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The NHL star turned advisor reflects on the changing rules of retirement


RBC has jumped on the robo-advisor bandwagon – will you be next?


Find out which country is topping advisors’ lists of 2016’s best investments

YOUNG GUNS The 25 up-and-comers on this year’s list offer their thoughts on where the industry is headed – and how they’re going to get it there

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HollisWealth advisors are independent business owners whose success is directly tied to that of their clients. It’s one reason they’re so committed to developing relationships that lead to better results. And it’s why we’re so committed to them. Interested in building your business – your way? Contact Mark Neale, Regional Director & National Recruiter, at 1-855-726-7497 or mark.neale@holliswealth.com.

HollisWealth is a trade name of HollisWealth (a division of Scotia Capital Inc.), HollisWealth Advisory Services Inc. and HollisWealth Insurance Agency Ltd. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. HollisWealth Advisory Services Inc. is a member of the Investor Protection Corporation and the Mutual Fund Dealers Association of Canada. ® Registered trademark of The Bank of Nova Scotia, used under licence.

ISSUE 4.04




They’re ambitious, they’re driven, and they have some thoughts on how the industry needs to evolve. Say hello to this year’s Young Guns


ISSUE 4.04

CONNECT WITH US Got a story or suggestion, or just want to find out some more information?


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UPFRONT 04 Editorial

Changing with the times

06 Statistics

Canadians’ investment behaviours are largely at odds with their retirement goals

08 Head to head PEOPLE




Roger McMillan’s advocacy has helped shape the financial services industry in Canada


THE REINVENTION OF TEAMWORK How to harness the power of technology to create a 21stcentury team

After retiring from the NHL, Darrin Shannon began formulating retirement plans for clients at Sun Life Financial


Advice for young advisors looking to take over a practice

10 News analysis

Is it time to jump on the robo-advisor bandwagon?

12 Intelligence

This month’s big movers, shakers and new products Find out why advisors have their eye on India in 2016

Managing millennial employees effectively often means rethinking your leadership style


09 Opinion

14 Alternative investment update



Why are Canadians ignoring their RRSPs?

16 ETF update

Socially responsible investing takes off

PEOPLE 47 Career path

Duane Green has aided everyone from insurance companies to female advisors during his time in the industry

48 Other life

Dan Jerred makes a pilgrimage to golf’s birthplace




Ready to dive into creating videos? These 6 strategies are guaranteed to grab potential clients’ attention

2 www.wealthprofessional.ca


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Embracing change


egulatory change seems to be the issue of the day, and this issue of Wealth Professional is reflective of that. Commissions, a bedrock of the industry, are now under intense scrutiny by regulators. While this development has not been universally welcomed, younger advisors have taken a long hard look at CRM2 and decided that the business is in need of an overhaul. This issue’s Young Guns list presents many of the up-and-comers who will shape financial planning in the years ahead, and it is a common consensus among them that what worked in the past isn’t necessarily what will work in the future. Stephen Judd of Investors Group, one of this year’s Young Guns, offered a sentiment that is reflective of the new age of advisors: “Change is always tough because people are naturally adverse to change,” he told WP. “I don’t think the

Younger advisors have taken a long, hard look at CRM2 and decided that the business is in need of an overhaul changes coming in with CRM2 are a bad thing at all – I think they’re great. People need to see the value for what they’re paying. CRM2 is probably the first step – I expect CRM3 and CRM4; they are constantly realigning what the model looks like. But in places like the UK and Australia, I don’t think the changes they brought in had the effect they wanted.” So while a fundamental adjustment will obviously require plenty of trial and error, and other countries offer no failsafe cure, the industry’s push to adapt to fit the needs of clients in 2016 has received widespread approval from younger advisors. Transparency was a theme mentioned again and again by this year’s Young Guns, who largely felt that financial advice needs to move away from any perceived darkness and into the light. We live in the information age, and as a result, the next generation of financial planners is taking a stand in favour of reform.

The Wealth Professional team

wealthprofessional.ca ISSUE 4.04 EDITORIAL Senior Writer David Keelaghan Writers Paul Lucas Donald Horne Executive Editor – Special Features Ryan Smith Copy Editor Clare Alexander

CONTRIBUTORS Meagan S. Balaneski Graham Winter Marcus Seeger Gabrielle Dolan

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The race to retirement


Volatile markets have prompted cash hoarding, but those who remain invested tend to take the long view A RECENT report from CIBC Economics found that market volatility has prompted Canadians to hold onto $75 billion in excess cash. The report notes that waiting too long to get back into the market is costing Canadians billions in lost investment returns. And yet, despite this reluctance, a majority of investors who do have assets in the market plan to ride out the volatility by keeping their current portfolio mix intact. “It’s encouraging to see that so many


Percentage of investors who plan to stick to their investment strategy for 2016


Percentage of investors who plan to invest more to protect original investments

This is hardly the first time Canadians have responded to market volatility by amassing cash – they did the same thing during market corrections in 1987 and 2001. But by exiting turbulent markets, Canadians are losing out on billions of dollars in potential returns – CIBC’s research shows that the TSX returned an average of 9% in the 90 days following a major spike in volatility.

Canadians understand it’s important to take the long view and construct portfolios that can withstand volatility in the markets,” says David Scandiffio, president and CEO of CIBC Asset Management. “While there is a fear factor for some investors in volatile markets, those who know how to put a volatile month or a challenging year into perspective are more likely to be comfortable with their investment strategy, and investment returns, over the longer term.”


Percentage of investors who plan to invest more aggressively for higher returns


Percentage of investors who did not achieve expected returns because of declines in equity markets Source: CIBC poll, January 2016



CIBC’s report found that women tend to shy away from stocks, holding a higher percentage of their portfolio in low-risk, low-return vehicles such as guaranteed investment certificates [GICs] or savings accounts.

More than a quarter of Canadian investors (27%) feel they need annual returns of 4% to 6% to reach their investment goals, while almost one in five investors feel they need returns between 6% and 8%.

48% GICs/savings accounts

10% bonds

60% stocks 28% GICs/savings


4% - 6%

13% 4%

0% -2%


12% bonds

0% Source: CIBC poll, January 2016



6% - 8%

2% -4%




OVER 10% Expected rate of return

Women 43% stocks







50% Source: CIBC poll, January 2016

Canadians tend to hold on to cash for too long in times of stock market turmoil – and often miss the recovery.




















100 Jan 2001

510 500


Jul 2004 Jan 2005 Jul 2005


Jul 2003 Jan 2004


Jul 2001




Aug 1987 Oct 1987 Dec 1987 Feb 1988 Apr 1988 Jun 1988 Aug 1988 Oct 1988 Dec 1988 Feb 1989 Apr 1989



30,000 180

Jan 2002 Jul 2002 Jan 2003




14,000 1,000



Jan 2015




20,000 3,000



Jan 2016


$ billions 600


26,000 5,000

TSX Total Return Index 60,000

Nov 2015


$ billions

Sep 2015


TSX Total Return Index 30,000

Jul 2015

$ billions 110

May 2015



Mar 2015

TSX Total Return Index


S&P/TSX Composite Index Source: “Cashing in on Fear,” CIBC Economics, January 2016



Millennials lead the pack of those who plan to invest more aggressively this year to make up for last year’s lacklustre portfolio performance, while those entering their golden years are much more inclined to stay the course.

Since the financial crisis, Canadians have increased the amount of cash in their portfolios – and, perhaps somewhat surprisingly, it’s millennials who hold the highest ratio of cash to other assets.

Will invest more aggressively

Will stick to their long-term strategy

Will invest more defensively

Don’t know

Ages 18-34


Ages 35-54



Portion of wealth held in cash (%) 35

Ages 55+







25 20 15 10 5 0






17% Source: CIBC poll, January 2016



45-54 Age group



Source: CIBC poll, January 2016





Why aren’t Canadians using their RRSPs? Despite concerns about their lack of retirement savings, most Canadians aren’t contributing to RRSPs

Darcie Crowe

Leony deGraaf Hastings Financial advisor deGraaf Financial Strategies

Managing director Desjardins Financial Security Independent Network

“Many Canadians choose not to contribute to their RRSP, despite a pertinent concern to save for retirement years. Some are placing greater importance on debt repayment or prefer to invest in a tax-free savings account [TFSA]. Many do not fully comprehend the tax benefits provided by RRSPs, and others simply do not have the required funds available to contribute. This decreased emphasis on saving is raising alarm that Canadians are headed for a retirement crisis. We encourage clients to prioritize saving for retirement year-round. Establishing a monthly contribution within your overall budget will ensure you remain committed to your retirement goals throughout the calendar year.”

“I think the disconnect is between Canadians’ hearts and their heads. It’s like most of us who say we want to lose weight, but we don’t want to make healthy food choices or get up off the couch and break a sweat. The struggle is between living for today and hoping for tomorrow. We have so many demands on our spendable dollars today, which makes it difficult for most Canadians to prioritize their spending. In theory, most would like to save for a rainy day, but in reality, that ‘shiny new thing’ is just a debit or credit card swipe away. We need to take a lesson from our grandparents. They saved first, then they spent – but they also didn’t have Amazon.”

“Since many Canadians still do not seek the advice of an independent financial planner, most do not have a written retirement plan to follow. Without a retirement plan, contributions to an RRSP are likely not automatic; it must be ‘resold’ to them annually or fit in at the last minute. Canadians with a retirement plan will generally automate their contributions. There also has been a huge demographic shift with more Baby Boomers leaving the workforce and no longer having earned income from which to contribute. Meanwhile, millennials have not yet adopted the RRSP because they are staying in school longer and leaving with greater debt, without the prospect of meaningful full-time employment.”

Senior investment advisor and portfolio manager Canaccord Genuity Wealth Management

David Feldberg

RETIREMENT NOT A PRIORITY According to a recent CIBC poll, only 37% of Canadians planned to contribute to their RRSP for the 2015 tax year by the February 29 deadline, despite the fact that the vast majority (75%) say they’re worried about retirement. So where’s that money going? Largely toward paying down debt, according to the poll respondents, who listed that as their number-one financial priority for 2016. Meanwhile, only 8% said saving for retirement was their top priority.





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The other side of succession Buying a practice can be a frightening prospect for a young advisor, but it can – and should – be done, writes Meagan Balaneski THERE ARE basically two ways to enter the financial services industry. You can either build a book of business, or you can buy one. Unfortunately for the average advisor at age 58, millennials’ fear of taking on debt means the pool of eligible young successors may be small. For potential successors, this means that while there is a lot of literature for advisors on how to prepare a book for sale, there is not so much about how to protect yourself when buying a practice. Here are some of the key things I learned about succession when I bought my practice at age 25. Most sellers market their practice based on revenue, but the distinction between first-year commission and recurring revenue is often overlooked. When you take over a practice, the first six months or more are spent repapering client accounts. This needs to be a priority, because otherwise you don’t get paid. In addition, clients may still be testing the waters with you as they ponder the decision to stay, and until rapport is established, there is little opportunity to grow the book. Therefore, recurring revenue, not the total revenue of the practice, should form the basis of your valuation. Professionals typically recommend an integrated five-year transition, where the successor advisor works side-by-side with the current advisor – this is vital for clients to feel comfortable with the transition. From the successor’s point of view,

however, this five-year timeline is the difference between managing a book of business and managing a bunch of accounts. It’s an opportunity to understand and become fluent in the processes and procedures that the current advisor uses to support their workload, and to understand the philosophies that have been impressed on clients.

Finally, the most important thing you need to consider when you’re looking at purchasing a practice is the personality of the exiting advisor. Every advisor naturally attracts clients with similar personalities, and thus client perceptions of the advisory relationship will be based on that personality. If you have a permissive personality and they operate as a dictator, will you be comfortable working with clients who expect to, or maybe even want to, push back? If you’re a deep value buy-and-hold investor, and they like to diversify beyond all reason, how will you impress your views on clients without damaging the transition? If you have strong analytical and presentation skills, and they focus on eloquence and persuasion, will this be a complement or a conflict? If the exiting advisor’s personality isn’t a good fit, then there’s a good chance the clients won’t fit either. Most older advisors enjoy sharing their knowledge and would be happy to take on an apprentice. Becoming a successor to a

“Never go in with expectations of grandeur, and never compromise on your values. Demand transparency, be an optimist and persevere. It’s worth it” A five-year transition with an advisor who has an integrated CRM; a segregated client base with standardized servicing levels; documented, easy-to-follow systems and procedures; a written business plan and marketing plan; a documented investment philosophy; and up-to-date furniture and software is an ideal practice for a new advisor to get comfortable in. If the exiting advisor has no intention of a prolonged transition, no coherent strategies or procedures, no CRM software, 10-year-old computers and a paper-based filing system, then this book should be discounted heavily for the amount of work you would need to do to turn it into a modern successful practice (not to mention the likelihood of a high bleed-off from clients who feel used and abandoned).

more experienced advisor with a similar personality can be very fulfilling. If you’re a millennial looking for a safe transition, flaunt your technology skills, your social abilities, your ethics, your belief in education, and your desire to work with and give back to your community. Never go in with expectations of grandeur, and never compromise on your values. Demand transparency, be an optimist and persevere. It’s worth it. The opinions expressed are those of Meagan S. Balaneski and may not necessarily reflect the views of Manulife Securities Investment Services Inc.

