CI Financial has raised its ownership stake in Canadian online wealth manager and financial planning firm WealthBar Financial Services from 75% to 100%.
Financial terms of the transaction were not divulged.
CI took a majority stake in WealthBar last January.
The 25% minority holding, which CI just received, was owned by WealthBar executives.
The robo-adviser will now be integrated with CI’s own discount broker Virtual Brokers to offer an integrated online investment platform under the name CI Direct Investing.
The integrated platform will provide online brokerage services from Virtual Brokers, and the wealth management services from WealthBar.
WealthBar offers Assante Connect, an online investment platform designed for customers of Assante Wealth Management.
The firm also powers the PPI Valet platform, which enables insurance advisers to grow the investment component of their business.
Besides, WealthBar owns intuitive financial planning software provider Snap Projections.
CI CEO Kurt MacAlpine said: “WealthBar and Virtual Brokers have posted strong growth and these changes will set the stage for further success.
“The unified CI Direct Investing brand will be consistent with the new branding strategy for CI Financial, making it clear that these platforms are part of a large, integrated asset and wealth management company.”
CI has also been rapidly expanding its presence in the US RIA market in recent times.
As part of this strategy, the firm last month agreed to acquire a stake in Cabana Asset Management that is a unit of The Cabana Group.
In 2019, CI bought majority stakes in Surevest Wealth Management and One Capital Management in line with the same strategy.