Luisa Rollenhagen is a journalist and investor who writes about financial planning for Wealthsimple. She is a past winner of the David James Burrell Prize for journalistic achievement and her work has been published in GQ Magazine and BuzzFeed. Luisa earned her M.A. in Journalism at New York University and is now based in Berlin, Germany.
Twine is an investing and saving platform specifically designed for two. Find out below if it’s available in Canada.
What is Twine and is it available in Canada?
Sure, it’s a cute name: But it also refers to the fact that the company is specifically set up to be used by two users, whose financial goals are then, well, intertwined. Founded in 2014 by the financial company John Hancock and based in both San Francisco and Boston, Twine aims to help newbie investors get started with the help of its robo-advisor, which creates and manages portfolios and savings accounts that are specifically geared toward certain goals, like saving up for a vacation a year from now, building up an emergency fund, or saving up for a wedding in two years’ time.
Although users can create and use individual accounts, the app encourages you to sign up with a partner. Synchronised apps, multiple connected bank accounts, and a simple interface encourage users to reach financial goals together and keep each other accountable (although each person keeps their individual access to the funds they deposit and the proportional returns on that capital).When it comes to retirement planning, the sooner you start, the more time your money has to grow. In just five minutes we’ll build a personalized investment portfolio to help meet your retirement goals — get started.
Simplicity is key for Twine, and it’s perhaps not as well-suited for more experienced investors who want to have more control over their portfolios or over individual trading decisions. Twine’s portfolios are comprised of ETFs and mutual funds, and as such have quite low fees. In fact, the platform only charges 25 cents per month for every $500 you invest and has a $100 investing minimum.
In terms of choosing portfolios, users can’t really see the exact makeup of each portfolio, only its risk levels and whether they’re “conservative,” “moderate,” or “aggressive.” Users can also choose to save their money in the app’s saving account instead (also available as a joint account), which promises a 0.77% rate of return.
Twine is currently only available for American users, as account holders must be U.S. citizens or permanent residents.
An alternative investment manager in Canada
Twine isn’t currently available in Canada, but that doesn’t mean there aren’t similar investment services Canadians can choose. There are many automated investing services available in Canada, and some may even have more features than Twine.
Wealthsimple is an investment management service that combines smart technology with expert financial advice. We allow you to put your money in a managed portfolio (Wealthsimple Invest), do self-directed trading (Wealthsimple Trade) or put your money in a high-interest savings product (Wealthsimple Save).
Wealthsimple is anything but a fly-by-night startup; it’s Canada’s largest automated investing service. It’s received $265 million in investment from some of the world’s largest financial institutions in Canada and Europe. Wealthsimple boasts more than 150,000 clients and $5 billion of assets under management. Wealthsimple’s brokerage Canadian ShareOwner Investments Inc., which handles all client trades, is a member of the Canadian Investor Protection Fund (CIPF). CIPF is a program that insures all accounts up to one million dollars against member firms bankruptcy.
And Wealthsimple offers some cool products that other robo-advisors might not have. Wealthsimple’s Roundup feature allows you to invest your space change every time you use your debt card. Transactions are rounded up to the nearest dollar and the difference can be saved or invested. Wealthsimple Overflow allows you to invest or save any money over a certain amount in your current account.
We offer a variety of accounts including TFSAs, RRSPs, RESPs and more. Even if you’re not quite ready to start investing, if you have five spare minutes you can go to our two-time Webby-winning website and sign up for a Wealthsimple account to check our what we’re like.
Looking for a great place to invest? Get started with Wealthsimple. Regardless of their account balances, all Wealthsimple Invest clients receive state-of-the-art technology and unlimited human support for a remarkably reasonable management fee.Wealthsimple Invest is an automated way to grow your money like the worlds most sophisticated investors. Get started and we'll build you a personalized investment portfolio in a matter of minutes.