Regulators initially forced Wealthsimple to call every new customer for suitability
Mike Katchen · Mike Katchen, Co-Founder of Wealthsimple | How to Come up with an Idea that Gets Product Market Fit · PMF Show · Apr 17, 2023 · at 26:41
Mike Katchen, co-founder and CEO of Wealthsimple, describes the regulatory barriers the company faced when launching automated financial advisory services in Canada.
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“It took us like six months to get the approval, which felt like forever. Maybe it wasn't in a regulatory world, but then even when we got approval, we actually had all these conditions on it where we had to call every single client who signed up to do a suitability assessment.”
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