A Canadian robo-adviser which has £1.2 billion in assets under management is targeting more growth in the UK market as it gears up to launch a Sipp product in the last quarter of 2018.
WealthSimple, which has gained large traction in the US and Canadian markets, is an online investing platform which uses exchange traded funds (ETFs) as its investment proposition.
The robo-adviser has raised £122 million in funding from investment firm Power Financial Group.
Last year WealthSimple launched in the UK with an ISA product but it is now preparing to launch a Sipp in the UK.
Toby Triebel, WealthSimple’s chief executive of Europe, said: ‘We always look to client feedback on what products they want to see next from us and pensions have been top of mind for our UK clients and continually requested since we launched last September.We're working on introducing a pension offering by Q4 in the UK with an initial roll-out to current clients, followed by availability to everyone.’
The move to launch a Sipp follows other major robo-advisers developing these pension products; launched a Sipp and has also been developing one.
Wealth Manager sister title New Model Adviser® understands WealthSimple is working with Sipp and platform provider Embark on the pension launch.
WealthSimple charges clients 70 basis for portfolios up to £100,000. The firm is regulated by the Financial Conduct Authority (FCA) and has human advisers who help investors through its online process.