Wealth Management | Oakville, ON | Founded: 2014| Employees: 16 | www.invisor.ca
Last updated January 31, 2019 | To download a PDF version, click here.
Invisor is a Canadian-based online platform that focuses on simplifying investing and offering affordable investment management services. Through their goal-based approach, Invisor tailors each client’s asset mix and financial planning to their specific needs and risk profile. The company augments its online services with over the phone financial advice from professionals. Invisor differentiates itself from other “robo-advisors” by offering life and health insurance in addition to its portfolios.
Pramod Udiaver: Co-Founder and President (2014-Present). Previously: Vice President & Director, Investment Management, TD Asset Manager (2006-2014); Vice President, Risk Management, TD Asset Management (2003-2006); Assistant Manager, Risk Management, ANZ Grindlays Bank (1998-2000); Senior Auditor, KPMG (1996-1998). Education: MBA, Queen’s University (2006); BComm, Accounting, Bangalore University (1991)
Dan Poole: Co-Founder and Senior Vice President (2014-Present). Previously: Vice President, Senior Reinsurance Operations, Munich Re (2011-2014); President, Kime Solutions Inc. (2007-2010); Vice President, Strategic Planning Implementation, Desjardins Financial Security (2000-2007); Regional Employee Benefit Manager, Great-West Life (1997-1999). Education: BComm, University of Manitoba (1992); MBA, Queen’s University (2005).
Invisor was founded in 2014 by Pramod Udiaver and Dan Poole. The two met in 2005 at the Queen’s University accelerated MBA. After keeping in touch, the two realized they shared the same frustrations over what was motivating financial advice. Specifically, this was the tendency for financial advisors and wealth managers to recommend products that were more financially beneficial to the adviser or firm than the client. After leaving their corporate jobs, the founders spent a year of building the core technology and having discussions with regulators before launching. Invisor launched their online investment capabilities officially opened in May 2015. In 2018, Invisor became an affiliate of Industrial Alliance Insurance & Financial Services Inc. (“IA”), one of Canada’s largest non-bank wealth distribution networks. The IA Financial Group has approximately $170 billion in assets and serves the needs of 4 million Canadians.
Invisor was self-funded by its founders in its first year of operation. Prior to their launch in May 2015, the company raised an undisclosed amount seed capital to finance its technology development and product offering.
Key Corporate Developments
Press Releases: https://invisor.ca/media
May 21, 2015: Invisor Launches Canadian Robo-Advising Service
November 22, 2016: Invisor Launches Smart Goal Planning Solution InvisorGPS
March 24, 2017: Invisor Launches Partnership with BlackRock and Vanguard
May 11, 2017: Invisor Launches Invisor Term Life Partnering with Teachers Life Insurance
May 16, 2017: Invisor Launches Digital Wealth Management Platform for Financial Advisors
- Goal Focused – Rather than push specific high margin products or services to drive revenue, Invisor seeks to customize client’s portfolios according to their financial needs and goals. This determines a client’s asset mix and the riskiness of their investments. Clients are able to follow the progress of their goals through their tool “InvisorGPS,” Invisor’s own financial goal and tracking tool.
- Customer Experience – While Invisor makes itself known as an online “robo-advisor,” real professional advisors remain involved in the customer experience and are available for consultation at any time.
- Portfolios: Users are given the option to invest in three different portfolios; the Invisor Portfolio; the BlackRock Portfolio; and the Vanguard Portfolio. All of these portfolios are all divided into six sub-options based on risk: Conservative Income, Balanced Income, Balanced, Balanced Growth, Growth, and All Equity.
- Accounts: Tax Free Savings Account, Registered Retirement Savings Plan, Spousal Registered Retirement Savings Plan, Locked in Retirement Account (LIRA), Registered Education Savings Plan (RESP), Non-Registered Account.
- Pricing: Invisor charges a flat 0.5% management fee for all clients. In addition, there is the cost of the ETFs within those portfolios, which is on average 0.2%.
Robo-advisors use technology primarily for the daily maintenance of accounts known as automatic rebalancing. When market conditions change, user’s portfolios are adjusted to reflect their risk profile. These services are all delivered on Invisor’s online platform. The platform uses responsive web design and is accessible on mobile devices.
Invisor has significant partnerships with BlackRock and Vanguard. These partnerships allow Invisor to offer the portfolios of these reputable companies to their clients strengthening their product offering.
Invisor competes with other Canadian-based robo-advisor platforms such as Wealthsimple, Nest Wealth, Portfolio IQ, WealthBar, JustWealth Financial, and Modern Advisor. Additionally, Invisor competes with similar offerings by large banks such as BMO’s SmartFolio and RBC’s InvestEase.
Corporate Profile Created By: Dave Mirynech, Honours BA – MIT ’17, Ivey HBA ‘19