Partnership established in anticipation of upcoming combination of Wealthsimple for Advisors with Purpose Advisor Solutions
Partnership further enhances advisors’ access to leading software and digital services
Combined service and technology expertise to further strengthen leadership in advisor services in Canada
TORONTO, May 27, 2020 (GLOBE NEWSWIRE) -- Today, Purpose Advisor Solutions ("PAS") is pleased to announce they have selected Fidelity Clearing Canada to provide clearing and custody services. Fidelity Clearing Canada will act as custodian for the majority of assets transitioning with the Wealthsimple for Advisors business into Purpose Advisor Solutions later in September 2020.
Purpose Advisor Solutions, which is majority owned by Purpose Financial, delivers an end-to-end solution to simplify advisor practices offering wealth firms and advisors modern and intuitive tools that today integrate digital workflows across client relationship management (CRM), account opening and administration, portfolio management, reporting, compliance and trading and that are soon to expand to broader financial advice capabilities. PAS partners with independent portfolio managers and investment counsel firms in addition to financial advisors and planners seeking to operate as independent businesses.
“Providing our advisors and their clients with a leading-edge end-to-end wealth platform solution is a priority. Integrating our advisor platform with Fidelity Clearing Canada to deliver additional cost effective, custodial options is another step in our evolution,” said Jeff Gans, CEO, Purpose Advisor Solutions. “After a comprehensive review of available options, it was clear that Fidelity Clearing Canada brings a custodial platform with the reliability and service model that advisors and clients will be able to count on for an industry-leading experience. Crucially, Fidelity Clearing Canada also brings the truly innovative spirit that is required for our company to bring the most advanced and connected digital platform for advisors in the market,” said J-F Courville, CEO of Wealthsimple for Advisors.
Fidelity Clearing Canada will act as custodian not only for the incoming Wealthsimple for Advisors business but also be an option for new advisors and portfolio managers selecting the PAS platform to operationalize their practice. The partnership will further add to providing advisors with the most integrated digital capabilities in Canada, from client onboarding all the way through to the implementation of best-of-breed investment strategies to sophisticated analytics and reporting.
Purpose Financial and the combined leadership team at Purpose Advisor Solutions and Wealthsimple for Advisors have a well-deserved reputation as industry leaders in bringing innovative wealth management solutions and products to the Canadian market. “We are pleased that Purpose Advisor Solutions has placed their trust in us as a solution to help deliver their powerful technology solutions,” said Joel Bernard, Head of Sales for Fidelity Clearing Canada. "Our focus will be on delivering improvements and efficiencies, along with our commitment to outstanding customer service, to help Purpose Advisor Solutions grow its wealth management offering. We very much look forward to working with them."
About Purpose Advisor Solutions
Purpose Advisor Solutions’ end-to-end solution simplifies advisors’ practices and makes it easier to give clients what they need and expect — honest, independent advice and a seamless service experience. In addition to an innovative, modern technology platform and robust portfolio management, Purpose Advisor Solutions offers access to practice management and consulting to ensure a successful transition and ongoing development of advisor practices. To learn more about Purpose Advisor Solutions and how they help independent investment advisors discover a better way to do business, visit www.purposeadvisorsolutions.com
About Purpose Financial
Purpose Financial is an independent financial services company whose platform gives entrepreneurs and small- to medium-sized businesses the cutting edge tools they need to innovate the next generation of modern asset management, wealth management and banking technology. The platform includes Purpose Investments, Purpose Banking Solutions and Purpose Advisor Solutions. To learn more about Purpose Financial, please visit www.purposefin.com
About Wealthsimple for Advisors
Wealthsimple for Advisors, a division of Wealthsimple, provides an all-in-one digital wealth management platform for financial planners, investment advisors, portfolio managers and dealers in order to simplify service to their clients and scale their business. Wealthsimple for Advisors recently announced that it will merging its business into Purpose Advisor Solutions later in 2020. For more information, please visit www.wealthsimple.com/advisors
About Fidelity Clearing Canada
Fidelity Clearing Canada provides clearing, custody and trade execution services to Canadian registered broker/dealers and Portfolio Managers. FCC helps clients thrive by enhancing their operational efficiency and supporting the growth of their businesses, driving confidence, clarity and results. For more information, please visit https://clearing.fidelity.ca/
For further information please contact:
Chris Pepper, Vice-President, Corporate Affairs, Fidelity Investments Canada ULC, chris.pepper@fidelity.ca, (416) 795-7762; or
Keera Hart, Kaiser Lachance Communications, keera.hart@kaiserlachance.com, 905-580-1257