Wealth Professional 8.01

WOMEN IN WEALTH MANAGEMENT

Meet the award winners at the forefront of the gender parity movement

NEW YEAR, SAME UNCERTAINTY

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What bumps in the road should advisors look out for in 2020?

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DOING THINGS DIFFERENTLY

How Vanguard has brought a new approach to the Canadian market

THE TOP

WP names the best advisors in Canadian wealth management

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ISSUE 8.01

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

CONTENTS

@WealthProCA facebook.com/WealthProCA

UPFRONT 02 Editorial

Where will the Bank of Canada go from here?

THE TOP

42

04 Statistics

THE GATEKEEPER

08 News analysis

Key data that should be on your radar this month

06 Head to head

PEOPLE

22

Mitchell McLean prides himself on being able to sort through myriad public and private investments to find the right fit for each client

INDUSTRY ICON

Vanguard Canada managing director Kathy Bock is intent on spreading the word about the company’s unique relationship with investors

18

10 Intelligence

This month’s big movers, shakers and new products Five currency- and tax-friendly investment options for snowbird clients

TOP 50 ADVISORS

PEOPLE

What advisors should be on the lookout for in the new year

12 ETF update

SPECIAL REPORT

Wealth Professional unveils our annual ranking of the 50 best advisors in the industry

Where to find strong returns in 2020

FEATURES

46

WOMEN IN WEALTH MANAGEMENT

Behind the scenes with the winners at WP’s second annual Women in Wealth Management Awards

14 Alternative investment update RBC GAM debuts a new take on real estate funds

16 Opinion

How to position portfolios amid ongoing uncertainty

FEATURES 50 Why can’t we focus anymore?

Distraction is rampant in the modern world – here’s how to fight back

PEOPLE 55 Career path

52

Laurie Bonten went from the unemployment office to the President’s Council in less than a decade

56 Other life

Michael Dehal’s hands-on approach to giving back

FEATURES

STRENGTHEN RELATIONSHIPS WITH YOUR TEAM

Seven steps to building trust, respect and accountability

WEALTHPROFESSIONAL.CA CHECK IT OUT ONLINE www.wealthprofessional.ca

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15/01/2020 6:08:25 AM

UPFRONT

EDITORIAL

How long will the BoC hold rates?

A

s the new year begins, there is much to look forward to – but there are still some lingering questions from 2019 that remain unanswered. The biggest one revolves around the state of the current economic cycle.

The longest bull run in history has been prolonged in part by many countries lowering interest rates. Yet Canada has been an exception. As 2020 begins, will the Bank of Canada continue to stand pat or begin to follow its peers?

There’s no doubt that global growth has been slowing. As the trade dispute between China and the US raged on throughout 2019, it had an impact on other countries that have strong ties to both heavyweights, affecting both imports and exports as other nations searched for some certainty.

While there’s lots of talk among advisors about getting defensive, it seems as though central banks are doing everything in their power to prolong this market cycle A recently published Scotiabank Economics report on Canadian exports revealed that Canada’s trade deficit has worsened, and export and import volumes have fallen. The deficit was wider than expected, and part of the cause was the weakness of the domestic oil price. The bank predicted that the Canadian dollar would appreciate in strength, which it believes will prompt the BoC to lower interest rates, likely by June. That means there might still be opportunity in this market.

While there’s lots of talk among advisors about getting defensive, it seems as though central banks are doing everything in their power to prolong this market cycle. In Canada, a strong indicator has always been the housing market.

If the Bank of Canada makes a rate cut later this year, it will open the door for consumers to borrow, spend more and add more to the economy.

While this might prolong the cycle for now, the big question still remains: How long can this unique economic cycle really last?

