Getting Started
Navigation
From the landing page, click Clients.
I. Note the top navigation:
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Clients, Models, Research are modules for your own work. Nothing here is tied to a client.
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User Guides (info icon) has a link to the Getting Started and to the Full User Guides.
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Settings (gear icon) is where you set your firm branding for exported reports and Scorecard display preferences.
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Profile (circle with your initials) shows your personal and subscription information.
II. Start with adding a client and their investment accounts:
1. Add a client. Once you do so, you will enter the client’s workspace. It has its own navigation. Any work done here is specific to the client and the client's data is shared across different tools. (Note: you are automatically added as a client at the top of the list - this is your own sandbox to test different ideas and tools.)
2. Add client’s investments. Add an investment account for a client using AI Upload or enter it manually. Once populated with holdings, you will see different tools at the top right. For example, click the “Analyze” button to see the Wealthscope Portfolio Scorecard. It contains our most comprehensive analysis.
(For clients with data integration, your client information is loaded automatically. Still, you can add held-away accounts to see the big picture.)
3. Create a household. Working with spouses or family members whose accounts you want to analyze together? Use the Household toggle on the CLIENTS page to group them.
III. Next, you may want to set up your model portfolios
Model portfolios are reusable across all your clients — saved once, available in every client workspace.
1. From the top navigation, click MODELS, and select Model Portfolios.
2. Build a portfolio using any of the Portfolio Builders. The "DIY Portfolio Builder" is the fastest if you already have a set of holdings and weights in mind.
3. Click "Analyze". Go through the analysis on the Portfolio Scorecard and Save it (disk icon on the left).
You can use your model portfolios for comparisons and simulations in several tools.
Notes:
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To save a portfolio for one specific client only, save it from the Portfolio segment in that client's workspace.
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Some popular passive ETFs and CDRs have short history. Wealthscope has backfilled some of them to support a more complete portfolio analysis. See the full list here.
Accounts vs Portfolios
In Wealthscope, an account contains the details of an investment account such as quantity, previous closing price, market and book values, GICS sector, exchange... etc. The market values and splits (if any) are updated daily. A portfolio is defined by its holdings and weights (%) only. Use accounts for client analysis; use portfolios for ideas, models, and comparisons.
Depending on the tool, you can perform analysis at different levels:
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Individual account.
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A specific group of accounts. (Use the "Group" button in the account list.)
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All of a client's accounts together (the Overview tab).
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At the household level. (Create a Household from the CLIENTS page.)
Note: If you group accounts in different currencies, USD accounts will be converted to CAD for the analysis.
Key Features
1. When you analyze an account or a portfolio
You will land on the overview page of the Portfolio Scorecard. It is organized into six important portfolio dimensions: performance, downside protection, income, fund fees, diversification, and ESG. The analysis is based on the current composition of the account or portfolio. Think of the analysis as the nutrition facts of the portfolio.
AI insights gives you a verbal summary of the Scorecard in less than 60 seconds, but be sure to review the details in the Scorecard for a complete understanding.
If you toggle the Portfolio Scores on using the "eye" icon on the left, a radar chart and a set of letter grades and percentages will appear. The benchmark serves as a reference in scoring the performance and the downside dimensions. If the portfolio is just matching the benchmark, rather than outperforming it, it will receive a passing mark of 70%. For additional information, hover over a letter grade to read more or check the full User Guide.
The Wealthscope Portfolio Scores are meant to give you a quick assessment. It is up to you to hide/show them. Toggle on/off on the fly, or set a global preference for all Scorecards in your "Settings" section (gear icon in the top navigation).
2. Assess Risk Profile and Biases
In client workspace, click the Risk Profile box in the top right corner. Here you can have your client fill out a questionnaire that is similar that the one on CIRO's website. Wealthscope will log the results and identify behavioural biases (if any). You can set up a daily monitoring system in the next steps and receive in-app alerts where there is a discrepancy between the target asset allocation and the actual one. The questionnaire outcomes will also be used to pre-populate certain fields in the Investment Policy Statement (IPS) and the Proposal tools.
3. Account tools
Several tools are tied to a client's account(s): IPS, Proposal, Stock Concentration, Stock Exposure, Rebalancing, and reallocation. Find them to the right of a client's account values at the top of their workspace.
Enhance your Narratives with Clients
The Planning segment of the client workspace gives you short-flow tools for client conversations — quick ways to show how a client's current allocation may or may not get them where they need to go, and how different portfolio options can change that picture.
To access these tools, open a client's workspace and select "Planning" from the navigation.
I. Planning: Accumulation
Use these tools to show a client why their current asset allocation or portfolio may put their financial goals out of reach.
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Target Wealth estimates the nest egg required at retirement to meet the client's lifestyle needs.
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Target Saving estimates the monthly savings required to meet their target wealth.
To run simulations against a specific portfolio, save it first.
II. Planning: Decumulation
There are two quick and cool education tools to compare a client's life expectancy with the longevity of their savings. Are they at risk of outliving their money?
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Portfolio Longevity shows the median (most likely) scenario for how long a client's savings will last.
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Will you Outlive your Money? gives the full distribution of outcomes.
Run Simulations
The planning tools are integrated with the rest of the platform. In the simulations, you can select a saved client portfolio, an account, or one of your model portfolios as the underlying investment. This lets you show the client directly why your proposal is the most suitable.
Pro Edition Tools
With a PRO account, you will also have access to planning tools with more details, such as tax-optimized drawdown plans and retirement blueprints (in addition to a 3x higher client limit and priority support). Make sure you read the introduction and model assumptions before you enter your inputs. Test different assumptions and be sure to update your plan whenever there is a change in your client's personal and/or financial circumstances.
Once you have a handle on the main features, you are all set to try the rest! For a detailed description of all features, please review our full User Guide by clicking the “Info” icon beside Settings in the top right or chat with Sandra, our AI Assistant in the bottom right corner.
If you have any questions, we are happy to help: contact@wealthscope.ca.
