Wealthfront is a financial technology company that provides automated investment and financial planning services. It was founded in 2008 in California and is considered one of the top robo-advisors in the US.
The main service provided by Wealthfront is an automated investment platform that builds and manages diversified portfolios of low-cost exchange-traded funds (ETFs) for its customers using computerized algorithms. In addition, Wealthfront provides advanced tax optimization solutions, such as tax-loss harvesting, financial planning tools, such as the "Path" financial planning program, and high-yield cash management accounts.
In this article, we will uncover Wealthfront’s availability and expansion plans in Canada, as well as provide alternative solutions.
Is Wealthfront available in Canada?
Unfortunately, Wealthfront is not currently available in Canada, and it is exclusively available for US residents.
According to its website, Wealthfront “cannot support clients residing outside of the U.S., including U.S. citizens residing abroad for regulatory reasons. We will be sure to update our Help Center in the future if we do expand internationally”. To open an account you must provide a US social security number, a permanent US residential address, and a US phone number that can accept SMS text messages for security verification purposes.
The good news is that the fintech industry is continually developing, and Canadians have a wide range of Wealthfront alternatives available, each with its own special features and chances to assist in navigating the road to financial achievement.
Keep reading this article as we attempt to shed light on some of the top Wealthfront alternatives accessible for investors in Canada wishing to take advantage of the benefits offered by robo-advisors.
Wealthfront alternatives in Canada
If you are a Canadian investor wishing to take advantage of the benefits offered by robo-advisors similar to Wealthfront, here are the top Wealthfront alternatives accessible in the Canadian market.
Here’s a comparison table of top financial platforms in Canada that share comparable features with Wealthfront and can be the best alternative you’re searching for:
Although Wealthfront is not accessible in Canada, there are still plenty of other options available to assist people in achieving their financial objectives. While there are multiple robo-advisory firms in Canada, Wealthsimple, Questwealth and Justwealth can be considered as the best Wealthfront alternatives sharing numerous similar features.
Having said so, always remember that choosing the best robo-advisor depends on your personal goals and financial situation, so it's essential to stay informed about the latest developments and explore the ever-expanding range of financial tools available.
We hope we helped you in your search for the Best Alternatives for Wealthfront in Canada.
Other FAQs about Wealthfront in Canada
Can I use Wealthfront from Canada with a VPN?
No, you cannot use a VPN to open a Wealthfront account from Canada since you must provide specific documentation that proves that you are residing in the US upon account opening.
Can I use my Wealthfront Card outside the US?
Yes, you can use your Wealthfront card while traveling. You must, however, pay an international transaction fee of 2.75% for every purchase outside the US.