Meagan S. Balaneski is a Certified Financial Planner with Advantage Insurance & Investment Advisors, part of Manulife Securities Investment Services.





Will everyone go robo? Robo-advice has become the elephant in the room for the financial sector – but the bigger it gets, the harder it will be for advisors to ignore THE ROBOTIC revolution is marching on, and advisors won’t be able to deny it much longer. Significant names in the financial sector continue to turn to new technologies to appeal to a wider array of clients. Take, for example, the Royal Bank of Canada, which partnered with BlackRock’s FutureAdvisor, a platform that uses algorithms to help guide investment decisions. Via its investor gateway, RBC will become the custodian of client assets and take care of tax documents, statements, trade confirmations and so on. At the same time, FutureAdvisor will offer a digital advice service based on a holistic examination of the client’s portfolio, including guidance on when is the right time to make various

mates that the current $14 to $16 billion in assets managed by robo-advisors will climb to $1 to $2 trillion within the next five years. Mallory Greene, marketing manager at Wealthsimple, believes now is the time for advisors to sit up and take notice of the technology, because failing to do so may be a huge risk. “I think it’s fair to say that a lot of people will have interactions with robo-advisors, especially when CRM2 regulations reveal how much people are paying their financial advisors,” she says. “Millennials are currently the biggest generation in the Canadian workforce, and they’re figuring out where to invest their hard-earned money. We rely heavily on technology, and

“I think that firms that don’t adopt new technologies to simplify investing or offer reasonable pricing will definitely be left behind” Mallory Greene, Wealthsimple investment decisions. RBC said the partnership was prompted by its advisors, who were eager for more tech-savvy tools that might help them reach a larger pool of investors. Many believe that robo-advice platforms, with their simple interfaces, frequent calls to action and use of big data, actually offer clients a better and more tailored experience. Indeed, a report from Capgemini esti-



we can basically control our entire life through a phone, including our investments. I think that firms that don’t adopt new technologies to simplify investing or offer reasonable pricing will definitely be left behind.” However, not everyone is on board. A recent study from Allianz reveals that non-millennial clients – such as Baby

Boomers and Gen Xers – aren’t so keen on getting advice from robotic platforms. Nearly seven out of 10 said they “don’t really trust online advice” and prefer a personal connection instead. Bill McElroy, senior financial advisor with Manulife Securities Inc., thinks that as long as older generations make up a large portion of the investing public, there’s still a place for the human advisor. “I can see where this service may appeal to the millennial crowd,” he says. “For them, this may be the answer. However, I deal primarily with successful Baby Boomers who grew up interacting with people, not computers. I do not think that many will go for this type of investing. Investing is very emotional, and I do not think a computer will be able to react to or read a person’s feelings – in our lifetime anyway.”


80% of advisors see robo-advice as an ‘opportunity’

7 out of 10 non-millennial investors “don’t trust online advice”

$14 billion to $16 billion in assets are currently under management by robo-advisors

$1 trillion to $2 trillion in assets are projected to be under management by robo-advisors within five years Sources: True Prudential, Allianz, Capgemini

Many in the industry appear to be embracing new technologies with open arms, however. According to a survey of 800 attendees at a True Potential conference, 80% of financial planners deemed roboadvice an opportunity for their business

at Howe Harrell & Associates, agrees. “Robo-advisors are a tool for investors, not a complete replacement for receiving full financial advice,” she says. “If there are investors out there who are financially savvy enough to use these tools to their advantage,

“In order for robo-advisors to be a threat to our occupation, they would have to be able to consider a client’s full financial situation … and build trust” Melissa Harrell, Howe Harrell & Associates rather than a problem, predicting that clients will opt for a hybrid model rather than turning their backs on human advisors. Melissa Harrell, an associate advisor

then this would be a good fit. However, it takes time and commitment to properly manage a portfolio, create and maintain financial plans, and stay up-to-date on

financial matters. Studies in Canada show that clients save significantly more money, and have much more confidence in their financial plan, when a human advisor is engaged.” Given that, many think robo-advisors will need to up their game considerably before they present a real threat. “In order for robo-advisors to be a threat to our occupation, they would have to be able to consider a client’s full financial situation – including tax implications – and build trust,” Harrell says. “Our clients appreciate that we treat their money like our money. They can sit down with us to have a conversation face-to-face, looking us in the eyes, confirming they will have enough money to send their kids to school or retire on time. When an algorithm is created that can replace that kind of human interaction, then I think we are looking at a threat to our roles.”







Brant Securities

Aston Hill

The Toronto-based independent brokerage will take control of Aston Hill’s securities distribution channel

Canadian Western Bank Group

Maxium Financial and Desante Financial

Post-acquisition, Maxium and healthcare arm Desante will be known by the collective name of CWB Maxium Financial

Great-West Lifeco Irish

Aviva Health Insurance Ireland

The major life insurer’s Ireland operation also will increase its ownership of Dublin-based GloHealth Financial Services to 100%

iA Financial

Groupe Financier Moreau

The Quebec City-based company will acquire the life insurance agency, which includes 130 representatives


International Securities Exchange

The stock exchange will buy ISE, which operates three electronic option exchanges, from Deutsche Boerse AG

PI Financial

Wolverton Securities and Global Securities

After the two deals are finalized, PI will boast more than 200 financial advisors and 300 employees across Canada

Sun Life Financial Group

PT CIMB Sun Life

Sun Life will buy a 51% stake from its partner, Kuala Lumpurbased CIMB Group Holdings Berhad

TransCanada Corp.

Columbia Pipeline Group

TransCanada is working with JPMorgan to find $7 billion in assets to help finance the move

Aston Hill to merge several funds

Toronto’s Aston Hill Management has put forward plans to merge several of its products. Proposals to unitholders include the merger of the Aston Hill Global Growth and Income Fund with the Aston Hill Growth and Income Fund. Another merger would see the Aston Hill High Income Class Fund join together with the Aston Hill Global Growth and Income Class Fund and the Aston Hill Growth and Income Class Fund. By merging the products, Aston Hill hopes to drive down the costs of managing the funds. According to the company, there would be no tax consequences for existing unitholders.

Mackenzie removes hedging restriction

Sun Life expands in Asia

It may be based in Toronto, but Sun Life Financial has set its sights on success in the Asian market after completing a deal to take control of Jakarta-based PT CIMB Sun Life. As part of the deal, Sun Life will purchase a majority 51% stake in the company from Kuala Lumpur-based CIMB Group Holdings Berhad. Previously, Sun Life owned 49% of the firm. According to Kevin Strain, president of Sun Life Financial Asia, the region is a priority for the company. “This is an exciting opportunity to deepen and enhance our business in Indonesia,” he said.



In an effort to bring its US Mid-Cap Growth Class Fund in line with the rest of its product lineup, Mackenzie Financial Corporation has announced the removal of a hedging restriction on the fund. Mackenzie plans to remove restrictions on hedging foreign currency from the fund, which is also distributed by Laurentian Bank of Canada and Quadrus Investment Services. “Removing this restriction provides the portfolio manager of the fund with the flexibility to actively manage the foreign currency,” the firm said in a statement. The change went into effect around March 23.

PEOPLE Kensington’s fund of funds hits target

The Kensington Venture Fund has closed after surpassing its initial target. The venture capital fund of funds had a target of $300 million, but managed to raise $306 million, thanks to a series of investments from financial service firms, including Richardson GMP and several major banks. “The VCAP program was designed to attract new investors to the VC asset class and is an important source of capital that will enable Canadian funds and companies to continue to drive the innovation economy,” said Rick Nathan, managing director of Kensington Capital Partners.

AGF Investments streamlines its mutual funds

As it looks to reorganize its offerings, AGF Investments has announced a number of mergers on its funds, as well as a reduction of fees. The company will be reviewing several products with an eye toward possible mergers, including merging the AGF Canadian Small Cap Discovery Fund into the AGF Canadian Small Cap Fund, the AGF Inflation Plus Bond Fund into the AGF Fixed Income Plus Fund, and the AGF Canada Class Fund into the AGF Canadian Growth Equity Class Fund. Kevin McCreadie, CIO and president of AGF Investments, said the changes are designed to “streamline our lineup.”





Helen Blackburn

Pacific Blue Cross

Coast Capital Savings Credit Union

Chief strategy and innovations officer

David Chapman

Industrial Alliance Securities

Bullion Management Group

Chief economist

Marc Doré

Réseau Sélection

Peak Financial Group

President and COO

Zev Frishman

Open Access

Morneau Shepell

Chief investment officer

Sylvain Leduc

Federal Reserve Bank of San Francisco

Bank of Canada

Deputy governor

Jean Michel

Air Canada Pension Investments

Caisse de dépôt et placement du Québec

Executive vice president of advisory services

Jason Robertson

GMP Securities

Canaccord Genuity

Managing director, investment banking, and head of diversified Canada

Bank of Canada hires deputy governor Beginning in May, the Bank of Canada will boast a new deputy governor: Sylvain Leduc. Leduc, who previously served as vice president of microeconomic and macroeconomic research at the Federal Reserve Bank of San Francisco, will be one of two deputy governors at the Bank. Leduc will be tasked with overseeing the Bank’s analysis and activities in promoting an efficient and stable financial system. In addition to his time in San Francisco, Montreal-born Leduc also worked as a senior economist in the Division of International Finance at the Federal Reserve Board of Governors in Washington, DC.

Redwood completes Global Macro Class merger

Toronto-based AIP Asset Management and Redwood Asset Management have completed the merger of the Redwood Global Macro Class Fund into the AIP Global Macro Class Fund. According to reports, the merger should benefit Redwood Global shareholders for many reasons, including a reduction in management fees. AIP has been the portfolio manager for the Redwood fund ever since it was introduced and is expected to continue as portfolio manager for the new fund. The merger, which was approved in February, was finalized on March 18.

Chapman joins Bullion Management David Chapman is set to bring his 40+ years of experience in the financial industry to Bullion Management, where he will serve as the company’s new chief economist. Chapman has spent the majority of his career working on the trading desks at several large Canadian financial institutions, including CIBC and Confederation Treasury Services, where he has dealt with financial derivative portfolios, foreign exchange and money markets. Chapman also spent time in the brokerage industry and holds the FCSI and CIM designations.





All signs point to India Emerging markets are offering savvy investors a host of opportunities, and one country is leading the way

Modi, is at an early stage of economic, social and political changes, compared to China, where its economy is more mature and is transitioning from an industrial economy to a service economy with a slowing GDP growth. In the case of Brazil, the country is facing many uphill battles on several fronts – it is spending heavily for the Rio games, but once this is over, reality will still be there. So

“India is a strong and improving growth story within the context of a slowing global macro”

WITH A GDP growth forecast for 2016 that far surpasses our own, a positive impact from lower oil prices, a significantly lower median age, and 100 times as many middle-class citizens, India may be a better investment than Canada this year. That’s the verdict of Francis Sabourin, director and portfolio manager at Richardson GMP, who points to recent reforms that have helped boost opportunities for foreign investors. “India has always been labelled as a red-tape country, so with these reforms – some will be popular and successful, and


some others not necessarily – this will help their own citizens and companies to grow and see a brighter economic future,” Sabourin says. “Foreign investors are embracing these changes in a good way because India needs foreign investors as much the rest of the world needs India.” In fact, Sabourin would prioritize investing in India ahead of other emerging markets such as China and Brazil. “Obviously Brazil and China have their own specific issues, and India has its own too,” he says. “I think India, with Prime Minister

Media-heavy hedge fund seeks buyer

It is the largest shareholder in Postmedia Network Canada Corporation, but New York-based fund manager GoldenTree Asset Management apparently wants out. In what would signal a significant shift in ownership for Canada’s largest newspaper chain, GoldenTree has approached around six possible buyers as it looks to move on from its 52% variable voting shares, according to reports in The Globe and Mail. Postmedia has been struggling with approximately $670 million in debt amidst rapidly declining print advertising revenues.



for me, in the emerging markets, India is still my top pick. “Of course,” he adds, “the Indian stock market is not cheap based on different metrics compared to other emerging markets, but the fundamentals are there for long-term value investors.” Meanwhile, Christine Tan, chief investment officer at Excel Funds, believes that India’s strengths actually put it ahead of most developed countries. “India is a strong and improving growth story within the context of a slowing global macro,” she says. “Hence, we are overweight with India across all portfolios that include India in their universe, and position the Excel India Fund as the ‘growth’ idea to advisors. We believe emerging markets are overall significantly more attractive than their developed market counterparts.”