The team at Wealth Professional

wealthprofessional.ca ISSUE 8.01 EDITORIAL

SALES & MARKETING

Editor Darren Matte

Director, Client Strategy Dane Taylor

Writers Libby MacDonald Leo Almazora James Burton David Kitai Executive Editor Ryan Smith Copy Editor Clare Alexander

CONTRIBUTORS Derek Massey Aytekin Tank John Eades

ART & PRODUCTION Designer Marla Morelos Production Manager Alicia Chin Production Coordinator Kim Kandravy Traffic Manager Ella Dayandante

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Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss

15/01/2020 5:50:41 AM

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15/01/2020 5:50:49 AM

UPFRONT

STATISTICS MORTGAGE GROWTH ACCELERATES

CLOSING THE DECADE ON A HIGH

40% 35%

The major North American markets closed the year – and the decade – on a high note. The S&P 500, TSX/S&P Composite, Dow Jones and Nasdaq all had some of their best years in 2019, solidly rebounding from the correction that brought them down at the end of 2018.

5.5%

30% 25% 20%

Growth in household credit in October, its biggest monthly gain in more than two years

15% 10% 5% 0%

2.4%

-5%

Growth in consumer credit in October, which fell from 3.1% in September

-10% -15%

2010

2011

2012

GOLD STAYS STEADY

72%

Mortgages’ share of total outstanding household credit

Heading into 2020, the spot price of gold remained consistent after a late summer spike. Many experts expect gold to be an area of opportunity in 2020, including Harvest Portfolios president and CEO Michael Kovacs, who told WP, “With the idea that we are in the later stages of the economic cycle, gold is up and could continue [in 2020].”

GOLD SPOT PRICE PER OUNCE

$2,000

$1,500

$1,000

20%

Share of mortgage debt in non-bank residential mortgages Source: Canada: Mortgage Growth Keeps Accelerating, Scotia Economics, December 2019

$500

$0

$1,278.30

$1,316.90

$1,296.40

$1,288.40

$1,281.40

$1,322.70

$1,385.60

$1,420.90

$1,519.10

$1,482.00

$1,508.00

$1,463.96

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Goldprice.org; all figures in US dollars

4

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15/01/2020 5:51:22 AM

20

12

A STRONG FINISH FOR ETFs

ANNUAL RETURNS S&P 500

TSX/S&P Composite

Dow Jones Industrial Average

Nasdaq

The Canadian ETF industry added $4.5 billion in November, marking its largest monthly inflow in 2019. With more than $23 billion in inflows through November 30, the industry surpassed the $20.1 billion annual inflow mark hit in 2018 and was on pace to match 2017’s $26 billion. $15bn

$12.623 billion $12bn

$9bn

$8.177 billion

$6bn

$3bn

2013

2014

2015

2016

2017

2018

2019*

$2.187 billion

Equity

15%

$60

12%

PRICE PER BARREL, WESTERN CANADIAN SELECT $53.39

13.3%

3%

$43.40 $45.00

5.5% 3.5% 1.3%

$40.92

0%

$36.20

-3%

Q3 2019

9.0%

6%

$48.80

Q2 2019

12.9%

9%

$45.69

1.6% 0.5%

3.2%

2.4% 0.8%

0.1%

$39.75

-3.5%

$34.96

-6% Jan

Feb

Mar

Apr

May

Jun

0.3%

-1.5%

$37.41

$30

Commodities

Canadian GDP growth decelerated to 1.3% in the third quarter of 2019, down from 3.5% in the previous quarter. The deceleration was in line with the Bank of Canada’s expectations and likely contributed to the bank’s decision to exercise patience with regard to any policy changes.

After rising above US$50 a barrel in April, Western Canadian Select struggled through the fall. The Canadian oil industry is still dealing with transportation issues, and the new Liberal minority government could only add more uncertainty in 2020.

$41.45

Inverse/ levered

GDP GROWTH SLOWS

CANADIAN OIL CONTINUES TO STRUGGLE

$40

Multi-asset

Source: National Bank Financial, Bloomberg, as of November 30, 2019

Sources: Macrotrends.net, 1stock1.com, Bloomberg.com. *As of December 3, 2019

$44.26

$129 million

$0 Fixed income

$50

$355 million

Jul

Aug

Sep

Oct

Nov

Dec

Source: Oilprice.com; all figures in US dollars

-5.1%

GDP

Household Government Residential Business consumption spending structures investment

Exports

Imports

Final domestic demand

Source: Scotiabank Economics, Statistics Canada

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15/01/2020 5:51:32 AM

UPFRONT

HEAD TO HEAD

What sectors or asset classes are you targeting for 2020?

