Wealthsimple says assets under administration top $100B

Wealthsimple Inc. says its assets under administration have reached $100 billion as the company tweaks its offerings.

The privately-held financial platform has seen its assets roughly double from a year ago, while in 2023 it had set a target of 2028 to reach the $100-billion mark.

Along with disclosing total assets, Wealthsimple says it has also dropped contract fees to make its options contracts truly zero commission, now offers direct indexing portfolios that can allow for tax-loss harvesting, and made changes to its crypto and gold trading offerings.

It says it will soon also offer the option of buying Wealthsimple branded gold coins, a new portfolio option that will offer more access to private markets, and it will be adding more advanced options strategies.

Wealthsimple, founded in 2014, says that more than three million Canadians are customers.

Power Corp. of Canada and related entities hold a controlling stake in the company. 

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.