Teralys closes oversubscribed fund

Teralys Capital, the largest innovation-focused investor in Canada, has announced the final closing of its oversubscribed $375 million Teralys Capital Innovation Fund. The fund of funds was created under the Government of Canada’s Venture Capital Action Plan [VCAP] in collaboration with the Government of Quebec and institutional investors. The fund is the only pan-Canadian investor with in-house technical specialists dedicated to all sectors of the knowledge economy: information technologies, life sciences, and clean or industrial innovations.


Go short to go far Thane Stenner Portfolio manager and director STENNERZOHNY INVESTMENT PARTNERS, RICHARDSON GMP

Years in the industry 28 Career highlight “Substantially protecting client portfolios during the 2008/2009 market crisis period” Career lowlight “We bought more equities in March 2009, but in hindsight, not buying even more equities was a low point”

Are there any particular alternative investments that you think offer strong prospects this year? If I had to pinpoint one area, I’d focus on short-biased hedge funds. Shorting has always been an area that can potentially provide substantial gains and substantial losses; however, during a period of market volatility, savvy hedge fund managers can really drive high returns. Just look back at the 2007–2009 period and the success enjoyed by the likes of David Einhorn when he shorted against Lehman Brothers, and John Paulson when he shorted against the housing sector. Investors with real foresight can enjoy impressive returns as long as they trust their own instincts. Of course, there are plenty who risk being hit with an unlimited downside, too, but that just makes it all the more important to do your homework. This isn’t the only area I would highlight, however. During 2016, we’ve already seen some success for certain infrastructure-related assets; structured notes on MLP infrastructure are also worth noting. Inverse related ETFs on Nasdaq and Russell 2000, and CTAmanaged futures strategies are other strong prospects.

Are there any alternative investment areas that you feel are being overlooked? To be honest, I think nearly all of the areas I highlighted above are being overlooked by a great number of investors.

Which emerging markets stand out as being of particular interest and why?

Pension fund targets Indian market

A giant of the Canadian pension fund and institutional investment sector, Caisse de dépôt et placement du Québec, has revealed plans to expand into India. The company, which boasts $248 billion in assets and is one of the leading institutional fund managers in Canada, will establish an office in New Delhi, adding to its existing presence in Quebec City, Montreal, Sydney, Beijing, Singapore, Paris, Mexico City, New York and Washington. Its initial focus in the country will be on renewable energy investments, where it has already committed US$150 million.

REIT redeems debentures

Russia, Brazil and India – so the ‘BRI’ versus the ‘BRIC’ with China, as China probably still has more challenges to overcome. India is of particular interest at the moment – its GDP forecast is really eye-catching, and of course, India is one of the few countries that really benefits from lower oil prices, whereas we suffer because of it. There’s also lots of legislation that has either already been introduced by India or is in the process of being introduced, such as direct transfer subsidies, the Land Acquisition Bill and streamlined tax regimes. All of these should help to greatly enhance the landscape for foreign investment. India knows how important foreign investors are, and it’s opened the door accordingly.

Do you have any specific strategies in relation to alternative investments? We happen to believe that we are in the early days of a broader bear market. Most things have high valuations and are expensive currently, and therefore way more risky currently than investors realize. As such, I’d say it’s important to make sure you remain liquid enough after you figure out your alternative allocation mix.

What advice would you give to someone looking to get into alternative investments for the first time? Always look for beaten-down areas. Don’t chase the performance of managers or sectors, ever. Invest with a five-plus-year timeframe. Look for high-quality, lowercorrelation assets within the ‘alternatives’ category.

Dream Office Real Estate Investment Trust redeemed all of its outstanding 5.50% Series H Convertible Unsecured Subordinated Debentures on March 31, 2016. The redemption price was determined in accordance with the provisions of the indenture and supplemental indentures related to the debentures. The price was equal to the aggregate of $1,000 for each $1,000 principal amount of debentures issued and outstanding on the redemption date, and all accrued and unpaid interest on the debentures up to the redemption date.

Canadians look to global equities

In a win for advisors, Canadians investing for retirement are increasingly looking to diversify their portfolios with global equities in an attempt to boost returns. “While it’s natural for investors to have a ‘home bias’ by overweighting your portfolio to domestic stocks, taking a Canada-only approach can hurt returns,” said Luc de la Durantaye of CIBC Asset Management. “Canada accounts for only about 3% of the world’s market capitalization, so diversifying geographically can strengthen your portfolio for the long term.”




ETF UPDATE NEWS BRIEFS TD Bank returns to the ETF market The Canadian ETF market will soon see the return of TD Bank. The bank, which left the sector a decade earlier, has filed for the introduction of six ETFs, including a Canadian dollar international hedged equity fund, as well as a Canadian bond ETF. TD Bank’s suite of ETFs will include both passive and active funds. “We listened to our clients and their advisors, and are continually evolving our solutions to meet their needs,” said Tim Wiggan, CEO of TD Asset Management, said in a statement to The Globe and Mail.

First Asset launches five corporate-class ETFs Canadian investment firm First Asset has announced the launch of five new corporate-class ETFs. In an effort to broaden the company’s product lineup, the new ETFs are designed to give investors the advantages associated with tax-efficient switching across current and future ETF shares within the corporate class. There will be no immediate tax implications when switches are made within the corporate class. According to Barry Gordon, president and CEO of First Asset, this latest ETF offering is meant to offer “best-in-class” solutions.

Vanguard adds actively managed ETFs As it attempts to expand its reach across Canada, Vanguard has introduced four actively managed ETFs. The four new ETFs are the Vanguard Global Liquidity Factor



ETF, the Vanguard Global Minimum Volatility ETF, the Vanguard Global Momentum Factor ETF and the Vanguard Global Value Factor ETF. The ETFs, which represent Vanguard’s first actively managed ETF offering, will invest in both developed and emerging markets around the globe. Pending regulatory approval, the funds will be managed by Vanguard’s Quantitative Equity Group.

Mutual fund giant enters ETF market It’s known as a giant of the mutual fund sector, and now Toronto’s Mackenzie Financial Corp. is ready to dive into ETFs. The company has filed prospectus documents for four ETFs, including the Mackenzie Core Plus Canadian Fixed Income ETF, the Mackenzie Core Plus Global Fixed Income ETF, the Mackenzie Floating Rate Income ETF and the Mackenzie Unconstrained Bond ETF. All four funds will be actively managed; fees will range between 0.55% and 0.65%. The products are expected to launch sometime during the first half of 2016.

Brazil-based ETF sees dramatic highs and lows A small ETF that focuses on Brazilbased stocks enjoyed a dramatic surge, rising 175% over a six-week period, only to then suffer what has been reported as “the world’s biggest drop.” According to Bloomberg, the $51.6 million Direxion Daily Bull Brazil 3X Shares ranked at the top of the US list of ETFs with at least $50 million in assets, starting January 26. However, in early March, the ETF, which focuses on leverage to enjoy triple daily gains and losses, managed to plummet by an attention-grabbing 26%.

Investing with a conscience One Canadian firm is responding to millennial desires with a socially responsible portfolio There was a time when most investors simply wanted make more money and secure their financial future. However, in today’s more socially conscious times, investors are increasingly thinking as much about the wider world as they are about themselves. That’s why Wealthsimple launched its Socially Responsible Investing [SRI] portfolio. “Recently, the number of Canadians looking to invest in socially responsible portfolios has increased dramatically, and we’re seeing a lot of millennials looking to align their values with their investments,” says Mallory Greene, marketing manager at Wealthsimple. “It’s been highly requested by our clients, and we’re excited to make investing in a socially responsible manner more accessible.” Simply put, SRI portfolios invest in companies that do business in a socially responsible way. However, because this is an investment and not a charity, performance still matters, so Wealthsimple has aimed to design a portfolio using ETFs that prioritize low carbon emissions, advance cleantech innovation and promote sustainable growth in emerging markets, while at the same time offering diversification and low fees. The Wealthsimple SRI portfolio will be made up of the following ETFs: iShares MSCI ACWI Low Carbon Target ETF (CRBN): Global stocks with a lower carbon exposure than the broader market

iShares Jantzi Social Index ETF (XEN): Canadian stocks, excluding companies with a poor social responsibility record based on broad environmental, social and governance [ESG] criteria Vident International Equity Fund (VIDI): Developed and emerging economies with sustainable growth, based on criteria such as human rights and low corruption PowerShares Cleantech Portfolio (PZD): Cleantech innovators in the developed world BMO Mid Federal Bond Index ETF (ZFM): Fixed-income exposure via Canadian government bonds in order to optimize for risk

“We’re seeing a lot of millennials looking to align their values with their investments” Greene is confident in the portfolio’s success, pointing out that socially responsible investing has grown tenfold during the last 20 years and that SRI funds now hold $22 trillion in assets worldwide. Indeed, in Canada alone, socially responsible investing accounts for 20% of all financial assets. “Transparency is a big issue within the financial industry, and I don’t think people know exactly what they’re investing in,” Greene says. “I expect SRI funds to continue to grow in popularity as we increase awareness and education surrounding the topic. We’re all looking for ways to make the world a bit better, and it’s nice to know that I’m simultaneously making a positive impact and improving my financial well-being.”


Pat Chiefalo

No brakes on ETF growth


Career highlight “Since joining BlackRock, I’ve had the great opportunity to connect regularly with senior leaders from around the globe, who are, by all means, constantly innovating and developing new ways to drive the industry forward”

Are there any particular developments in the ETF market this year that Canadians should be paying attention to? Given the Fed’s more dovish tone as it relates to the path of interest rate increases, and the impact this is having on the US dollar, one notable trend we are seeing is an increase in demand for currency hedged exposure to the US markets. In addition, the initial heightened volatility certainly triggered a flight to quality, expressed by flows into government bond funds and cash. There is very much the likelihood of whipsawing taking place, and with the risk trade having begun to roll back in, there is renewed interest in equity, commodity and international assets. It’s important to remember that this knee-jerk type of reaction to short-term market events can wreak havoc on investor asset allocation plans and long-term tracking towards their financial targets. To help investors who may be concerned with market volatility but still want to stay invested, we are seeing increased adoption of minimum-volatility funds, which seek to help dial down market risk, allowing investors to maintain exposure to equities while at the same time delivering comparable market returns.

Tell me about the growth of the fixed ETF market and what impact it’s having. The increasing adoption of fixed-income ETFs is a trend we continue to observe. Given the inherent benefits of ETFs – transparency, real-time pricing, liquidity and low costs – which don’t readily exist in many parts of the fixed-income markets today, it’s a growth we don’t see slowing down. When we look at the numbers, it’s notable. Since 2008, assets in Canadian-listed bond ETFs have climbed by more than 1,100%. More recently, since 2010, fixed-income ETF AUM in Canada has increased at a compound annual growth rate of 27%, from $8 billion at the end of 2010 to $28 billion at the end of 2015. It now represents over 30% of total ETF AUM in Canada.

What are the typical concerns clients have regarding the ETF market, and how do you address them? Typical concerns we hear from clients have to do with a general lack of familiarity with trading mechanics, which we address through close engagement with our clients on trading best practices and deep relationships with our market makers. Often, most of the concerns are from lack of knowledge on the products. As we – and the industry – continue to engage with clients on product usage and ETF education, I think this will only improve.

What do you think is the future of the ETF market? It’s an exciting time for the ETF industry. It’s the fastest-growing investment category in Canada; I only see opportunity and a strong growth trajectory.





FIGHTING THE GOOD FIGHT He may not be a war hero like his father, but former Advocis chair Roger McMillan has won plenty of battles

“I DON’T think I am anyone special, really.” It’s a deeply understated remark for a man who has achieved so much. Not only is Roger McMillan president of his own company, he’s also a past chair of Advocis, was a member of the CAIFA board of directors during the merger of CAIFA and CAFP, and is a past president of the CAIFA Toronto Chapter. So what drove this modest and unassuming man to the top? A look back at McMillan’s remarkable youth reveals his source of inspiration. “My father served in North Africa during the Second World War,” he says. “He was posted in Greece, where he met my mother; they returned to England and married. I was born in London, and after about six months, he was transferred to Tripoli, where we spent three years, and then he left the Army after his tour was up. “He went into his own brick-slinging business. He was actually trained as a tool-anddie-maker and got recruited by the Canadian Avro Arrow program just outside Toronto in a town called Malton. He emigrated to get settled, and we followed a year later. Shortly after we arrived, the Canadian government shut down the Avro program. There was an undercurrent of stories about how the US government encouraged the shutdown due to



the capabilities of the Arrow. “The result was my dad was out of work with a new family. My mother went to work at nights, and my Dad eventually worked during the day, and we managed to make ends meet. I can remember eating eggs and bacon and beans for days on end.”

position with Canada Life.” It was while working at Canada Life and travelling around the US to present seminars that McMillan met a lot of like-minded advisors and was encouraged to dip his own toes into the water. “I was referred to Tony Lawes, who was

“We were taught to take facts about prospective clients to discover their needs and find out what the client wanted and then make recommendations based on those factors. That was how we built up a practice” After his challenging upbringing, McMillan vowed to create his own path and avoid similar struggles, setting forth on a career in economics – but it didn’t follow a traditional course, either. “I had an idea that I was going to be an accountant,” he says. “I actually interviewed with several accounting firms and one insurance company, just for a different perspective. My interviews with the accounting firms were less than enjoyable; I couldn’t see myself as the indentured type. So I accepted a

a manager with Canada Life and an icon in Canada,” he says. “He was known not for developing insurance agents, but for developing businesspeople who sought to solve problems. We were taught to take facts about prospective clients to discover their needs and find out what the client wanted and then make recommendations based on those factors. That was how we built up a practice.”