Advisors share their personal picks for generating strong returns for their clients in the year ahead

William Frenn

Mordechai Kuhnreich Investment advisor Nour Private Wealth

Associate broker Michael Palermo & Associates Insurance

“Our view is that equity markets are fairly valued, especially in North America.

Emerging markets look slightly more attractive in terms of valuation and trends, but it’s a high-risk, high-return play. Overall, I think the market rotation from growth stocks toward value stocks will continue.

From a risk management perspective, diversification across different asset classes continues to underpin our portfolio construction. We generally avoid speculation, especially on shortterm allocations. We continue to make investment and allocation decisions based on fundamentals, such as quality companies with a long-term competitive advantage and pockets of value due to market mispricing.”

“Considering today’s geopolitical environment, I would err on the side of caution.

If the tariff and trade quandary isn’t resolved, defensive sectors like infrastructure or utilities should provide steady and reliable income. However, if Trump’s trade debacle gets resolved, international equities, having very attractive valuations, provide an intriguing opportunity.

In such times, it’s imperative that advisors sit with their clients to check how they’re digesting current market events, putting into perspective that not everything is completely negative and reminding them that markets will always climb a wall of worry, emphasizing the importance of staying invested prudently to achieve their financial goals.”

“The problem with a prediction in today’s orthodox markets is that the current environment has huge potential for major change, which could occur abruptly.

Therefore, I would look to the newly developing sectors: commercial space travel and resource excavation, AI-based research companies, unorthodox meat production companies, robotics, cryptocurrency, the medical industry, and Big Data.

We are at a technological precipice that could propel us to newfound feats, unparalleled with anything in our history.

Investing in the current markets, of which we’ve reached a functional ceiling, may be prudent, but instead we can invest in the burgeoning industries of the future.”

Senior investment advisor William Frenn Wealth Management, Manulife Securities

Rafik Zemokhol

ALL SYSTEMS GO After a year marked by gains in tech and firmer footing for the emerging powerhouse that is cannabis, analysts are buoyant about the prospects for the year ahead. A survey conducted by Reuters at the end of 2019 predicted a 3.5% rise in the S&P/TSX Composite Index by the end of 2020. Even the troublesome matter of international trade saw optimistic prognostications. “Some kind of trade deal will likely be agreed to between the US and China, and it should help calm markets and help capital investment get back on track,” Ben Jang, a portfolio manager at Nicola Wealth, told Reuters in late November. “Valuations for Canada appear attractive compared to the US.”

6

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15/01/2020 5:52:22 AM

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15/01/2020 5:52:24 AM

UPFRONT

NEWS ANALYSIS

What’s in store for 2020?

From inflation to interest rates, industry experts weigh in on a few things advisors should keep an eye on in the new year

VOLATILE MARKETS, Fed interest rate cuts, trade disputes and uncertainty were all top themes in the investment world in 2019.

As 2020 begins, industry experts are keeping an eye on those issues and others that might impact advisors and investors.

“Rather than marking a big shift in trends, the key themes in 2020 will extend a long narrative that has roots in 2008’s global financial crisis,” says Tyler Mordy, president and CIO of Forstrong Global.

“Most crucial to recognize is that the last decade has not been conducive to creating any sort of sustainable conditions. In 2019,

of the recovery, there is limited evidence that an endpoint is close. Cycles end when an economy is either hit by an external shock, like an oil price spike, or when a policy mistake is made, when rates rise to high levels. We don’t yet have those conditions.”

Thierry Tremblay, vice-president and portfolio manager at Shinder Tremblay Group at Echelon Wealth Partners, says that while it’s difficult to predict if the bull market will end in 2020, he is positioning more defensively.

