The Wealth Management app, which launched for a $3-billion price tag, aims to help people save money and grow their wealth through a range of tools, including a free website, a financial calculator, a mobile app and a mobile-only version of its website.
The app is the brainchild of Canadian millionaire Andrew Knaus, whose wife is the chief executive of the Canadian Wealth Management Council.
The Knauses have raised $1.5 billion in capital, and have set up a company, Wealth Management Solutions, to help Canadians manage their money.
The Wealth Management App is available in both English and French, but it also offers a separate website, www.savingsprings.ca.
It also has an online calculator, the Canadian Savings Service, which allows users to use an iPhone or Android phone or tablet to enter information into the app.
In a statement released to CBC News, Wealth Manager said the app will be available to Canadians as early as the end of the month, with an app to go online in late April.
The app is being developed by two Canadian entrepreneurs who met while they were students at the University of Waterloo, according to the release.
“The Wealth Manager app offers the potential to help simplify and speed up your financial planning process by giving you a single, simple interface to access and manage all your financial data,” the release said.
The new app has been developed by David Schafer, the founder of the company Wealth Management Advisors, and David Ochsner, who is the CEO of the Toronto-based Wealth Management Association.
The release said Wealth Management is looking for an “entrepreneurial spirit” to help develop the app, but declined to name the entrepreneur.
Schafer has previously said he would like to open up a retail store and create an online store, but said that would be difficult because the store is owned by a private equity firm.
The Knausses say they expect the app to be a hit with Canadians, and said it is a “game changer” for the wealth management industry.
“With the app you can track your savings, save for retirement, manage your tax affairs, create and share a personal retirement account, and more,” Knausa told CBC News.
“There are so many options out there, and this is the perfect app to help you understand how to manage your finances in the most efficient way.”
Knausa added that the app’s “unlimited” data is not available to anyone outside the Wealth Management Services team.
“We have not used any data from the app beyond what is shared with the app,” he said.
A spokeswoman for the Canadian Investment Corp., which owns the Wealth Manager, said in an email to CBC that the firm has been looking into the Knausal family’s funding, but has not made any decisions on the app or the Kanaus family’s business venture.
“While we can’t speak to the business or financial prospects of this family, we believe that the Wealth manager is a great example of the kind of investment and business model that will help build a new industry, and we are excited about working with the Kanasens to continue to grow our team of advisors and partners,” the spokeswoman said.
With files from The Canadian Press and the Associated Press