SigFig Canada Investing Software Alternatives

| May 22, 2022
✓ Verified by Matthew Jaekel

Despite having offices in Calgary, SigFig does not currently operate in Canada.

Best Alternatives to SigFig in Canada

Wealthsimple Trade

Summary

Wealthsimple is an investment platform with every client having access to a personal Wealth Concierge. They are looking to make trading more accessible for retail investors.

Pros

  • Has a wealth management concierge that helps clients create a financial plan.
  • Unlimited trades with no commission and a platform that is easy to navigate.

Cons

  • Unlimited trades with no commission and a platform that is easy to navigate.
Passiv

Summary

Passiv is a tool to help DIY investors manage and balance their portfolios. It’s not a robo-advisor, so investors will need to do their own research and analysis to choose where to invest their money.

Pros

  • An easy way to manage multiple brokerage accounts and maintain a balanced portfolio.
  • Can help avoid high management fees through a simple app.

Cons

  • Doesn’t provide investment advice or material.
Moka

Summary

Moka helps people start investing by rounding up everyday purchases to the nearest whole CAD and investing the change.

Pros

  • Looks to help users save money as quickly as they can spend it.
  • The fees don’t change regardless of the portfolio size.

Cons

  • Provides a very basic interface with limited investment options.

Wealthsimple

Wealthsimple is an excellent platform that offers extensive educational material and a Wealth Concierge to help their clients through financial decisions.

It has a sleek interface and intuitive platform making the learning curve quite simple.

The low cost to begin investing with Wealthsimple Trade is appealing for beginner investors but the platform may be too basic for seasoned investors.

They also offer accessible tax reporting services through Wealthsimple Tax.

Passiv

Passiv is a platform that helps individuals who prefer to manage their own portfolio avoid the high management fees that are charged by many brokerage platforms.

They help investors maintain their desired asset allocation ratio in their portfolio.

This makes Passiv ideal for investors who want to automate portfolio rebalancing and proportionally invest cash into the market.

Unlike other platforms, Passiv is not a robo-advisor and will not recommend investment options.

Investors who choose to use it must do their own research to maximize returns.

Moka

Moka (previously Mylo) is a company based on the same business model as popular US based mobile app Acorn.

It allows users to round up each purchase to the nearest dollar and have their pennies work for them by investing in ETFs, fractional shares of stocks and more.

Moka aims to make investing accessible to Canadians, so everyone can begin investing through everyday life purchases.

By changing people’s mindset about the difficulties of investing, Moka hopes to show people that even small amounts can add up and generate a return in the long run.

Will SigFig be Coming to Canada?

SigFig is based in San Francisco, California and provides services within US borders and a few other countries, but Canada is not one of them.

As of the writing of this article, SigFig has not made any plans for expansion into Canada public.

Fun Fact

SigFig offers free automatic account rebalancing, so you don’t have to worry about constantly checking! When market trends shift, so should your portfolio’s asset allocation.

What Is SigFig?

SigFig was initially founded as an early robo-advisor to challenge traditional financial advice and investment models.

It has excellent account aggregation, allowing for simple management across different brokerage accounts used for passive investing.

It also provides portfolio analysis features, which allows users to make better financial decisions.

Those who invest with SigFig can take advantage of unlimited access to human financial advisors as well as access to 40 diverse portfolio options that are low cost and easily understandable.

The services that SigFig offers are built with the goal of retirement in mind, which means the company often recommends strategies based on historical market returns.

Guy at desk researching Sigfig trading platform

Frequently Asked Questions

  • Can I use SigFig in Canada?
  • Is SigFig a robo advisor?
  • Is SigFig free?

I have been investing for half a decade, using the perspectives gained from my work experience in the private, public, and non-profit sectors to shape my investment outlook. I have a specific interest in the potential of emerging disruptive technologies and their impact on the future.