Earlier this year Calgary.tech singled out wealth-as-a-service platform OneVest as a homegrown Calgary tech startup to watch on a quest to improve wealth management for financial institutions and their customers.
Founded in 2021 by Amar Ahluwalia, Jakob Pizzera and Nathan Di Lucca, OneVest provides digital wealth management services that can be embedded in consumer-facing products through a set of APIs.
The Alberta-based platform thus enables fintechs, credit unions, and banks to offer a digitally native user experience for personalized wealth management to clients.
“We’ve built OneVest as a durable, highly scalable platform that can shape the future of wealth management,” Ahluwalia, who serves as chief executive, stated in June. “The ability to implement a modern service with all the required compliance requirements built-in is compelling.”
One technology startup taking advantage of OneVest’s offering is the recently launched LIVO Financial, which provides a tech-forward approach to investing in Canada.
The B.C.-born fintech employs a multi-asset, multi-strategy approach to portfolio construction, optimizing risk-adjusted returns to help clients achieve personal investment objectives.
The fintech also provides automated processes, including portfolio rebalancing, dividend reinvestment, and regular contributions.
And on top of that, LIVO promises lower management fees than most traditional banks and wealth managers.
“By working with OneVest for wealth management products and services, LIVO can now offer you a financial services solution through customizable portfolios at a fraction of the fees traditionally charged by banks,” the firm states online. “This transformative approach democratizes wealth management by making it accessible to a broader audience, and all within a delightful digital client experience.”
The Vancouver startup was founded by James Russell. While working on a fintech project for a federal crown corporation, Russell determined that Indigenous Canadians are underserved with regard to financial services.
“Today, in Canada, a developed nation, we have Indigenous Canadians who do not even have a bank account,” laments the proud Metis citizen. “I aim to address this issue nationwide.”
LIVO intends to provide digital-first products that promote financial literacy on a scalable platform, according to Russell, who believes his tool will deliver impact throughout Canada’s indigenous community and beyond.