WealthBar Financial Services, a Canadian wealth management platform, has snapped up financial planning software provider Snap Projections. The deal value was not revealed.

Snap assists wealth professionals in developing tailored wealth and retirement plans for their customers.

The company will remain a separate entity with no change in leadership.

WealthBar stated that the deal is part of its strategy to ensure that “all Canadians can access quality financial planning”.

WealthBar co-founder and CEO Tea Nicola said: “Snap gives advisers a powerful way to build engagement with clients by conveying a visual story of what they’re working towards. With this partnership we’re expanding on the support that we provide to the adviser community as they build their businesses.”

Since inception in 2014, Snap has been used to provide over 50,000 financial plans for Canadians.

WealthBar intends to invest in Snap to aid the development of its product offering and new channel partnerships, as well as boost staff headcount.

Commenting on the acquisition, Snap CEO and founder Pawel Brzeminski said: “This will allow financial advisers working with Snap to access the best tools on the market allowing them to be more productive, deliver extraordinary value to their clients, and grow through referrals.”

Last December, Canadian asset manager CI Financial agreed to buy a majority stake in WealthBar.