Is SigFig Available in Canada?

| September 19, 2022
✓ Verified by Matthew Jaekel

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

Best Alternatives to SigFig in Canada

Wealthsimple Invest

Summary

Wealthsimple Invest offers automated diversified portfolios that can be set up based on users’ inputs and risk profile. These robo portfolios are provided for a flat fee as a percentage of assets managed. Such portfolios can be highly passive once invested and have lower fees as a result.

Pros

  • Wealthsimple has a selection of different portfolios that can be chosen based on an investor’s goals and objectives. For new investors, there are no management fees for up to $10,000.
  • Wealthsimple offers this as either a registered or a non-registered account, thereby increasing the product’s tax efficiency.

Cons

  • Wealthsimple’s portfolios, while great for new investors or for those not wanting to actively manage their investments without compromising on returns, can be vanilla and less active or less discretionary which may not be well-suited for those that want a more hands-on approach.
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 begin their investing journey by rounding up everyday purchases to the nearest whole CAD and investing the difference.

Pros

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

Cons

  • Only has a very basic interface.
  • Limited options for investing, not for the advanced investor.

Wealthsimple Invest

Wealthsimple is one of the most popular investing platforms amongst investors in Canada.

They provide Canadians with the ability to invest in automated portfolios at a low fee cost structure, making them very attractive against actively managed mutual funds charging significantly higher management fees.

Wealthsimple Invest provides registered and non-registered accounts that can invest in automated portfolios at a low fee cost structure, making it very attractive vs actively managed mutual funds charging significantly higher management fees.

Wealthsimple does a good job of having educational resources available on the platform and other value-added services are available as part of the core offering.

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) 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.