Wealthsimple targeting older U.S. demographic: CEO

TORONTO (CP) — Three months after expanding its millennial-targeted robo-adviser service to the United States, Wealthsimple is now seeking to capture an older demographic south of the border due to the burden of student loan debt there.

CEO Michael Katchen said while he’s pleased with Wealthsimple’s early success in the U.S, he doesn’t expect to see 25- to 35-year-olds — the company’s key adopters in Canada — signing up for its online investment management services in large numbers in the U.S. any time soon.

“If I said 25 to 35 in Canada has really been a sweet spot for us, (it is) maybe 35 to 45 in the U.S,” he said.

Combined, Wealthsimple has over $750 million in assets under administration and approximately 30,000 clients in Canada and the U.S.