Hello all, today we’re going to be doing a quick review into the new app/website we’ve been testing out to track our household finances.
Let us start first off by stating that we are NOT being sponsored, nor do we have any affiliation with Wealthica.com we are merely providing our thoughts on the platform for others who may be looking at signing up.
What is Wealthica?
First things first, what is Wealthica? They’re a site that links up with all of your separate institutions to gather information on all of your assets, debts and the like to give you a detailed overview of your financial situation all in one place.
Things we like
The things we’ve found most enjoyable, or useful with Wealthica has been the ease of use as well as the in depth look into our finances and data that they provide.
Perhaps an overlooked perk to using a site like this for our household at least as that Mrs. FIC isn’t always up to date with what money we have and where it is. If something were to happen to me instead of her having to track down all of this information on her own she now has a single site to log into to see an entire list of our different accounts from savings to investments to pensions and the mortgage – it’s all there in one spot.
Here’s an example of what I’m talking about:
And another pro to the platform is that as you log on you’re greeted with your net worth, this may be off slightly if any accounts haven’t been able to sync for whatever reason but that’s an easy enough fix so it should be close. This looks like so:
The next part I’m really interested by is the fact that they’re able to take your holdings from all different accounts and combine them into one holding, for instance we may hold Canadian Utilities in several different accounts – Wealthica is able to sum them all up and display them as one holding and total our gains and losses accordingly.
There are two very minor dislikes about the data being pulled on these, 1 being that some of my holdings moved first from iTrade over to Wealthsimple Trade and if they’ve gone down since then they now show as losses for some reason even if I’d had gains on them in my iTrade account prior, the other larger one is that they don’t factor in dividend returns in your gains and losses just the capital gains and losses so if you’ve owned a company like Enbridge for instance and you have enjoyed thousands of dollars in dividends coming in from the 7+% dividend yield these past years but your average price is down a bit you show as losing on the holding.
Luckily for me I don’t pay much/any attention at all to total gains and losses so these being a little bit out of whack don’t phase me.
The next pro is that on desktop especially you’re able to have great views using their “add-ons” some of which are free and some of which you have to pay to upgrade to.
A couple personal favourites are the personal balance sheet as well as the income tracker.
The above are some of the details the balance sheet page provides and below here’s a look at some of the things from the income add-on.
What we don’t like:
So far the only real “issues” we’ve had with Wealthica are the minor ones mentioned above and the fact that a couple of our accounts haven’t been sync’ing reliably. All this really means is that we have to use the “fix” button and basically re-provide our credentials for those sites.
Since the two accounts that have been more difficult than the rest have both been RBC related accounts I’m not ready to chalk this up as Wealthica’s fault as it’s more likely that it’s an RBC security thing causing us to have to frequently re-link the accounts.
Outside of that we’d be hard pressed to come up with any critiques especially considering it is a free platform.
Overall Experience So Far
Admittedly we’ve only been on Wealthica for a little over a week, maybe 2 at this point so that’s not exactly a massive track record but that being said there really is only so much time needed before you know if you like something or not – and as of right now I’d firmly plant us in the “like” side of the ledger.
As far as free tools, apps, websites go for personal finance we haven’t been able to find many – any really that cast as wide of a net over your personal finances and provide as much detail and analysis as Wealthica provides in one location.
That wraps up our thoughts (for now) on Wealthica and we hope that this has been a helpful review. Let us know below or over on our social medias.
INSTAGRAM: @FindependenceCanada
TWITTER: @findependencec1
We hope to hear from you soon!
Disclaimer: We are not financial professionals, nor are we internet security experts. Before joining Wealthica we did our due diligence and sought out whether or not it was safe to use and are taking the word of the professionals online that it is safe to do so but can not guarantee this to be true. Please consult your investing professional before using any personal finance apps, websites and the like.