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Wealthbar with Tea Nicola (CEO) | EP34

Ep. 34

During this 34th episode of the Fintech Impact podcast, Jason Pereira interviews Tea Nicola, CEO, and Co-Founder of Wealth Bar. Wealth Bar is both a robo adviser and robo planner in Canada that works to provide integrated planning and investment solutions to clients. Learn the story behind this fintech company, what they are offering present and future clients, and what it took to bring this company to fruition.


●     00:53 – WealthBar doesn’t have physical offices—everything is done online or over the phone.

●     01:26 – Tea earned her Electrical Engineering degree and interned at Nicola Wealth Management in Vancouver.

●     02:10 – She worked as a financial advisor for several years.

●     05:26 – WealthBar’s efficiencies help lower the cost to pass the savings to the consumer.

●     08:05 – Clients can onboard themselves and deposit money without an advisor. 

●     09:48 – One of the biggest differences between WealthBar and their competitors is the level of financial planning that WealthBar does.

●     11:36 – On the accumulation side, WealthBar has a module built into their website where users can enter basic information and see where savings will take them.

●     13:26 – There is full inside and outside sales support for financial advisors.

●     20:21 – Proper financial advisement takes education on the advisor and client side.

●     21:36 – There are still people that want advisement even if they could do it themselves.

●     22:06 – WealthBar currently has a team of 30 people based in Vancouver.

●     22:48 – Changing the way that advisors work with their clients and represent their professionalism are the opportunities that Tea is most excited about.


3 Key Points:

1. Clients can onboard themselves and deposit money without an advisor. 

2. WealthBar offers a conversation with an advisor within the first five seconds that you are on the website, and again within the first 20 seconds when you sign up.

3. All of WealthBar’s client-facing portfolio managers are also CFPs, accommodating areas like retirement planning and estate planning.


Tweetable Quotes:

-     “WealthBar is one of Canada’s leading robo advisers, and by robo advisor we mean that we do everything a traditional financial adviser would do.” – Tea Nicola.

-     “People don’t have a very high understanding of finances at all, and often times they just need that reassurance.” – Tea Nicola.

-     “For the more complex financial planning we actually use Snap Projections.” – Tea Nicola.


Resources Mentioned:

LinkedIn – Jason Pereira’s LinkedIn

Facebook – Jason Pereira’s Facebook

Woodgate Financial – Website for Woodgate Financial

Tea Nicola – LinkedIn for Tea Nicola

WealthBar – Website for WealthBar

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2/23/2021

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Ep. 162
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Open Banking 3: Canada with Ben Harrison, Andrew Moor, & Daniel Eberhard | E161

Ep. 161
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2/9/2021

Open Banking 2: U.S. with Frederik Mennes, John Pitts, & Yoseph West | E160

Ep. 160
In this 160th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Frederik Mennes (OneSpan), John Pitts (Plaid), & Yoseph West (Relay) to discuss the state of Open Banking in the United States!Episode Highlights:● 0:50 – John Pitts introduces himself and Plaid.● 1:32 – Yoseph West introduces himself and Relay.● 2:08 – Frederik Mennes introduces himself and OneSpan.● 3:22 – What is the state of affairs in the US for Open Banking right now?● 5:52 – Frederik addresses the fundamental differences between the US and Europe in their approaches to Open Banking.● 7:00 – How has the state of regulations in the US impacted Relay’s growth?● 8:30 – What are the incentives and motivations for Plaid’s clients on the bank side?● 11:34 – Frederick shares about OneSpan’s client education around security in Open Banking.● 13:30 – John explains why he thinks that regulations are not as vital as some might think.● 16:47 – What is going right and what needs to be fixed in the US situation?● 24:49 – How do US companies regulate the risk of moving to APIs?● 27:46 – Is it reasonable to draw a compliance line for customers with a certain value of assets?● 29:48 – Jason and Frederick weigh the risk vs. reward of Open Banking for smaller banks.● 31:39 – How much pushback does John see from Plaid’s screen scraping guidelines?● 36:08 – Where does Yoseph feel constrained in the current system?● 41:00 – Everyone shares the one key thing that they believe the US Open Banking system should focus on moving forward.3 Key Points1. While the US finds itself years ahead of Europe on the practice of Open Banking, it finds itself an equal amount behind Europe on regulations.2. Open Banking companies in the US face the challenge of switching over to Application Programming Interfaces (APIs) without risking data and client rights.3. Screen scraping, or consumer data extraction for automation of previously-manual actions, is still allowed under PSD2. It has actually been updated in its security measures.Tweetable Quotes:● “It’s no secret that Europe has been pretty much at the forefront of the Open Banking initiatives around the world through initiatives such as PSD1 and PSD2.” – Jason Pereira● “To actually deliver true open banking, the dream that we all think of...I think that’s a dream that will only exist as a result of Challenger or Neobanks.” – Yoseph West● “At this point, regulation is actually very helpful to create a level playing field for security. Regulation can help to make sure that all the players in the ecosystem...implement the right security technology.” – Frederik Mennes● “The key thing that makes the US market special is that it is being driven by consumer demand.” – John PittsResources Mentioned:● Facebook – Jason Pereira’s Facebook● LinkedIn – Jason Pereira’s LinkedIn● JasonPereira.ca – Sign up for Jason Pereira’s newsletter● Woodgate.com – Website for Woodgate Financial● Plaid – Website for Plaid● OneSpan – Website for OneSpan● Relay – Website for Relay