The partnership will leverage WealthBar's robo advisor technology and Nicola Wealth's funds and investment strategy to make pooled fund investing - that it says are typically reserved for wealthy individuals - accessible to “everyday Canadians.”

“This collaboration opens doors for our clients, their diverse financial needs, and gives them access to investing opportunities that were traditionally reserved for high net worth individuals,” said Tea Nicola, co-founder and chief executive of WealthBar. “Investors from first time Millennials to retirees will see the benefit of this new service offering.” Chris Nicola is co-founder and chief technology officer of WealthBar.

The investment advisory market is undergoing a period of significant change through the adoption of technology, and the value of face-to-face interaction between investors and advisors is certainly being tested. The robo advisor trend, for example, has seen a number of players in the wealth space observe that a growing portion of their clients, or prospective clients, want access to portfolios and advice online.

However, the chief executive of CLS Investments, Todd Clarke, recently told this publication that robo advisors do not provide advice and have therefore never really been a threat to the RIA space, describing the term as a “misnomer.” With that said, it is interesting to see how the impact of "robos" is making the sector enhance its focus on technology, with many in fact embracing the competitive pressure.

Nicola Wealth manages around $4 billion in assets.