when you're short on time.
All in all, Mint can be a great choice for budget-conscious consumers. However, it's not meant to be used as an investment tool or wealth tracker.
Wealthsimple: The Best Wealthica Alternative for Robo-Advising
Canadian investors can opt for Wealthsimple as an alternative to Wealthica. This service has been around since 2014, helping more than two million customers make smarter financial choices. As of today, it holds over $9.7 billion in assets under management and offers cutting-edge financial tools, such as:
- Robo-advisors
- Human advisors
- Cryptocurrency trading
- Hybrid bank accounts
- Discount brokerage services
- Peer-to-peer cash transfer
- Tax preparation and filing
- Income tax calculators
- Socially-responsible portfolios
- Halal investing options
Wealthsimple supports high-yield savings accounts, retirement accounts, joint brokerage accounts, trusts, and more. Its advisors are certified by reputable third-party organizations and can guide you toward financial growth.
Customers can use the platform to trade stocks, ETFs, and all major cryptocurrencies, including Bitcoin, Dogecoin, Ethereum, and others. There's also the option to open a spending account and earn 1% back in stock, cash, or crypto coins.
Another key feature is the Wealthsimple Invest robo-advisor. This service uses the latest financial technology to make custom portfolio recommendations and mitigate risks. Therefore, it's ideal for novice investors, as well as for those looking to make long-term investments and pay less in fees.
Unlike other apps on our list, Wealthsimple isn't designed for budgeting or wealth management. Instead, it's an investment account management service. You can't use it to track your finances, set savings goals, or manage your assets.
Passiv: The Best Wealthica Alternative for Portfolio Rebalancing
Passiv, one of our favorite alternatives to Wealthica, provides the tools you need to rebalance and improve your portfolio. As Forbes explains, portfolio rebalancing can optimize asset allocation and reduce losses. At the same time, it allows you to identify and remove underperforming assets and invest in others that generate higher returns.
Investors can use Passiv to monitor and automate portfolio management. The platform takes the guesswork out of portfolio rebalancing, saving you time and money. Let's see some of its key features:
- Multi-account portfolios
- Account consolidation
- One-click trades
- Cash management
- Performance reports
- Automated calculations
- Alerts and notifications
Passiv isn't a trading platform or budgeting tool. Think of it as an automated solution that facilitates passive investing, eliminating the need for manual asset allocation. Your only job is to sign up for an account, connect it to Questrade or other brokerages, set investment goals, and let the app do its magic.
This software solution appeals to DIY investors looking for a simple, convenient way to rebalance their portfolios. The platform integrates seamlessly with Wealthica, Kraken, Alpaca, Tradier, and other brokerages with API interfaces, offering interactive tools that reduce manual operations and make portfolio management easy.
Currently, Passiv is only available as a web app. The free version supports multi-account portfolios, automated calculations, and multiple brokerages, but you'll have to upgrade to a premium plan for more advanced features.
A potential drawback is that you won't get any investment recommendations. It's your responsibility to know which equities you want to hold and how to structure your assets. You also need to decide whether you'll execute the trades yourself or automate this process.
The limited number of partner platforms can be a turn-off for some investors. Additionally, Passive doesn't offer any insights into the stock market. Certain features, such as one-click trading, are only available to Premium users.
That said, we recommend this app solely for portfolio rebalancing. You can use it as a standalone solution or along with other financial tools like Kubera, Wealthica, or Personal Capital.
Pocketsmith: The Best Wealthica Alternative for Forecasting your Finances
Do you really know where your money goes or what to expect in the near future? PocketSmith can help you answer these questions so you can plan for the unexpected.
Developed in 2008, this money management tool enables users to automatically import and track their earnings, expenses, and budgets. The platform supports more than 12,000 financial institutions in 49 countries, including Canada, offering a complete overview of your money.
What makes PocketSmith stand out is its ability to generate financial forecasts. The app syncs to your bank accounts and then makes financial projections based on your spending and other transactions. Users can create multiple budgets, track their assets, link liabilities to assets, and more.
PocketSmith also provides a number of tools for estimating your net worth. On top of that, it generates detailed reports, including financial summaries.
This platform isn't meant as an investment tool, as it focuses largely on budgeting. It can be a good choice for those who want to have more control over their finances. The downside is that you'll have to upgrade to a premium plan to fully leverage its features.
The free version can only be used for two accounts and has limited capabilities. If you go this route, you'll have to manually download your financial data, which can be time-consuming. Plus, you can only generate financial forecasts for six months at a time.
How to Choose the Right Wealthica Alternative for You
Kubera, Mint, PocketSmith, and other apps are all excellent alternatives to Wealthica. However, each has distinct features and serves slightly different purposes.
PocketSmith, for example, is best for financial forecasting and personal budgeting. Passive, on the other hand, can streamline portfolio management and rebalancing. If you're interested in investment account management, robo-advisory, or discount brokerage services, consider using Wealthsimple.
Kubera, our all-in-one portfolio tracker, combines multiple features into a powerful app. You can use it to assess your financial health, optimize your portfolio, track cryptocurrencies effortlessly, store sensitive documents, and much more.
With that being said, ask yourself these questions before choosing a Wealthica alternative:
- Do you need a robo-advisor, wealth tracker, portfolio management app, or budgeting tool?
- Are you an active or passive investor?
- What are your financial goals and where are you struggling?
- What currencies and digital assets do you hold?
- Are you looking for an automated software solution?
Consider the following aspects as well:
- Security and data protection
- Supported institutions and assets
- Crypto-focused features
- Personal vs. business use
- Portfolio analysis capabilities
- Reporting capabilities
- Features and add-ons
- Ease of use
- Technical support
- Desktop vs. mobile app
- Pricing and fees
- Customer reviews
Kubera, for instance, is super easy to use. It features a knowledge base and learning resources plus step-by-step tutorials and videos. It doesn’t offer a robo-advisor or automated portfolio rebalancing tools, but it facilitates digital asset management. Check out how Kubera works and try it out to see if it's right for you.
Wealthsimple, by comparison, requires more technical know-how. It does offer robo-advisory services and complex investment tools, but it involves a steep learning curve. That's something to consider if you're not very tech-savvy or have a busy schedule.
Take Control over Your Finances with Kubera's Wealth Tracker
As you can see, there's no single best alternative to Wealthica. It all comes down to your financial goals and investment preferences.
Kubera, one of the most popular Wealthica alternatives, can be a great choice for HNWIs with diversified portfolios. We also recommend it to budget-conscious consumers and international citizens with bank accounts around the world.
Our modern wealth tracker makes it as easy as possible to track your investments in one place. We have joined forces with Plaid, Salt Edge, Flinks, and other aggregators so we can serve a global audience. Kubera connects seamlessly to your bank and investment accounts, offering real-time insights for better decision-making.
Another major advantage is its ease of use. Our app provides a simple, intuitive user experience from start to finish. Depending on your needs, you can use the platform to manage your assets, debts, and insurance policies, share your portfolio with others, track your crypto accounts, and more.
Kubera is the go-to choice for both traditional and modern investors — as shown here and here. Its minimalist interface and cutting-edge features are hard to beat.
But don't just take our word for it. Try Kubera for 14 days to see how it works or contact us at hello@kubera.com to find out more!
