Michael Katchen // TrepFuel: Entrepreneur Of The Week
Michael Katchen is the Founder and CEO of Wealthsimple, Canada's fastest growing online investment manager. He founded Wealthsimple in 2014 alongside some of the top minds in finance and technology to make smart investing easy, low-cost, and accessible to everyone.
Previously, he led marketing and product at 1000memories, a Y Combinator startup that was acquired in 2012. He has been called an Industry "Mover" by the Financial Post, a "Change Agent" by Canadian Business Magazine, and one of the 500 people that will define the next 12 months by Askmen.
He served as a Consultant at McKinsey & Company in Toronto helping media and financial services clients on marketing and strategy. He studied at the Richard Ivey School of Business where he graduated with distinction.
Wealthsimple provides each client with an investment advisor (called a “wealth concierge”) who helps match investments to the client’s long-term goals and risk tolerance. It doesn’t occupy retail space. Instead, its advisers are available online, including through video chat and text message. The Wealthsimple mobile app allows clients to track their investments at their leisure.
Recently, Wealthsimple announced it has acquired Canadian ShareOwner Investments Inc., the country's first automated investment manager. The acquisition is another example of the growing Canadian financial technology sector, commonly referred to as fintech, continuing to encroach on incumbent players. Wealthsimple now owns one of the 14 discount brokerages across the country, joining RBC and BMO among others.
Wealthsimple’s youngest client is 18 and its oldest is 92; 80 percent of its clients are under 45, which is roughly the inverse of the industry.