Taking action against taxation Solving problems quickly became a calling

PROFILE Name: Roger McMillan Company: McMillan Financial Title: President Age: 67 Career highlight: “Lots – being named chair of Advocis, having the ability to buy a farm ... it’s always been a dream” Career lowlight: “I have enjoyed a good career, better than I ever imagined. Hard to think about a lowlight in that context, but maybe I should have worked harder”





card for McMillan – in the late 1980s, he worked on the Action Committee Taxation [ACT] to oppose what he describes as a “vicious budget” by the Liberal government. “At the time, our healthcare system had a private-sector component,” he says. “Employers could put a health and dental plan that covered prescription drugs and dental care and much more for their employees, and the premiums were deductible by the employer and non-taxable to the employee. The Liberal government at the time wanted to tax those benefits. “Well, Canadian employees depended on these benefits to protect their families,”

for the financial services industry in Canada. He only recently stepped down as chair of the Advocis political advocacy committee, which liaises with provincial legislatures and meets with MPPs to promote its views on how advisors should be regulated. In addition, he’s currently the chairman of the board for the Advocis Protective Association. “The organization was established to build an errors and omissions [E&O] insurance liability company for financial advisors,” McMillan says. “It is mandatory to have E&O insurance to practice as a life agent in most provinces in Canada, which is an important feature for consumers, because if there was

“I think that our organization has had an impact on the environment of the financial services sector and has led to the Canadian financial services industry being the best in the world” McMillan says. “Our organization … developed teams of agents who took a number of the legislative initiatives from the budget and visited each member of Parliament in the home ridings.” Thanks to ACT, there were more than 60,000 letters sent to senators and members of Parliament. ACT won the battle decisively, and the effects are still being felt today. “I think that our organization has had an impact on the environment of the financial services sector and has led to the Canadian financial services industry sector being the best in the world,” McMillan says. “We are the only country in the G7 that didn’t need to bail out its banks and insurance companies.”

Advisors’ advocate Today, McMillan continues to go to battle



some nefarious activity, the client can sue the advisor rather than a bank or insurance company.” McMillan has dedicated his life to boosting the performance and trustworthiness of the financial services sector in Canada, describing his role as “assisting people to make smart decisions about their money and helping them create, manage and preserve their wealth.” He is also a perpetual sponsor of the Ontario Lung Association and recently posed for its publication in a diving suit. So what would his father have made of his tenacious struggles to make the Canadian financial services industry the envy of the world? “He passed away 18 years ago,” McMillan says, “but you know, I think he would have been proud of me.”


ASSOCIATION OF CHOICE Advocis has more than 12,000 members in 40 chapters across Canada

EDUCATION It offers access to designations, including CLU, CHS, CFP and ChFC

REGULATION The organization is seeking regulation for the title of financial advisor

BENEFIT Advocis benefits its members by enhancing professionalism and ensuring advisors are accountable to an industry body

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YOUNG GUNS 2016 22


Boasting wisdom beyond their years, these 25 young advisors present a bright future for the financial planning industry CHANGE. IT’S an inevitability of life and business, particularly this one. As the full implications of CRM2 take effect this July and technology continues to alter how advisors do business, 2016 is set to be a formative year for the industry. And according to this year’s Young Guns, these changes are moving the industry in the right direction. Encompassing a cross-section of the financial industry’s best and brightest millennial talent, the 25 individuals highlighted on this year’s list (several of whom have appeared here before) have strong opinions on their profession and where the financial services sector needs to improve. Change can often be a cause for concern, but with these advisors leading the charge, the industry clearly has nothing to worry about.



Azam, Sameer



Absolute Wealth Management

Ber, Jeff


Ber Wealth Management, Scotia Capital

Bozek, Ghinel


The Horwood Team, Richardson GMP

Chaaban, Dian


RBC Dominion Securities

Chui, Ronald


CIBC Wood Gundy

Crowe, Darcie


Canaccord Genuity Wealth Management

Dewdney, Christopher


DWL Financial

Edwards, Sonia


Investors Group Financial Services

Godinho, Victor


Pangea Personal Financial Planning

Horwood, Alexandra


Alexandra Horwood & Partners, Richardson GMP

Horwood, Rosemary


The Horwood Team, Richardson GMP

Judd, Stephen


Investors Group

Kuntzevitsky, Victor


Northland Wealth Management

Le Roy, Christopher


Scotia Wealth Management

Murphy, Zac


Younker & Kelly

Raza, Syed


LSM Insurance

Schacter, Adam


Mandeville Private Client

Simmons, Shannon Lee


New School of Finance

Slumskie, Adam


CIBC Wood Gundy

Tate, Steve


Tate Financial

Waldman, Jordan


The Corporate Solutions Team

Waxman, Samuel


Millennial Financial Group

White, Grant


National Bank Financial

Zakaria, Hani


BMO Nesbitt Burns

Zollo, Sara


Sara Zollo Financial Solutions, Sun Life Financial





the Quality factor When it comes to investing, quality isnâ&#x20AC;&#x2122;t always obvious. Identifying high-quality opportunities takes effort and insight. At Invesco, weâ&#x20AC;&#x2122;ve invested our time in developing strategies that make quality investments stand out from the crowd. Learn why quality matters. Visit www.invesco.ca/quality.

Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. The indicated rates of return are the historical annual compounded total returns, including changes in security values and reinvestment of all distributions, and do not take into account sales, redemption, 24 www.wealthprofessional.ca distribution or optional charges, or income taxes payable by any securityholder, which would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing. Copies are available from Invesco Canada Ltd.


Finding long-term Quality Growth Focusing on the drivers of quality growth helps narrow the international field

In the current highly volatile equity environment, investors may be forgiven for shying away from unfamiliar businesses located overseas. Yet for Canadians, international exposure provides access to many industries and companies that are under-represented – or absent – in the domestic market. In every period of market dislocation, opportunities tend to eventually arise. While high-quality companies may still be commanding premium valuations, recent market pullbacks may be creating pockets of value. For many investors, finding quality companies in a global marketplace may seem like looking for the proverbial needle in a haystack. But for those who understand what can drive long-term investment returns, their focus can be substantially narrowed. The Invesco International and Global Growth team focuses on identifying attractively priced companies with quality growth characteristics. This experienced team employs a long-established conservative growth strategy that focuses on three elements of a prospective investment: earnings,

quality and valuation. This “EQV” approach forms the core of the team’s investment philosophy and process. As bottom-up stockpickers with a long-term investment horizon, the team poses three key questions of any investment opportunity: – Is the earnings power sustainable through the investment cycle? – Is the company financially strong and generating attractive returns? – Is the stock attractively valued?

purposes, scouring the globe in search of investment opportunities. However, identifying companies with quality growth potential is only the first step. With a clear understanding of the drivers and sustainability of earnings growth, the team then applies what they consider to be reasonable and conservative assumptions to determine an attractive valuation for each business. This valuation discipline is a key factor in successful longterm investing and risk management. With a deep understanding of the While there are many interpretations of underlying business quality and stock “quality” in the market, the team defines valuation, the team has the strength of a quality business as one with sustainable conviction to deploy capital in more volatile earnings growth, driven by prudent and challenging environments. management and efficient capital allocation; “By taking a long-term approach, we are a high return on capital; and strong organic able to tune out market noise and, where revenue and cash-flow generation, with a appropriate, take advantage of market strong balance sheet. volatility,” says Olsson. “As a result, our “When it comes to quality, we focus on funds tend to have low annual turnover – determining what will drive and sustain we typically hold stocks for at least three to a company’s future growth,” says Clas five years, which can also lead to increased Olsson, Chief Investment Officer, Invesco tax efficiency.” International and Global Growth team. The long-term EQV investment “We spend the bulk of our time philosophy focuses on high-quality growth examining a company, dissecting its and also seeks to mitigate downside risk via operations and evaluating the management portfolio diversification and a conservative team’s skill – particularly its decisions valuation discipline. Applying this rigorous around capital allocation – and focus and repeatable approach has consistently on creating shareholder value over the allowed Invesco International Growth long term.” Class, Series F to not only outperform its With this in mind, the multinational international benchmark over all five-year investment team visits over 500 rolling periods since its inception in company management teams each November 2000, but also to do so with a year for due diligence and research competitive risk profile.

Name Invesco International Growth Class, Series F MSCI EAFE Index (Net – C$) The quality growth advantage

15-year annualized return 6.05% 2.99% +3.07%

Downside market capture 78.35% 100.00% +21.65%

Source: Morningstar Research Inc., for the 15-year period from March 1, 2001 to March 31, 2016. You cannot invest directly in an index.

Quality growth advantage: Rolling five-year outperformance vs. benchmark (%) 6

Outperformed the benchmark 100% of the time over all five-year rolling periods

5 4 3 2 1 0 -1 -2 -3

— Invesco International Growth Class, Series F — Benchmark – MSCI EAFE Index (Net – C$) Nov. ‘05

Mar. ‘16

Source: Morningstar Research Inc., based on annualized five-year periods, rolled monthly, from November 2000 (Series F inception) to March 2016. Invesco International Growth Class, Series F outperformed its benchmark in 124 of 124 five-year periods. You cannot invest directly in an index.

Performance as at March 31, 2016 – Invesco International Growth Class, Series F: 1-yr, -0.81%; 3-yr, 13.50%; 5-yr, 11.23%; 10-yr, 5.41%; and 15-yr, 6.05%. MSCI EAFE Index (C$): 1-yr, -6.32%; 3-yr, 10.80%; 5-yr, 8.29%; 10-yr, 2.85%; and 15-yr, 2.99%. Series F is available only to advisors who have signed an Invesco Series F dealer agreement. Downside market capture measures how well a security performed relative to an index during periods when that index has declined. The views expressed above are based on current market conditions and are subject to change without notice; they are not intended to convey specific investment advice. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from our expectations. Invesco is a registered business name of Invesco Canada Ltd. Invesco® and all associated trademarks are trademarks of Invesco Holding Company Limited, used under licence. www.wealthprofessional.ca © Invesco Canada Ltd., 2016



COVER STORY: YOUNG GUNS GRANT WHITE Investment advisor National Bank Financial

In Winnipeg, the White name holds some weight in the business community, to say the least. The family has owned and operated different companies in Manitoba’s capital since the 1930s. In more recent years, that acumen has transferred specifically into wealth management and planning, and Grant White now represents the lineage as an advisor with National Bank Financial. Given his background, it’s not surprising that White takes the role very seriously and expects those in the industry to follow suit. “The biggest challenge we face is developing the reputation of the profession itself,” he says. “I don’t think advisors get the respect we deserve, but at the same time, I do think we have done that to ourselves. We really need to work on building the optics of our profession.” Stints with Rogers, BMO Nesbitt Burns and Wellington West eventually led White to National Bank Financial, where he was named Rookie of the Year in 2013 as he built a solid client base. Now with 10 years of industry experience behind him, White has become well-versed in the intricacies of wealth management and financial planning; for him, convergence has been the main difference since he broke into the industry a decade ago. “The main change I’ve seen is a greater push toward a comprehensive wealth management approach –providing full financial services like tax planning, estate planning, and really taking a look at a clients’ overall financial situation and offering advice for their needs,” he says. “Our team is structured here to manage all the needs a business owner or professional may have.” With $65 million in assets under management, White’s approach has clearly borne fruit, but he believes greater change is required for the industry at large to reach its full potential. Similar to many of this year’s Young Guns, the Winnipeg native welcomes the implementation of CRM2. However, he believes its provisions could and should reach even further. “I think the new regulations haven’t gone far enough,” he says. “I would like to see more transparency on management fees. I would like to see fees all in one place, something like a mutual fund fee. Our team here is very transparent with our clients. Certain things like deferred sales charge commissions are banned in our firm, and I would love to see that be the same right across the industry.”




