Richer, but not wiser

A growing population of Canadian millionaires is not having its online financial needs adequately serviced, according to a new study. The number of well-off Canadians has more than tripled in the last five years to 315,000, according to “The Canadian Wealth Management Market Report,” released last month by Cap Gemini Ernst & Young Canada (CGE&Y). According to the report, one area yet to be developed in Canada is the use of online account consolidation packages that offer a snapshot of an individual’s financial holdings, regardless of where they are held, and which are downloadable into popular financial service and tax preparation software packages, like Quicken or MS Money. These standardized account aggregators, now used in Europe and the United States, are not yet available in Canada.

Many affluent individuals who travel or have holdings outside the county are casting envious looks at the financial e-services available south of the border.