Toronto-Based Fintech Company Brings Free Financial Plans to Americans Starting Today
Planswell, the Toronto-based startup delivering free financial plans to users in three minutes, today expands its offering to US residents. Starting today, Americans from coast to coast can build a free financial plan by going to Planswell.com.
Free of charge, US residents can enter a series of basic details and, within minutes, understand the most tax-optimized way to contribute to their investment accounts, how much life and disability insurance they would need if something were to go wrong, and how to most effectively reduce the interest they’ll pay on debt. They can now see exactly how their investments will impact their retirement based on all applicable state and federal tax rules and social security.
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“We’ve been building our planning engine for five years on the back of fifteen m************** worth of technology.” said Eric Arnold, Planswell Chief Executive Officer. “The US was identified as our first expansion market for several reasons, including the size and needs of the population and the overwhelming response to early testing.” Planswell has conducted successful product tests in 18 countries to date.
“We’re finding few know what to do on a monthly basis to maintain their lifestyles in retirement,” said Arnold. “Our mission is to provide the most actionable financial plans to everyone, for free. The only thing slowing us down is how fast we can adapt our planning engine to local financial planning standards so everyone can have the perfect plan.”
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Planswell has seen rapid growth since April 2020 when they made their beloved consumer-centric software available to financial advisors to use with their own clients. Advisors using the software must also have capacity to serve additional clients as Planswell encourages consumers to work with a professional to implement their free plans. “We’re working with hundreds of experienced advisors across the country, from virtually every financial institution, to continuously elevate the planning experience for consumers,” said Scott Wetton, Co-Founder and Chief Operating Officer. “These partnerships have allowed us to supercharge the development of software for other countries.”
Since April, the full-time team has grown to more than forty people working remotely from seven countries, including the US. “In quick order, we’ve been able to assemble top talent from around the world,” says Arnold, adding the company has remained cash flow positive during the rapid expansion.
“America is just the beginning,” said Arnold. “We’ve set our sights on making a global impact.”
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