“We’re still working out where we want the pricing to be, but we think we can get it down to 50 basis points on investments and 70 basis points including advice. The points on investments are a little higher than some index funds, but we’ve got some interesting ones, including funds in real estate… But we think we can get the fees down to about 1% per client, all in.” That is, this is provocative stuff. Companies like ING are providing balanced portfolios for 1%. “But I think we can get you advice as well for 1%,” says Nicola.
If that sounds like the future knocking, it was. So far, WealthBar has been offering some financial planning services and is just now working on getting a small select group into investments. The company received approval from the BCSC a weeks ago and is getting set to do a full launch this October. Get ready. The future is arriving faster than many think. When I ask if it feels exciting to be ramping up to launch such an interesting new company, he is quick with his response. “We are excited. We’re really busy. But we are excited," he says.