Senior investment advisor and portfolio manager

Advisor and director of marketing

Canaccord Genuity Wealth Management

LSM Insurance

In finance, standing still is often tantamount to going backwards. This is something Darcie Crowe clearly has kept in mind throughout her career, most notably when she transitioned from investment banking into wealth management in 2010. Having graduated from the Honors Business Administration program at the Richard Ivey School of Business, Crowe worked with Genuity Capital Markets for five years. When the company was acquired by Canaccord Financial in 2010, it offered Crowe the perfect opportunity to shift gears and move into the realm of financial planning. The change in direction allowed her to focus much more on people and their families and to assist them in meeting their investment and financial planning goals. It’s safe to say that decision paid off, as she built $250 million in assets under management at Canaccord Genuity’s base in Toronto. Having tasted success in Canada’s largest city, Crowe sought another challenge and decided to look West, relocating to Vancouver in 2014 to build the firm’s business there. As a portfolio manager and personal financial planner, she takes a comprehensive approach to working with her clients. She is also a Certified Divorce Financial Analyst and is passionate about assisting both men and women working through difficult life transitions and achieving financial security.

Like many of this year’s Young Guns, Syed Raza believes it’s essential for advisors to change with the times and optimize the use of technology. A licensed insurance advisor with LSM Insurance, Raza has progressed from serving as the firm’s marketing manager to his current role as director of marketing. That progression has been fuelled by his expertise in building LSM’s online presence and enhancing cross-platform marketing strategies for on-page optimization and link-building. Raza has also prioritized the performance of SEO/ SEM campaigns, including keyword research and paid ad performance using third-party analytic tools.


STEVE TATE Principal and financial advisor Tate Financial

While many advisors on this list followed their parents into the world of finance, Steve Tate took a somewhat different path. The family business in the Tate household is golf – his father and grandfather were both pro players – but after five years on the greens as a pro himself, the BC native decided his future lay elsewhere. “I became a golf pro while in school,” he says. “It’s seasonal in Canada, and the money isn’t very good, so it wasn’t a long-term career. I signed up for the securities course in 2006 and started with Wiffen Financial.” A decade later, that decision clearly was the right one, evidenced by the fact he now operates his own firm. Tate’s unconventional journey and the lessons he has learned along the way also have given him strong feelings about how the industry can improve. “I am building my practice on a foundation of education – educating clients and mentoring new advisors,” he says. “I would like to see more financial planning practices be known for the sharing of knowledge, embodying the mentorship that I myself received.” Given that his firm’s client base has an average age of 65, it’s not surprising that retirement is a vital issue for Tate. This led him to co-write a book devoted to the subject, Pay Cheques and Play Cheques: Retirement Income Solutions for Canadians, which was published in 2014 and has had a great response so far. “It’s a massive issue for Canada,” Tate says. “The Baby Boomers are retiring, and they are the first generation without a defined pension plan. The book focuses on how to set up your finances for retirement so you always have a roof over your head and food on the table.” The issue is also a key part of Tate Financial’s business. “Retirement income planning is one of my main areas of focus,” Tate says. “There’s a huge difference between how you deal with clients from the different generations. The Boomers want to sit down and meet face-to-face. Generation Xers have all done a fair bit of research themselves, while millennials do everything by email.” For any investor, regardless of age, the golf pro turned investment guru identifies some areas to look into for both short- and longterm returns. “In 2016, Dynamic Precious Metals is up 30% for the year,” Tate says. “That’s only 5% of my portfolio, though – over the last five years, MacKenzie Ivy Foreign Equity would be my most long-term consistent stock. It’s been fantastic.”






Senior associate

Senior partner and Certified Financial Planner

Northland Wealth Management

The Corporate Solutions Team

Passion in one’s work is always an admirable trait – and Victor Kuntzevitsky’s love for his job is clear when he describes his dayto-day. “My commitment to the wealth management industry is unshakable,” he says. “I love what I do, and I look forward to build on my business contributions, industry involvement and volunteer work for years to come.” One of the younger members of this year’s Young Guns list, Kuntzevitsky graduated from McMaster University’s DeGroote School of Business in 2012. His studies in commerce and finance ultimately led him to Northland Wealth Management, a Toronto advisory firm founded in 2011. Kuntzevitsky says finding a home with one of the new kids on the block has been a fantastic experience for him as a new advisor. “I was given freedom to think outside the box and experiment,” he says. “My role at Northland evolved over the years, and now I chair the investment committee alongside our CIO and lead all aspects of managing investments across a broad range of asset classes and strategies.” That includes real estate, infrastructure, private equity, public equity, credit and hedge funds. His success with the firm also has meant outside recognition in the form of assisting the Chartered Alternative Investment Analyst Association in the process of formulating new questions for its Level 1 exam.

Saving for the future is a major concern for the millennial generation, considering sky-high property prices and a prohibitive cost of living. Jordan Waldman is well aware of those worries, and as a result, he devotes a great deal of his time with The Corporate Solutions Team to addressing the needs of younger clients and helping them prepare themselves for the years ahead. “I provide a holistic approach to financial planning for all clients, large or small, young or old – establishing young clients with a junior executive package to help them for the future with retirement savings, short-term savings and balancing risk protection,” he says. A graduate of York University with a BA in economics and sociology, Waldman has climbed the ladder at The Corporate Solutions Team and today finds himself as a senior partner with the firm. That ascent also saw him join the Advocis political action committee and qualify for membership in the Million Dollar Round Table last year. Outside of his professional life, Waldman is devoted to volunteering for a number of worthy causes, including the Rouge Valley Health System Foundation, the Sick Kids Hospital in Toronto and the Jewish National Fund of Canada.

CHRISTOPHER LE ROY Senior wealth advisor ScotiaMcLeod

With 15 years of experience in the industry under his belt, Christopher Le Roy understands more than most the central tenet to being a successful and well-regarded financial advisor. “I find it most rewarding when my clients understand that they can live the kind of life they want,” he says. “It is the individual successes that mean the most.” As team leader for Le Roy Financial Group, Le Roy seeks to create a clear wealth strategy for all those who walk through the doors at ScotiaMcLeod. This could come in the form of investment management, retirement planning, tax planning or insurance and estate planning, all of which the Le Roy Group has become renowned for. Having started his career in sales with Equion Securities Canada, Le Roy got his first taste of advising while working for RBC Insurance. His success there would lead to roles with AGF Management Limited and Assante Wealth Management, where he honed his skills before landing at ScotiaMcLeod in 2011, where he has remained ever since.



DIAN CHAABAN Investment and wealth advisor RBC Dominion Securities

In the modern business environment, knowledge is power. One huge advantage today’s investors have is almost instantaneous access to information. The downside of that, of course, is that with so much information out there, sifting through it all to find what is valuable and what isn’t is a chore in itself. Dian Chaaban realizes as much, and provides her clients with a weekly newsletter, “Word on the Street,” which breaks down the big stories of the week in the world of finance and the markets. A valuable service, no doubt – and that’s in addition to the bread-and-butter of investment management, risk management, and tax, estate and financial planning that she offers her clients every day. Chaaban also somehow finds time to advance the standing of women in the industry. She founded the Women of Ambition group, a collection of female entrepreneurs and professionals seeking to expand their businesses in an often male-dominated environment. She is also a member of RBC Dominion Securities Women’s Advisory Board, which seeks to address issues of inequality between the sexes in the workplace, providing a forum for women to discuss issues and share information.





VICTOR GODINHO President and financial planner Pangea Personal Financial Planning

The millennial generation is often criticized for lacking maturity and a sense of responsibility. Tell that to Victor Godinho, who, at the ripe old age of 24, is approaching veteran status already. (In fact, this is his third appearance in a row on WP’s Young Guns list.) Of course, that’s not surprising when you consider that the Toronto native has been calling the shots since he was a teenager. “I finished high school very early, so I was working full-time in management roles by the time I was 16, including with one of the largest pharmacy chains in Canada,” Godinho says. “After that, I worked with a boutique firm in Toronto for a few months, but I realized I wanted to go out on my own, so I started my own firm, VTAG Financial Group, when I was 19. That was in 2012, and we ran until 2015, when we merged with Pangea.” While advisors and investors both tend to fall at the older end of the spectrum, Godinho realized there was a gap in the market for those born after the 1970s. VTAG Financial Group was the result, and he carries on its MO today with Pangea. “I started VTAG for young professionals seeking financial advice, and many of those clients I still have today with Pangea,” he says. “Younger clients are tech-savvy and like to keep upto-date with what is going on using social media. At the same time, their lives are too busy to be making investment decisions on their own, so that’s why they engage our firm to seek professional guidance. One of our advisors can then oversee their money as they concentrate on their main career and building that wealth in the first place.” As one of the new generation of financial advisors, Godinho has some ideas for modernizing the industry and making it more productive for clients and those who guide them. “We need a greater transition to a more technology-based industry,” he says. “In the investment space, with regard to updating funds or accounts, it’s all very heavy on paper, so I think it would be much more efficient to move to an onlinebased system.”





Director of wealth management

Senior wealth manager

Alexandra Horwood & Partners, Richardson GMP

Absolute Wealth Management

Alexandra Horwood’s repeat appearance on this year’s Young Guns list comes after an eventful 12 months. As a member of her family’s practice at Richardson GMP, Horwood accumulated $40.1 million new assets in 2015 – the second-highest level in the firm in 2015. Her efforts were recognized with the formation of Alexandra Horwood & Partners, where she became the youngest director at Richardson GMP and has expanded her business by focusing on Canada’s mining industry. Given mining’s dominant status in the Canadian economy, specializing in that industry has proved to be a lucrative pursuit for Horwood’s team. Offering strategic investments, tax and estate planning, insurance, option exercise, cross-border advice, currencies, capital raises, and creditor proofing, the team covers all bases for its clients. If all that isn’t impressive enough, Horwood also devotes her free time to providing financial planning advice to those with money troubles who can’t afford professional assistance.

As a Chartered Investment Manager and a level 3 candidate in the CFA program, Sameer Azam certainly has the credentials to run his own independent firm. Where he differs from many of his competitors, however, is his faith-based approach to investing. “My focus is to bring sustainable and faith-based investing together in clients’ portfolios,” he says. “I feel sustainable investing is powerful, and it is the next wave of investing compared to the conventional models.” The Muslim, Mississauga-based advisor practices halal investing, which means he won’t invest in any companies that trade in tobacco, alcohol or any other vices. Nor will you find anything that makes profit from charging interest, which is a somewhat unique position to take in this particular industry. Azam also advises clients who are not Muslim but are interested in investing in socially responsible firms. For him, a company that is ethically sound will be sustainable in the long run, and thus offer great potential for higher returns.



TORONTO Tues., April 19 & Wed., April 20 VANCOUVER Tues., June 7 & Wed., June 8




Matt Hougan

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President & CEO, PUR Investing

Pat Bolland

ETF Toronto & Vancouver Moderator

Tyler Mordy

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Michael Katchen

President & CIO, Forstrong Global Asset Management Inc.

Director, ETFs, FactSet, leading independent authority on ETFs

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Director, ETF Trading, TD Securities

Founder & CEO, Wealthsimple

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Ph.D., M.Fin.

ETF Research & Strategy, Derivatives & Structured Products, National Bank Financial

Scott Boniferro

Vice President, Global Investment Strategies, Invesco Canada

Alfred Lee

Rob Carrick

Personal Finance Columnist, The Globe and Mail

Stephen Hoffman

VP, Portfolio Manager, Investment Strategist Global Structured Investments BMO Asset Mgmt. Inc.

Vice President, Exchange Traded Funds, RBC Global Asset Management Inc.

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Financial advisor

Wealth advisor

Younker & Kelly

Ber Wealth Management, Scotia Capital

Another return from last year’s list but still one of the youngest members of this year’s Young Guns class at 25, Zac Murphy is already thinking long-term. When discussing career goals, he expresses his hope that the relationships he builds now will lead to long-lasting bonds. “I want to see clients who started with me at the beginning of their career retire,” he says. After receiving his bachelor of business administration from the University of PEI, Murphy set his sights on building a career in finance, which would ultimately lead him to his current position with Younker & Kelly. A board member of Advocis in PEI, Murphy is driven to build a reputation as the go-to figure for investment advice in his province. When he isn’t offering his clients a course of action for their financial affairs, Murphy often can be found playing guitar and singing at bars around Charlottetown.


Heading his own team at Scotia Capital, Jeff Ber identifies client service as the most important consideration any successful advisor can have. That might seem obvious, but saying it and actually putting it into action are two completely different things. “I want to continue to develop personal relationships with individuals and businesses to help them reach their goals,” Ber says. “I want to help as many people as possible. We have developed a very strong team, which gives us the breadth to expand and continue to grow while providing each client with the personalized service they need.” A Chartered Investment Manager and a Fellow of the Canadian Securities Institute, Ber offers his clients guidance on the full spectrum of financial services, including retirement, tax and estate planning, and quantitative research and analysis of portfolio performance.




