Toronto-based Nest Wealth, a digital wealth management platform, has acquired Razor Logic Systems, the creator of RazorPlan, a Canadian financial planning software solution.
“Both companies have always shared a common goal to make life better for the individual investor.”
With the acquisition, Nest Wealth is adding financial planning capabilities to its platform, calling it “the most complete digital wealth platform available on the market.” The company stated that with this move it hopes to position itself as one of the largest and most comprehensive B2B digital wealth platform in Canada.
“We’re excited to welcome the RazorPlan team and their clients to the Nest Wealth family,” said Randy Cass, founder and CEO, Nest Wealth. “Both companies have always shared a common goal to make life better for the individual investor so this seems like a very natural fit.”
He added that the acquisition represents an important milestone in the industry, stating, “We will now offer users the first digital wealth platform to combine sophisticated financial planning and professional wealth management. Because of what our two companies are able to accomplish together our users will be able to offer personalized financial plans integrated with their actual investment portfolios.”
Alberta-based Razor Logic Systems was founded in 2011 and its RazorPlan was designed to help financial advisors to quickly analyze a client’s needs, and generate full financial plans in as little as 15 minutes. Nest Wealth noted that Razor customers include some of the ‘Big Six’ banks, and with the acquisition they two companies will name among its customers half of Canada’s six largest banks.
Nest Wealth was founded in 2014 and its platform uses technology to create and monitor investment portfolios for investors and businesses. The company’s main product, Nest Wealth Pro, provides traditional advisors and their firms with the same technologies that robo-advisors use. In 2017 the company received a $6 million investment from Montreal’s National Bank. The deal was part of multiple agreements between Nest Wealth and National Bank, which included Nest Wealth licensing its investment technology to National Bank to help its advisors manage clients’ money using digital practices.
In March 2018 the digital wealth management company launched Nest Wealth at Work, a solution providing group RRSP plans to small and medium-sized businesses.