Wealthbar with Tea Nicola (CEO) | EP34

The combination of Robo Advisory and Robo Planning.

During this 34th episode of the Fintech Impact podcast, Jason Pereira interviews Tea Nicola, CEO, and Co-Founder of Wealth Bar. Wealth Bar is both a robo adviser and robo planner in Canada that works to provide integrated planning and investment solutions to clients. Learn the story behind this fintech company, what they are offering present and future clients, and what it took to bring this company to fruition.

●      00:53 – WealthBar doesn’t have physical offices—everything is done online or over the phone.

●      01:26 – Tea earned her Electrical Engineering degree and interned at Nicola Wealth Management in Vancouver.

●      02:10 – She worked as a financial advisor for several years.

●      05:26 – WealthBar’s efficiencies help lower the cost to pass the savings to the consumer.

●      08:05 – Clients can onboard themselves and deposit money without an advisor.  

●      09:48 – One of the biggest differences between WealthBar and their competitors is the level of financial planning that WealthBar does.

●      11:36 – On the accumulation side, WealthBar has a module built into their website where users can enter basic information and see where savings will take them.

●      13:26 – There is full inside and outside sales support for financial advisors.

●      20:21 – Proper financial advisement takes education on the advisor and client side.

●      21:36 – There are still people that want advisement even if they could do it themselves.

●      22:06 – WealthBar currently has a team of 30 people based in Vancouver.

●      22:48 – Changing the way that advisors work with their clients and represent their professionalism are the opportunities that Tea is most excited about.

3 Key Points:

1. Clients can onboard themselves and deposit money without an advisor. 

2. WealthBar offers a conversation with an advisor within the first five seconds that you are on the website, and again within the first 20 seconds when you sign up.

3. All of WealthBar’s client-facing portfolio managers are also CFPs, accommodating areas like retirement planning and estate planning.

Tweetable Quotes:

-      “WealthBar is one of Canada’s leading robo advisers, and by robo advisor we mean that we do everything a traditional financial adviser would do.” – Tea Nicola.

-      “People don’t have a very high understanding of finances at all, and often times they just need that reassurance.” – Tea Nicola.

-      “For the more complex financial planning we actually use Snap Projections.” – Tea Nicola.

Resources Mentioned:

LinkedIn – Jason Pereira’s LinkedIn

Facebook – Jason Pereira’s Facebook

Woodgate Financial – Website for Woodgate Financial

Tea Nicola – LinkedIn for Tea Nicola

WealthBar – Website for WealthBar