Certified Financial Planner

Division director

Portfolio manager

DWL Financial

Investors Group

CIBC Wood Gundy

Christopher Dewdney is no stranger to seeing his name in print – and not just for his financial acumen. Selected as one of Life Health Professional’s top 30 advisors in 2015, Dewdney more recently appeared in the December 2015 issue of the men’s lifestyle magazine Sharp. A quick glance over Dewdney’s resume reveals many interests and areas of specialty. He has worked as a wealth and risk advisor for DWL Financial Services since 2007, but that hasn’t precluded him from branching out into many different fields. He is a committee member with the Marc Santi Foundation and has sat on the research board at St. Michael’s Hospital in Toronto for eight years. He’s also served as a board member of the Toronto chapter of Advocis. Music is another passion of Dewdney’s, as is working with Toronto’s youth, which made him an ideal choice to become treasurer of the Young Leadership Council of the Toronto Symphony Orchestra.

In a profession where long work days are par for the course, finding the time for anything else outside of the office is a challenge. And yet Sonia Edwards still makes time to mentor younger consultants at the Investors Group’s Campbell River office. Such dedication has allowed Edwards to rapidly rise through the ranks at Investors Group, becoming a divisional director within her first three years with the company. Edwards came to the industry following a media career, working at the Jasper Booster newspaper before stints in marketing with One Net Marketing and Rodgers’ Chocolates. She switched gears in 2013, joining Investors Group as a consultant and field trainer. In her current role as a division director, she oversees the recruitment, training and development of the firm’s new batch of consultants, and her success has won her the accolade of Investors Group’s Financial Planner of the Year for the region.

While many advisors are divided on the implementation of CRM2 and what it will ultimately mean for the industry, Adam Slumskie is unequivocal in his support for the regulations. “I am a huge believer in CRM2, the benefits of it, and having fee transparency in our business,” Slumskie says. Not all his fellow advisors will agree with that assessment, but with 10 years in the business behind him, Slumskie is confident that the divisive measure will ultimately benefit both advisors and investors. “I am pushing for change in our city by informing clients on the changes that face the industry,” he says. “As such, I have had a 70% conversion in the past three years to a fee-based practice.” Working at CIBC Wood Gundy for a decade, Slumskie has helped triple revenue and double assets within his team. Starting out as an assistant advisor with the firm, he recently received his licence as a portfolio manager through IIROC.


SHANNON LEE SIMMONS Financial planner New School of Finance

In an uncertain financial climate, where nobody quite knows with any degree of certainty where the economic headwinds may take us, Shannon Lee Simmons has excelled in educating Canadians on how best prepare for the future. Having started her career with RBC Phillips, Hager and North Investment Counsel, the Queen’s University graduate decided to leave the relative security of a position with a Bay Street institution for the uncharted waters of starting her own financial practice in Toronto. The New School of Finance was the result of that gamble, and Simmons hasn’t looked back, describing it as a fee-for-service financial practice that offers unbiased, sound and affordable financial advice to people and small businesses. There, Canadians who lack expertise but want to gain an understanding of how to build a portfolio can learn about personal and small business finance. A Certified Financial Planner and Chartered Investment Manager, Simmons is also a regular on the media circuit, contributing to the Toronto Star’s “Money Makeover” column, Cityline and BBC Capital. She also hosts the Money Awesomeness show on Coral TV, where she breaks down the do’s and don’ts of personal finances for her viewers.




COVER STORY: YOUNG GUNS ROSEMARY HORWOOD Investment advisor The Horwood Team, Richardson GMP

Rosemary Horwood’s choice of career has always seemed predestined. The daughter of esteemed investment advisors John and Rebecca Horwood, Rosemary wasn’t surprised to find herself following them into the family business. “Officially I have been in the investment industry for four years,” she says, “but unofficially it’s been since I was born into a family of investment advisors and had the ability to stuff envelopes.” Being part of an advisor family will only get you so far, however, so the requisite training for the role came in the form of a BA in economics and business at the University of Waterloo, where she was nominated for co-op Student of the Year on three occasions. After completing her degree, she joined the Horwood Team at Richardson GMP, which, over the years, has developed a reputation as one of Canada’s most established and respected advisory groups. Since then, Horwood has built a name for herself as a well-regarded advisor in her own right, creating a niche serving healthcare business owners, medical professionals, affluent women and investors with sophisticated needs involving multiple properties and businesses. Horwood’s burning ambition to establish her own reputation, as well as further her family’s, remains as strong as ever. “I want to create a multi-family office to continue Horwood’s legacy of creating and conserving wealth by serving my generation’s most successful entrepreneurs and their families,” she says. “I’ve always enjoyed a challenge.”




Financial advisor

Regional director

Mandeville Private Client

Investors Group

A finalist in the Young Gun Advisor of the Year category at the Wealth Professional Awards in 2015, Adam Schacter has many strings to his bow. Operating as a financial advisor, Chartered Investment Manager and Certified Financial Planner with Mandeville Private Client, the Ottawa native has built a reputation as one of the capital’s top financial planners. Since graduating from Carleton University with a bachelor of science in 2005, Schacter’s career trajectory took a different path as he moved into the insurance world with AIL Canada. After that came stints with MAP Insurance and Manulife before finding his current role as a financial advisor with Mandeville. As for his ambitions moving forward, Schacter is refreshingly straightforward: “I want to be known in the industry as a source of valued information and advice by my peers and by the investing public; managing $300 million in assets would certainly help with that.”

Staying with one firm and climbing the proverbial career ladder is no longer a popular trajectory, but for Stephen Judd, staying put at Investors Group for a decade has meant rising to the rank of regional director with the company – among other advantages. “I really like the people I work with,” Judd says. “They really helped me out when I was learning the job. I also like the vision of the company, especially on the financial planning side of things. I envision myself as a person offering a financial planning service, whereas the products – stocks and bonds – are more a means to an end.” As for his investment philosophy, Judd believes playing it safe usually works out best in the long run. “Typically I don’t deal with risky assets,” he says. “I build a solid foundation for my clients, so if they want to trade in risky assets, they do that in their own time. The cornerstone for wealth creation for me is dividend pay and equity, whether it’s Canadian, US or European. Really, it’s nothing cool or sexy – it can be boring, but in times of volatility, it will always pay out a yield or a dividend.” Having a decade of experience also has allowed Judd a keen insight into the business in light of its current state of flux. “Change is always tough because people are naturally averse to change,” he says. “I don’t think the changes coming in with CRM2 are a bad thing at all – I think they’re great. People need to see the value for what they’re paying. CRM2 is probably the first step; I expect CRM3 and CRM4 – they are constantly realigning what the model looks like. But in places like the UK and Australia, I don’t think the changes they brought in had the effect they wanted.” Keeping up-to-date with shifting regulations is often a job in itself, but Judd hopes the effort will be worth it when all is said and done. “I’ve been in the industry 10 years now, and there has been much more change in the last three years than the previous seven,” he says. “Typically, though, I think the regulators do a good job, and they do what’s best for the industry and the Canadian public.”


HANI ZAKARIA Investment advisor BMO Nesbitt Burns

While CRM2 hasn’t exactly received a warm welcome from many in the investment community, there are plenty of advisors out there who believe it is an entirely positive development. Hani Zakaria of BMO Nesbitt Burns is one such individual, part of a new wave of advisors who are nurturing change in the industry. “I embrace the changes with mutual funds in terms of getting rid of deferred sales charges and increasing transparency,” he says. “I have come across a lot of people who didn’t really know what they were set up for, and unfortunately, their advisor was taking advantage of that lack of knowledge. Our team is already well positioned for the changes coming in. Deferred sales charges and commissions have already gone the way of the dodo bird with our firm.” Zakaria’s introduction into the industry came while he was still completing his bachelor of commerce degree at the University of Toronto’s Rotman School of Management. Combining an internship at BMO with his studies made for some long, arduous days, but he says it was to his great benefit in the long run. “I was working full-time while studying,” he says. “I was selected for an apprentice program in my second year, so I would come to the office 9 to 5 and then do all of my classes in the evening. It was stressful but a real eye-opener into the real world.” That harsh dose of reality exposed Zakaria¬¬¬¬¬¬¬¬¬ to some of the downsides of the industry that he believes need to change. “It’s still very oldfashioned and an old men’s club in many ways,” he says. “The demographic needs to be younger, more female and with different ethnicities. The nature of the industry means the well-connected just breed more well-connected people – it’s almost like a circular arrangement. I don’t have a very wealthy family, and I didn’t have a substantial network of people that I could build a business with at school. I had to go to strangers and build my business that way.” Now that he has established himself with BMO Nesbitt Burns, Zakaria can pursue his other passions: acting and music. He recently formed the Bay Street Performers with a colleague, putting on an original play titled “The Other Side of The Cubicle” as a benefit for Arts for Children and Youth. The group brings like-minded Bay Street professionals together and offers a platform for them to step outside their comfort zone and try something new.




COVER STORY: YOUNG GUNS GHINEL BOZEK Associate investment advisor The Horwood Team, Richardson GMP

RONALD CHUI Portfolio manager and investment advisor Millennial Financial Group

For Ronald Chui, the chance to see the world was a formative experience, from both a personal and a professional perspective. “I had a great period of my life when I took a leave of absence for six months, travelling from India to the Philippines and then to Barcelona,” he says. “Travelling gives you a personal experience that you can relate to clients. For example, India – I was there, and I know the infrastructure needs it has. That’s much more valuable than just reading about it or watching on the news.” Chui has developed a reputation for building his clients’ portfolios and navigating them through often stormy economic conditions. “I focus on the core side of my business – on the indexes, but with low volatility for my clients,” he says. “I don’t necessarily subscribe to the irrational behaviour of having to sell; in fact, often we buy during corrections. I tend to look more at the big picture.” This policy has served him well, allowing him to build an AUM of more than $100 million in the three years since he switched into portfolio management. “A lot of my clients are retired spenders that are using their own money,” he says. “Most are fixed income, so I have a downside protection principle, and I offer alternative investments for clients. One of my portfolios is called Global Core Plus, and it has done very well. It is all ETFs, and it’s made up of low-volatility Canada, US and international stocks. The rest is healthcare and consumer staples; it’s very diversified, and it has outperformed my own personal benchmark.”



Part of the esteemed Horwood Team at Richardson GMP, Ghinel Bozek feels advisors of her generation have a real responsibility when it comes to moulding the industry over the coming years. “Even though I am young, I do consider myself to be a leader in the industry,” she says. “The youth of today are the leaders of tomorrow, and I feel it is my duty to pave the way for a new generation of investment advisors who can help make this business greater than it’s ever been before, taking client care, service and portfolio returns to the next level.” A graduate of the broadcast journalism program at Conestoga College, Bozek spent a year working for CTV’s Fashion Channel before deciding to move into the investment world. At Richardson GMP, Bozek worked in business development before moving into advising with the Horwood Team in 2013. Since then, she has developed an understanding of what makes a good advisor. “As the Dalai Lama said, ‘If you want others to be happy, practice compassion. If you want to be happy, practice compassion,’” she says. “Compassion is the core to building successful, long-lasting relationships. Our business is all about relationships, and as advisors, we are not only managers of wealth, but of emotions as well.” In just four years in the business, the journalist turned advisor has excelled in managing the personal financial affairs of agricultural families, mining executives, business owners and high-net-worth investors, tailoring portfolios to their needs. “My alternative asset class has been the best performer,” Bozek says. “From hedge funds to private lending and real estate, I have seen the greatest growth and risk-adjusted returns in this area. One of the greatest advantages to being at an independently owned wealth management firm is that I have the ability to choose from a wide universe of investment strategies and products that I carefully select to support my clients’ goals and risk tolerance.”

SARA ZOLLO Financial advisor Sara Zollo Financial Solutions, Sun Life Financial

After studying sociology at Wilfrid Laurier University, Sara Zollo began her career as an advisor with Sun Life Financial. Seven years later, she’s still with the firm, and in that time, she has become renowned as an expert in her field, appearing on BNN, CTV and Rogers Daytime to speak on major developments in the industry. Sun Life certainly realizes talent when it sees it, naming Zollo Rookie of the Year in 2010, Holistic Developing Advisor of the Year in 2013, and Health Active Advisor of the Year in 2014 and 2015. Specializing in insurance and investment solutions for her clients, Zollo has life insurance and mutual fund licences, along with a Certified Health Insurance Specialist designation. When asked what is key to becoming a respected advisor, she gives simple but valuable advice: “Listen to what is being said and what is not being said.” That particularly applies to young professionals, business owners and those transitioning into retirement, she adds, who often need a guiding hand to help them get their finances in order for the years ahead.

