MARKHAM, Ontario--(BUSINESS WIRE)--Today, two proudly independent Canadian Financial Services firms, Worldsource Securities Inc. (WSI) and Portfolio Aid Inc. (PortfolioAid), announce an agreement for WSI to launch PortfolioAid’s “Prime” suitability module. This leading-edge module offers WSI advisors an innovative way to assess suitability, enabling them to build robust client portfolios while continuing to satisfy their increasing Know Your Client and Know Your Product responsibilities.
Prime provides a new way to look at suitability as it moves away from a methodology that historically has evaluated each individual security in a portfolio in isolation. Instead, Prime takes a more modern approach and evaluates the suitability of the portfolio as a whole. In so doing, Prime considers how individual securities interact with each other to calculate portfolio-level volatility that uses standard deviation, the principal risk classification methodology that Canadian mutual fund and ETF providers use for measuring funds risk rating.
“We are thrilled to partner with PortfolioAid to bring portfolio-level suitability to our managed account program and our soon to be launched Unified Managed Account platform,” says Richard Rizi, Vice President, Investment Services, at Worldsource. “The implementation of portfolio-level suitability is the first step in the launch of a more robust managed account and managed program platform that WSI’s Portfolio Managers and Financial Advisors can use with their high net worth clients. This partnership demonstrates our ongoing commitment to innovation, as well as our ongoing commitment to providing Advisors with choice.”
”We are delighted that WSI has recognized the value that PortfolioAid Prime brings to the growth and vision of its managed account platform,” says Sam Webster, President, at PortfolioAid. “WSI continues to demonstrate its commitment to improving the Advisor experience while maintaining robust compliance practices.”
Founded in 2001, PortfolioAid is Canada’s market-leading wealth compliance technology provider. Recent industry recognition: 2023 WealthTech Provider of the Year - Excellence Awardee (WP Awards) and 2022 WealthTech100 Company (FinTech Global).
About Worldsource Securities Inc.
Founded in 2002 Worldsource Securities Inc. is a full-service investment dealer and a division of Worldsource Group of Companies Inc., operating as Worldsource Wealth Management, a wholly-owned subsidiary of Desjardins Group, North America's largest financial cooperative and provider of financial and insurance solutions