The Globe and Mail reports in its Thursday edition that Wealthsimple chief executive officer Michael Katchen is not a fan of the idea that his company is starting to look like a big bank. The Globe's Rob Carrick quotes Mr. Katchen saying: "Canada doesn't need another bank. We need something better than the bank, and I think that's really what we're aspiring to build. Our ambition is to become our clients' primary financial relationship." Many aspiring bank challengers have said this in the past -- with a zero-per-cent success rate. Through their longevity, the ubiquity of their branches and undeniable acumen, the big banks have built one of the most competition-proof franchises in Canadian business. Put your money on Wealthsimple as the first to break through as a one-stop financial services alternative. Since its 2014 launch as what was then called a robo-adviser, Wealthsimple has attracted more than three million clients and $30-billion in assets by steadily building on the services it offers. You can now invest with Wealthsimple, do your taxes, park your savings and conduct most of your day-to-day banking. "Business today is booming," Mr. Katchen said, adding that net deposits last month were over a billion dollars.