In today's financial landscape, managing personal investments and financial data efficiently is more crucial than ever. With a wide variety of financial product offerings in the marketplace, it can be difficult to keep track of and stay up to date on your financial situation. This in-depth review of Wealthica Review will explore how the platform stands out as a premier financial management tool in Canada, specifically designed to cater to the needs of everyday users.
Overview of Wealthica
From tracking your dividend history, budgeting, to analyzing your assets, and even to integrating multiple account types in one single platform, Wealthica offers a comprehensive solution that promises to transform how Canadians interact with their finances. Most people have numerous financial accounts with more than one financial institution. This adds up quickly and makes it easy to lose track of the big overall financial picture. That is a problem for many Canadians, but thankfully there are tools that help with solving this problem.
When choosing a personal finance tool, consider factors like pricing, connectivity, ease of use, reporting insights, and the ability to export data for further analysis. Wealthica has a 14 day free trial for their premium plan. We are collaborating with Wealthica to offer an exclusive discount . During or after your free trial, you can use promo code Creditpicks10 for 10% off any yearly plan.
Key Features and benefits
- Budgeting: Set your budgets and track your actual income or expenses against your budget
- Savings: Identify trends on the amounts saved to track your financial goals
- Income Tracking: Detailed view of all source of income including employment, interest, investments, business
- Investment Tracking: Assess whether you have gains or loss across your portfolio
- Financial Statements: Personal balance sheet, income statement and statement of equity
- Consolidation: Aggregates all accounts into one place to have a clear picture of financial wealth. The benefits above blend together seamlessly
- Robust Security: Wealthica uses bank-level security measures, including encryption and secure login protocols, to protect user data. Wealthica is SOC 2 Type 2 compliant and undergoes regular audits, so your data is secure. The security section on its website provides more information on security.
Functionality
- Portfolio Tracking: Track all your asset classes. This includes stocks, bonds, cryptocurrency, real estate, and an unlimited amount of other assets classes. Graphs, charts and other visuals are to display asset distribution are shown as well as visualization.
- Integrations: When your accounts are connected, Wealthica automatically syncs data daily, ensuring that all information is up-to-date and accurate. There is also a transaction log across different accounts for tracking purposes so these can be reviewed
- Income Tracking: Both simple and detailed tracking of dividends, interest, and distributions is available on Wealthica. You can see income history and projections as well including both realized and unrealized gains. This is an excellent tool for income-focused investors.
User Experience
- Clean user interface: Features a clean, intuitive interface that simplifies the management of complex financial data. It provides a straightforward login process with options for multi-factor authentication to enhance security.
- Web and mobile UI: Supports both mobile application and desktop application to manage your finances. Not all functions are available on the mobile app, but the essential functions are all there. The mobile app has a great user experience, is fast and mirrors the desktop version. The experience is consistent, whether on the mobile app or desktop version.
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Power-Ups
These power ups are additional features available. This includes: reports, analysis & tax, import & export functions along with many other features. Some power-ups come with the premium subscription, while others require an additional purchase.
Adding accounts
This shows the various types of assets, investments and debt accounts available to add. Learn more about different Canadian digital banks from our article here. For an overview of investments, refer to our guide on CIBC Investors Edge. Refer to our guide on registered investment accounts in Canada. These accounts will be synced automatically once the connection is authenticated.
Cost and Fees
One of the most appealing aspects of Wealthica is its pricing structure, which is designed to be flexible to a wide range of users:
| Plan | Summary | Who it's for | Price |
| Connect | Starter plan that connects up to 3 financial institutions. Reports are available but limited | If you have a simple portfolio | $50/year or $6.25/month |
| Unlimited Connect | Connects to most financial institutions. Reports and holdings view is available but limited | If you have a simple portfolio with a few accounts and asset classes | $75/year or $9.99/month Free 14 day trial, use promo code Creditpicks10 for 10% off yearly plans |
| Premium | Advanced reporting feature, priority support, portolfio add ons, cryptocurrency, sync to google sheets, unlimited portfolios plus everything in Unlimited Connect | If you have a diverse portfolio with multiple different accounts and asset classes | $150/year or $19.99/month Free 14 day trial, use promo code Creditpicks10 for 10% off yearly plans |
Wealthica provides a competitive edge with its no-cost entry-level option and reasonable prices for advanced features. A detailed breakdown of pricing can be found here.
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Wealthica review of power-ups
Here are some screenshots of selected power-ups from the premium version of Wealthica
Widgets
These are widgets that are available to be added on your dashboard. Lots of widgets are available to choose from, including balance sheets, P&L, asset allocation, exchange rates, and budgets, just to name a few.
Gain and Loss Tracker
Another tool available on Wealthica is various gain and loss trackers including all time and intraday gain and loss. Each line represents a different equity position. You can see a breakdown including daily and all time profit or loss. You can even see your gain/loss including or excluding any income. This is a very useful tool for income-focused investors.
Income History
Another tool available on Wealthica is income history and upcoming income. This is a chart for expected income for the next 12 months. This will help track and forecast your income
Conclusion
Our review of Wealthica is it stands out as a highly effective tool for anyone looking to streamline their financial management. Wealthica has a 14 day free trial for their premium plan. During or after the trial period, use promo code Creditpicks10 for 10% off yearly plans. With its robust feature set, user-friendly interface, and strong security measures, Wealthica not only meets the diverse needs of investors and budgeters but also leads the way in financial aggregation technology. By offering detailed insights and real-time data across various financial dimensions, Wealthica empowers users to make informed decisions, ultimately help drive toward financial goals.