SAMUEL WAXMAN Managing partner and financial advisor Millennial Financial Group

Even in an industry that is constantly evolving, change can’t come soon enough for some – including Samuel Waxman. After graduating from the University of Western Ontario in 2011, Waxman went to work in his father’s insurance firm for close to three years before deciding to branch out on his own and start Millennial Financial Group in December 2014 with partner Ryan Tkatch. “We realized that the average age of an advisor in the insurance industry was 58 – we were 26 at the time,” Waxman says. “We felt there wasn’t a place for young advisors to go to get the proper technology training or education that they needed. There also wasn’t a place for younger clients to go. So that’s why we decided to open up a shop targeting the millennial generation and using younger advisors.” Seeing a gap in the market is one thing, but following through on that opportunity is quite another – so far, the risk has delivered great reward for the young entrepreneur. “We opened with three advisors, and since then have added two more as part of the mortgage division,” he says. “We target start-ups and tech companies that a lot of younger people work for, and the business is growing rapidly.” In an industry where experience is often valued above all else, building a reputation and getting ahead can be difficult for younger advisors. For Waxman, the key has been to try to change how the game is played. “It’s very hard for young advisors to break in, especially if they’re not getting the right training,” he says. “With technology changing so much, the training we receive needs to reflect that. For sales and marketing, the same methods that worked 50 years ago won’t work forever. It needs to be updated. My firm, for example, does not do any cold-calling; we spend a lot of time focusing on social media instead.” Another generational difference – and an area that new advisors can use to set themselves apart from older colleagues – is having a business card heavy with acronyms. “Designations are very important for the business, especially for younger advisors,” Waxman says. “I have my CHS, and I’m about to get my CLU and CFP. We might be younger, but we will have a lot of education behind us.”





Reinvention in retirement Darrin Shannon knows all about the ups and downs of moving into retirement. After an injury cut his career on the ice short, the former NHL star moved into delivering game-changing financial advice WP: How difficult was your transition from the NHL to financial advisor? Darrin Shannon: Once I got it into my head that hockey was definitely not happening anymore, the transition was not tough at all. It did take a little bit of time because I was forced to retire from my dream job at such a young age. It was a challenge to learn everything about this industry. It’s constantly changing, whether that’s compliance, news or an updated product. Just like anyone getting into this career, I have to be constantly in learning mode.

WP: What’s the most enjoyable thing about being an advisor? DS: Dealing with people and the challenges that come with it, and trying to help people accomplish their goals. I’m not always dealing with people when things are good for them. Life is about experiences, both positive and negative, and that’s what helps you to continue to grow. In some regards, I look at it from a sports perspective: You win some; you lose some. You have good days; you have bad days. But that’s the job – I love it because of that. When things are going well, it makes you feel so good because you know you stuck with it and stuck with your client.

WP: How has retirement planning changed? DS: Careers are becoming more transient,



and people are less likely to be with the same company for 40 years nowadays – that changes things. Also, people are healthier and living longer. People need to understand that there are options for them in retirement. On my end, I have to let people know that they have the option to work past retirement, retire earlier or work part-time.

WP: So do Canadians have to change the way they view retirement and the way they approach it financially? DS: I certainly think people need to look at their planning differently. There’s a couple of ways of doing that. If you’re living longer, you either need to save more money or work longer. Either way, from a financial point of view, people need to evolve and think about those things on an ongoing basis. People need to be more proactive, and they have to find an advisor they’re comfortable with. Planning for retirement is changing, and part of that responsibility falls on advisors, but it’s also on clients to be more involved.

WP: As an advisor, how do you deal with changing attitudes toward retirement? DS: Every scenario is different. You have to ask all clients to be honest about their own position, to take a good look at what they want and how best to use what they have. If a client knows they’re only going to be in job for the next five years, they need to plan around that transition. Hopefully clients are willing to keep on top of their financial situation with an advisor they trust.

WP: Only 27% of Canadians say they expect to be fully retired by 65. Why do you think that is? DS: People are living differently. My parents were married at 21 and had kids. I got married at 27 and had kids, and my kid may not get married until age 30. The bulk of your costs occur when your kids are young, and if that happens later on in your life, it will change the dynamic of how you spend your money. It means people are pushing the ball back a bit from a financial perspective.

FROM THE NHL TO SUN LIFE FINANCIAL What made Darrin Shannon want to become a financial advisor? Watching his father work in the industry had a major impact on him. He saw firsthand how his father was able to help people in their small community, and that stuck with him. Shannon noticed the meaningful relationships that his father developed, and he was eager to replicate that. “Ultimately, at its core, that’s what this job is,” he says. “I was hoping to be able to do the same as my father. I wanted to build a career where I could be a positive part of a community.”

“Planning for retirement is changing, and part of that responsibility falls on advisors, but it’s also on clients to be more involved”


1989–2000 TEAMS PLAYED FOR Buffalo Sabres Winnipeg Jets Phoenix Coyotes

STATS 87 goals 163 assists 250 points 506 career NHL games


People are also choosing to work in retirement. To continue feeling good about yourself is important, and just sitting on the sofa or cutting the grass isn’t fulfilling. It’s hugely important to be physically and mentally active, to stay engaged and have a purpose. Having something to do helps you feel good about yourself, and that’s part of the transition between work and retirement too.

WP: What are the biggest challenges for advisors at the moment?

DS: Constant compliance changes, but that’s not necessarily a bad thing – compliance is very important. It does take time away from things I enjoy doing more, but that’s like any other job. In the NHL, for example, players don’t love their jobs every day. When you’re on a five-game losing streak, it’s not a whole lot of fun, but you stick with it knowing that your aim is to get better. You keep working, whether it’s going well or you’re having a tough time – you keep working at it because that’s where you want to be.

NHL DRAFT Drafted fourth overall in 1988, ahead of Jeremy Roenick and Rob Brind’Amour AWARDS Canadian Major Junior Scholastic Player of the Year (1988) Memorial Cup Tournament All-Star Team (1988)





The reinvention of teamwork Technology gives us the power to communicate, collaborate and learn across great divides – but ultimately, it remains a tool. The real key to 21st-century business success is teamwork, writes Graham Winter DISRUPTION IS the buzzword of business. And why wouldn’t it be, when tech-centric companies like Amazon, Uber, Netflix and Twitter are transforming the way we shop, travel, play and communicate? Perhaps your business is trying to disrupt itself. If not, then you can be sure that someone else’s is, and chances are they’re doing it with quite different teamwork practices than what you treat as the norm. Is it technology that’s making the difference inside these disruptive companies? Yes, to the extent that product technology supports their exponential growth. However, inside the company, everyone has the same access to pretty much the same technology at the same time, everywhere. It’s cheap, easy to use and mobile. And let’s remember that instant messaging, email, smartphones, video, collaboration software and the like are tools – and tools only. Where’s the difference?

Share and share alike There’s a clue in the common purpose of many of these new technologies: to facilitate the sharing of information. Indeed, this is exactly why the Internet was invented in the first place. Social media platforms like Facebook, LinkedIn and Twitter are popular because people like to share. We have social brains, and our evolution has programmed us to connect (because it saved our early ancestors from the disruption of sabre-toothed tigers). Even Daniel Goleman,

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the acclaimed thought leader in emotional intelligence, now speaks of social intelligence. We are genetically wired to engage and share with others and, in doing so, to adapt and respond and learn, which is precisely what the disruptive teams in places like Uber and Dropbox are doing so brilliantly. And they’re doing it with the help (and at times hindrance) of new technologies. Here are six things you can do to lead your team to be disruptors, or at least nimble adaptors.

they use to share information (the tools are very similar), but whom they share it with and what they (collectively) do with it. Fast disruptors know that technology can be duplicated, but there is one thing that can’t be. In a disruptive world, the secret to success remains what it was thousands of years ago: the ability of people to work together toward a shared purpose. In a word, teamwork – but a more fluid and flexible style that suits a world that has seen its boundaries shatter in the face of globalization.

Technology is the vehicle. It is who you take along for the ride and how you use the technology to share the challenges and opportunities that make the real difference 1

Find the secret

We live in an age of information overload, bombarded with data 24/7. We are most certainly sharing, and it’s on a global scale that’s faster, more frequent and, some would argue, less meaningful than ever before. The importance of focus can’t be underestimated, as we must navigate through the distraction of always being ‘on.’ The better performers in this digital world derive their focus from the core belief that it’s not so much which collaborative technology


Make the secret scalable

While technology and globalization continue to disrupt the business landscape, they are not reinventing teamwork in their wake, but rather scaling it as a capability and culture. The typical company circa 2016 has people dispersed across multiple locations and issues arising at the speed of light, which is why teamwork makes the business more than the sum of its parts. Great teamwork scaled across the business makes anything possible.

one team. Think of a flock of migrating geese, which always fly in a V formation. Geese innately know the secret to great teamwork. They have a common destination and work in perfect unison. When a goose drops out of the V formation, it quickly discovers that it requires a great deal more effort and energy. Geese help each other, too. When a goose gets sick or wounded, two geese drop out of the formation and follow their fellow member down to help provide protection. They stay with this member of the flock until he or she is either able to fly again or dies. Then they launch out on their own, creating another formation, or they catch up with their own flock.


This is why a national 2014 employment survey in the US, as reported by Forbes, found that the skill employers looked for in their new recruits was the ability to work in a team structure. The second most important skill was the ability to communicate verbally with people inside and outside an organization.


Accelerate and share the learning

Business has always been a team sport, and there are many good reasons for this; however, one now stands alone as pivotal to organization survival and success. Business is consumer-driven (or more specifically, customer-experience-driven), which means our teams must be agile, innovative and constantly learning how to optimize that experience for a customer who has abundant choice. Shared learning is the key, because working alone or in silos of expertise reduces learning, growth and creativity. When there is no one to challenge us, we simply don’t leverage our experience and ideas.


Escape the gravity of hierarchy and structure

Daniel Pink, acclaimed business thought leader, argues that we are now in the Conceptual Age, in which right-brain thinking reigns supreme. There is much evidence for this. Pink talks of the necessity for organizational symphony: through empathy, intuition, play and meaning. The disruptive companies are enterprises more than organizations, unencumbered by the gravity of organizational hierarchy, process and division. They play like they’re in the Age of the Entre­ preneur: risk-ready, nimble, wellconnected folk who thrive on change.


Harness the power of the whole team

The leaders of the most successful disruptive companies share their vision and move others to see it, too. They’re marvellous storytellers, connecting with others, who in turn connect with them. They inspire people to think as one team, to move as one team and to learn as

Share the truth

The disruptors share the reality. They are not afraid of the truth. In fact, what they fear most are hidden agendas, silos and the status quo. As in professional sports, they make sure the whole team knows whether they have won or lost and why. The focus is always on what is best for the business, even if getting to the marrow of this takes some tough conversations. The leaders insist that they be challenged. They embrace feedback and tap into the power of their people, because a good idea can come from anywhere.

Make the secret yours Technology gives us the power to communicate, collaborate and learn across great divides. Very few of us do this well. To prosper in today’s markets takes real teamwork, and we are just beginning to harness technology to this end. Beware those who see technology as an end itself. Technology is the vehicle. It is who you take along for the ride and how you use the technology to share the challenges and opportunities that make the real difference. This is what it’s really all about. Graham Winter is the bestselling author of Think One Team. Learn more at www. thinkoneteam.com.





6 powerful marketing videos to grow your business

If a picture tells a thousand words, then video is … priceless! Marcus Seeger presents six of the most powerful and effective marketing video concepts that have been proven to create a steady stream of leads and profitable sales for businesses just like yours


Promotional video

The promotional video is the most common and powerful video and is typically on the homepage of your website. If you only make one video, then this is the one most people will make. A promotional video is a fantastic opportunity to present your unique selling proposition, or USP. Often, the first contact a customer has with your business is your website’s homepage. Ninety per cent of customers who land on your site will prefer to watch your video rather than read text. The key to making your promotional video successful is to engage your audience, and this can be done with a story. Let them know who you are and how you best serve your customers. Consider this message as coming from a customer’s perspective, and avoid the



words ‘me,’ ‘mine,’ ‘I’ and ‘we’ – it’s not about you! By simply focusing on how your customers can benefit from your product or service, you will increase your promotional video’s effectiveness. The promotional video can be quite broad; it gives your customers a general overview.


Products and services video

In this video, it’s important to start to drill down and provide more specific information about the benefits of your products and services. The success of this video is largely determined by how well you can communicate the ‘what’s in it for me’ information. Again, approach this video from your customer’s perspective. It is very common for us, as experts in our field, to over-complicate information. Keep your video as simple as

possible, and focus on the benefits rather than what your products or services are.


About us video


Testimonial video

Typically, a website will have an ‘about us’ page that is full of text and only talks about themselves – what a waste of time! If your competitors are doing this, then you are in luck, and I encourage you to start working on your ‘about us’ video right away. The ‘about us’ video is actually not about you at all, but is about the customer. The trick with a successful ‘about us’ video is to focus 100% on reinforcing and clearly demonstrating your USP. It is important to move as far away as possible from talking about yourself and focus instead on the benefits your valued customers receive when they do business with you.

