International expansion for Toronto online financial planning firm
It was late 2019 when the original Canadian financial planning firm Planswell closed following its handling of a sexual harassment scandal which saw a significant social media backlash.
But four months later, a group including the original firm’s CEO, a co-founder, and a former employee bought the Planswell name and other intellectual property and relaunched under a new company Planswell Corp. with a slimmed down team and hopes that there could be a phoenix-like rise from the ashes.
Fast forward to 2024 and Planswell 2.0 appears to be doing well with partnerships with more than 8,000 financial advisors and insurance agents in Canada and the United States and more than one million households using its financial planning platform with combined assets of more than a quarter of a trillion dollars.
Now, the firm is expanding to three more countries: Singapore, UAE, and Panama, although with a slightly different business model involving joint ventures and exclusive partnerships rather than the direct-to-advisor model it uses in North America.
The firm is partnering with one institution in each country, enabling it to expediate tailored solutions and onboarding processes, and ensuring compliance with local regulations.
“Working closely with one institution in each country allows us to rapidly customize and implement solutions for onboarding and serving local households." Said Scott Wetton, Co-Founder. "Each location has its own unique needs. When we partner with one company, we're able to provide even more value and a more streamlined user experience."
Additional languages
Planswell is also expanding its language offering, adding Chinese, Arabic, and Spanish alongside existing English and French.
"Our platform was already multi-lingual and was built to be easily adaptable for individual state and country financial planning standards." said Eric Arnold, Planswell CEO. "We're starting in these countries to establish regional headquarters and expand through strategic partnerships."
