Wealthsimple for Advisors has is set to be acquired by Toronto-based Purpose Advisor Solutions. The acquisition has yet to close and the purchase price is not currently being disclosed.

The news comes one month after Wealthsimple announced it would transition its advisor service to a new company, separate from the Wealthsimple brand. The companies will be working over the next few months to evolve their offering.

“This transition will scale the business by combining two talented and experienced teams.”

J-F Courville, CEO of Wealthsimple for Advisors, and Dave Nugent, chief client officer at Wealthsimple for Advisors, will join as managing partners of Purpose Advisor Solutions. The entire team at Wealthsimple for Advisors is expected to join Purpose Advisor Solutions following the acquisition.

“Together with Purpose Advisor Solutions, we can offer a richer, deeper and more focused advisor business that will ultimately have an even greater impact on their businesses and their clients lives,” said Courville.

In an emailed announcement, the company states the combined company will be able to offer a set of capabilities that is “beyond what is available today.” These capabilities include digital onboarding, investment analytics, and financial planning tools.

RELATED: Mike Katchen on why Wealthsimple avoided the traditional VC cycle to scale

“This transition will scale the business by combining two talented and experienced teams, with a shared commitment to platform innovation and progressive partnerships,” stated the emailed announcement.

Wealthsimple for Advisors is an automated management platform targeted toward financial planners, investment advisors, portfolio managers, and dealers. In December, BetaKit was first to report that Wealthsimple planned to separate its advisor business. At that time, Katchen said that Wealthsimple is at a “pivotal stage” in its business and that is has a “once-in-a-generation opportunity to transform financial services for Canadians.”

The company has registered three other business names in that last few months, including Wealthsimple Digital Assets, Wealthsimple Payments, and Wealthsimple Cash. Earlier this week, Wealthsimple announced it was officially entering into the spending space with the launch of Wealthsimple Cash, its first hybrid spending and savings account for Canadians.

StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.