We all know that testimonials are valuable, and they do help potential buyers arrive at the decision that you’re a safe,

reliable and trusted business. However, what we’ve seen to date is mainly text-based testimonials, sometimes with a photograph, which makes them a little bit more believable, but most people these days are quite skeptical about the authenticity of these testimonials. If you replace these with video testimonials of live people, then it’s going to be extremely powerful for you. Your customers are far more likely to believe these testimonials and see them as valued sources of information, and they will positively impact their buying decision.


Social video

Have you noticed a steady increase in video content on popular social media sites? This is considered by many to be the year of social video, so it’s a good time to take advantage of this trend. For example, Facebook is rapidly growing its video capabilities. According to the company, since June 2014, there have been more than 1 billion video views on Facebook every day, on average.

Your customers are far more likely to believe video testimonials and see them as valued sources of information, and they will positively impact their buying decision With the auto play feature, videos are now even more engaging. You could consider posting Facebook video ads, publishing videos to engage your fans or perhaps even creating user-generated content by running online competitions.


Video email

The statistics around video emails are compelling. For example, simply using the word ‘video’ in an email subject line can boost open rates by 18.5%, click-through rates by 65% and reduce unsubscribes by 26%. Instead of sending a lengthy sales email in response to an inquiry, you can send a single video or a series of informative videos that add value and position you as

somebody your new lead would like to do business with. It is quite likely that very few of your competitors are investing in video emails, and by doing so yourself, you will stand out from the crowd, and your customers will see you as being innovative. Of course, I would encourage you to try to create all six types of videos for accelerated results.

Marcus Seeger is the number-one Amazon bestselling author of Video Marketing for Profit: 14 Proven Strategies for Accelerated Business Growth. Seeger is managing director of the video marketing and production agency Video Experts.





How Gen Y is changing the way we lead Gabrielle Dolan provides tips for leading what will soon become the dominant generation in the workforce – and busts some myths in the process LIKE IT or not, Generation Y is changing the way we lead. By 2020, the majority of the workforce will be composed of Generation Y. Consequently, current leaders need to adapt, or they run the risk of becoming outmoded. Many senior leaders I work with tell me that one of their biggest challenges is to manage and lead Generation Y. Generation Y encompasses people born between 1980 and 1995 (although some ranges include people born as late as the early 2000s). The label followed on from the previous generation’s label of Gen X, and while it is commonly used, this group is often also referred to as millennials or the ‘dot-com generation.’ If you’re wondering why the classification for generations went from ‘Baby Boomers’ to ‘X,’ it’s due to Canadian author Douglas Coupland and his book Generation X: Tales for an Accelerated Culture. The book was, ironically, about a generation that defied labels by stating, “Just call us X.” Seeing that Generation Y isn’t going away, judging them will not help. We need to understand them and adjust the way we lead them accordingly, in order to guide organizations that flourish.



They have great expectations Generation Y wants to be challenged, they want to be inspired, and they will not accept the status quo. It’s this innate sense of curiosity and their ability to question tradition that has given them the moniker ‘Generation Why’. With so many options available to this generation, if leaders are not providing a workplace that challenges and inspires them, they will seek to work somewhere that does. This generation has different expectations and beliefs about what they want out of work from their employers. Yes, they want to achieve and be rewarded financially, but it is not just about that. They are looking for greater fulfilment, more personal development and opportunities to cultivate a well-rounded life. More important, they genuinely want to make a difference and therefore take corporate responsibility very seriously. Aaron is an example of this. He is a lawyer who worked for a global consulting firm for five years. The incentive for the long hours that came with the role was the possibility of a very highly paid job. But he told me that he came to realize that nothing about the senior partners’ life was

attractive to him. Yes, they earned a lot of money, but he decided he wanted more than that. He is still a lawyer, but he now works for a company that has a purpose that he fully believes in. Companies and leaders need to find ways to meet the demands of this generation’s expectations, or they will risk losing them.

They are loyal Due to their tendency to change companies at a much faster rate than previous generations, Generation Y has at times been unfairly labelled as disloyal. However, they are simply responding to the environment they were raised in. Many members of Generation Y saw their parents lose their jobs, after decades of service, in the recession of the late 1980s and early 1990s. After witnessing the fallout from these job

support from the members of other generations, who see the value in people who lead with authenticity and transparency.

They want to have fun

A mindset of ‘If you’re having fun, you can’t be working’ will not serve you well if you are leading this generation losses, they are not inclined to provide the same level of loyalty to companies that their parents did. When their earliest exposure to the business environment has taught them that the world offers little job security, can you blame them for changing roles more frequently than previous generations? However, just because they are more likely to change employers (the average employee tenure in 1960 was 15 years; today it is four), this should not be seen as a sign of disloyalty. Gen Ys are loyal. They are loyal to friends, and they are loyal to brands. You only have to be outside an

Apple store the day before a new iPhone is released to see evidence of this loyalty in the queues that snake down the street and around the block. Leaders need to make Generation Y employees feel valued. They need to be more inclusive and transparent in the way they communicate and lead. They need to provide more regular feedback to this generation than they provided to previous generations. And they need to be more real. This generation is screaming out for leaders to be more real – and they are getting a lot of

Generation Y employees expect to enjoy their jobs. The thought of staying in jobs they hate is absurd to them, and you really can’t blame them. A mindset of ‘If you’re having fun, you can’t be working’ will not serve you well if you are leading this generation. When it comes to having fun at work, I think we can learn some important lessons from the Danes. Many words exist in one language and not in another language. One such word exists in the Danish language but not in English – arbejdsglæde. Arbejde means ‘work’ and glæde means ‘happiness’, so arbejdsglæde is ‘happiness at work’. This word also exists in the other Nordic languages but does not exist in any other language group. As a leader, you don’t have to turn into a stand-up comic, but thinking that you can’t have fun at work is misguided and, I would argue, not realistic. This approach normally comes from a leader who is perhaps trying to be the serious boss they think they are expected to be. Being a strict, staid boss is an outdated concept. Being more relaxed and open to the concept of fun is more real and gives you a greater chance of connecting and engaging the hearts and minds of the people that work for you. Generation Y is changing the leadership game. They are looking for leaders who are more collaborative, flexible and inclusive. They are looking for leaders who are more real. Leaders need to adapt to this style or die.

Gabrielle Dolan works to help corporate leaders humanize the way they lead by being more ‘real.’ Her latest book, Ignite: Real Leadership, Real Talk, Real Results, is available online at all major retailers.



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From connecting with industrial clients to promoting opportunities for women, Duane Green has built his career on solid relationships 2015

HELPS ADVANCE THE ROLE OF WOMEN IN THE INDUSTRY Also last year, Green served as the driving force behind the launch of partnerships between Franklin Templeton and Women in Capital Markets [WCM] and the Women’s Executive Network [WXN] to recruit more female advisors into the firm “We’ve laid out the core priorities for our business going forward, and one of them is diversity and inclusion. I want Franklin Templeton to be seen as an employer of choice”


IS PROMOTED TO MANAGING DIRECTOR In his new role as managing director for Canada at Franklin Templeton, Green is responsible for the firm’s business and strategic direction in the Canadian market, overseeing retail, institutional and discretionary highnet-worth lines of business

“I’m absolutely loving it. It is a challenge, but it is an opportunity to build and grow something. We’ve got a great team of people, and it is an exciting time”


GETS INVOLVED WITH CANADA’S NATIONAL BALLET SCHOOL Outside of Franklin Templeton, Green stays active in the community – he’s served as a board member for the Crohn’s and Colitis Foundation of Canada, and currently sits on the board of Canada’s National Ballet School “Canada’s National Ballet School is a fascinating organization that does some terrific work, and it has allowed me to learn something new. The students have more talent in their little finger than I do in my entire body”




MOVES TO FRANKLIN TEMPLETON INVESTMENTS After spending the first decade of his career working with insurance companies, Green was presented with a unique opportunity to blend that expertise with investments by joining Franklin Templeton as a vice president of strategic alliances, managing money for insurance companies “[They were] looking for somebody who understood insurance company corporate culture, but could tie in the investment side as well – that is what led me to Franklin” Duane Green made the University of Ottawa his postsecondary institution of choice, initially picking it because it was as far away from his hometown of Windsor as was possible within the province “Ottawa was great, as it was a bilingual university and the hub of the nation’s politics. It was fascinating to me being in the centre of government for Canada. It is a great city with a great school”

Because Green’s role in strategic alliances blended a retail elements with institutional, it was a natural leap for him to become Franklin Templeton’s head of institutional investments for Canada “The strategic alliance role was really was about the insurance companies manufacturing a product that was sold by advisors to investors and having Franklin Templeton’s investment strategies included. Going in to the institutional role, it was a case of ‘How do you go out and foster new relationships? And how do you deepen and expand those relationships?’”




After graduating, Green wasn’t sure how to transition into the financial industry, so he took a summer job as a lifeguard at a country club, which ended up leading to his big break “There were a number of members who I could talk to, asking what would be the next step to get into the financial sector. A gentleman who was the area head for MetLife at the time brought me in, and I started selling life insurance for MetLife”





A DAY ON THE LINKS Dan Jerred followed his passion for golf all the way to the sport’s birthplace in Scotland

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GOLF AND business go hand in hand – but what is an occasional hobby for some professionals is more of an all-consuming passion for Dan Jerred. And like many passionate golfers, Jerred had one particular item at the top of his bucket list: a trip to the sport’s birthplace, the Old Course at St. Andrews Links in Scotland. In 2010, Jerred finally made the pilgrimage to St. Andrews to attend the vaunted British Open. He returned to Scotland last year for another trip to the Open, where he


The year the Old Course at St. Andrews was established



got to witness legends of the sport like Arnold Palmer, Phil Mickelson and Tiger Woods participate in the Champions’ Challenge. But even after those once-in-alifetime opportunities, Jerred still has an item to check off his bucket list. “Ironically, I didn’t get the chance to play a round of golf at the Old Course on either occasion,” he says. “However, if all the pieces fall into place, I’m looking to play a round of golf there with my son this July to commemorate the fifth anniversary of my dad’s passing in 2011.”


The year of Jerred’s first trip to St. Andrews for the British Open


The St. Andrews hole known as ‘The Road Hole,’ where Jerred watched the Open

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mackenzieinvestments.com/balanced Compound Annual Performance Mackenzie Ivy Global Balanced Fund Mackenzie Global Strategic Income Fund Mackenzie Canadian Growth Balanced Fund Mackenzie Ivy Canadian Balanced Fund

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Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns as of February 29, 2016 including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of Mackenzie Ivy Global Balanced Fund, Mackenzie Global Strategic Income Fund, Mackenzie Canadian Growth Balanced Fund and Mackenzie Ivy Canadian Balanced Fund or returns on investment in Mackenzie Ivy Global Balanced Fund, Mackenzie Global Strategic Income Fund, Mackenzie Canadian Growth Balanced Fund and Mackenzie Ivy Canadian Balanced Fund. On November 24, 2006, Mackenzie Global Strategic Income Fund (the Fund) acquired the assets of another Mackenzie-sponsored fund in a merger that was considered a material change for the Fund. Therefore, the Fund’s performance is provided from the date of the merger rather than its inception, as required under applicable securities laws. Morningstar Star Ratings reflect performance of Series F units as of February 29, 2016 and are subject to change monthly. The ratings are an objective, quantitative measure of a fund’s historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. The overall star rating for a fund is a weighted combination calculated from a fund’s 3, 5, and 10-year returns, as available, measured against the 91-day treasury bill and peer group returns. A fund can only be rated if there are a sufficient number of funds in its peer group to allow comparison for at least three years. If a fund scores in the top 10% of its fund category, it gets 5 stars; if it falls in the next 22.5%, it receives 4 stars; a place in the middle 35% earns a fund 3 stars; those in the next 22.5% receive 2 stars; and the lowest 10% receive 1 star. For more details on the calculation of Morningstar Star Ratings, see www.morningstar.ca. Quartile rankings and peers beaten are calculated by Mackenzie Investments based on the fund series-level data Morningstar provides. The CIFSC categories, Star Ratings and number of funds in each category for the standard periods are: Mackenzie Ivy Global Balanced Fund Series F, Global Equity Balanced category: 3 years – 5 stars (607 funds), 5 years – 5 stars (447 funds), 10 years – 5 stars (155 funds). Mackenzie Ivy Canadian Balanced Series F, Canadian Equity Balanced: 3 years – 5 stars (333 funds), 5 years – 5 stars (240 funds), 10 years – 5 stars (92 funds). Mackenzie Canadian Growth Balanced Fund Series F, Canadian Equity Balanced category: 3 years – 5 stars (333 funds), 5 years – 5 stars (240 funds), 10 years – 5 stars (92 funds). Mackenzie Global Strategic Income Fund Series F, Global Neutral Balanced category: 3 years – 5 stars (725 funds), 5 years – 5 stars (501 funds).

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