Snap Projections, a financial planning software startup, has been acquired by Vancouver-based wealth management company WealthBar Financial Services. Terms of the deal were not disclosed.
“With this partnership we’re expanding on the support that we provide to the advisor community.”
Earlier this year, WealthBar, a fellow startup that was founded in 2012, was acquired by CI Financial, which offers global asset management and wealth management advisory services. Despite the acquisition, WealthBar continued to operate as a stand-alone business. The acquisition of Snap Projections is part of WealthBar’s plans to expand the advisor side of its business.
Snap Projections was founded in 2014 and offers a software platform that is meant to help financial planners, advisors, and investment managers manage and predict client behaviour over time. The company claims that, to date, its clients have used its software to create more than 50,000 financial plans for Canadians.
WealthBar offers a suite of investment services that combine technology with human advisors. Touting itself as a premium online investing platform, without the premium price, WealthBar’s app offers personalized investment services from humans as well as its robo-advisor.
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“WealthBar is an ideal partner because they share our vision of ensuring all Canadians can access professional financial planning,” said Pawel Brzeminski, founder and CEO of Snap Projections. “This will allow financial advisors working with Snap to access the best tools on the market allowing them to be more productive, deliver extraordinary value to their clients, and grow through referrals.”
As part of the acquisition, WealthBar will be making additional investments into Snap Projections to accelerate its product development, help it develop new channel partnerships, and grow its team. Snap Projections will also continue to operate as a separate company, remaining under its existing leadership.
“We’re thrilled to welcome Snap Projections to the WealthBar family,” said Tea Nicola, co-founder and CEO of WealthBar. “Snap gives advisors a powerful way to build engagement with clients by conveying a visual story of what they’re working towards. With this partnership we’re expanding on the support that we provide to the advisor community as they build their businesses.”
Image source WealthBar via Twitter