“The earning season has been disap­ pointing,” he says. “If you combine low earnings with higher wages, it puts more pressure

“A big theme we are monitoring closely is the vast amount of policy room for reflation in emerging markets” Tyler Mordy, Forstrong Global we witnessed the third soft patch since 2008, where the broad consensus misdiagnosed an imminent recession.

“These episodes have served as a kind of system reboot, providing lower interest rates, better valuations and decreased investor expectations. Ultimately, these resets extend the life of this unique cycle. Despite the length

8

on profit margins, which are already down – that is, after having a huge tax gift from the Trump administration. The market really went up because people perceived less risk. If the earnings are not participating in the quarters to come, then valuations will be lower, and we’ll see a large pullback in equities.”

Tremblay’s team believes investors should

be looking to diversify through products that aren’t correlated to the market. In 2020, he continues to favour the US and Canada, is underweighting Europe and emerging markets, and is allocating to mid- and large-cap names with no small or value stocks.

For sectors, he sees potential in healthcare, REITs, utilities and gold.

Mordy holds a different view, as his company takes a global approach. “A big theme we are monitoring is the amount of policy room for reflation in emerging markets,” he says. “Over the last decade, the West entered a monetary dark age: embracing quantitative easing and even negative rates. That has painted many policymakers into a corner. The scope for further cuts and monetary stimulus is limited. By contrast, emerging markets have run more traditional policy and now have more policy levers than growth headwinds.”

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08-09_News Analysis-SUBBED.indd 8

15/01/2020 5:52:49 AM

THE PROBLEM WITH WAGE GROWTH In the summer of 2019, Canadian wage growth equalled its highest level over the past five years.

However, Thierry Tremblay warns that if wages continue to rise and inflation spikes, companies’ pricing power will not be able to keep pace, which will have a negative impact on equities.

4%

3%

2%

1%

0%

2015

2016

2017

2018

2019

-1%

Sources: TradingEconomics.com, Statistics Canada

That could be important moving forward, as rate cuts by the Fed have limited the returns on fixed income in North America. For now, both Mordy and Tremblay believe the Bank of

I think they will see how the first half of 2020 plays out, but they might use other tools that could have a short-term impact. I believe the market has gotten ahead of itself, talking

“If the US continues to cut, the BoC will have no choice but to cut because they don’t want a stronger Canadian dollar” Thierry Tremblay, Shinder Tremblay Group, Echelon Wealth Partners Canada could soon follow the path set out by the Fed, which made three rate cuts in 2019.

“The BoC waited as long as they could, and now the rate is in line with the US,” Tremblay says. “If the US continues to cut, the BoC will have no choice but to cut because they don’t want a stronger Canadian dollar, which would be painful for exporters. As for the Fed,

about a new growth phase.”

Tremblay is also keeping an eye on inflation, which he believes could be a sneaky theme of 2020. “The Fed was bullied by the market to cut rates,” he says. “They did, and the market loved it. What happens if inflation really spikes up? You can see wages going up, and the pricing power of companies is

not there. You can blame it on higher input costs, China and the US’ trade war, but it is showing up in the figures. Housing costs are up, healthcare and food.”

While inflation might be an under-theradar issue, the US-China trade war is front and centre. Yet Mordy believes progress can be made.

“Both China and the US realize there are serious destructive implications to trade wars,” he says. “China is also seeing slowing growth.

With the 2020 election, Trump will want results, even if it is a phase one agreement – something that heads in the right direction.

China has become accustomed to dealing with this administration, and it can be argued that they have embraced Trump’s transactional style. Trump is also not anti-China, and they recognize dealing with other administrations could be rooted far more in ideology, so they have adapted to this one.”

A deal of any kind between the US and China could be the first step in alleviating some of the pressures that seem to be plaguing the market heading into 2020.

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15/01/2020 5:52:55 AM

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Broadridge Financial Solutions

ClearStructure Financial Technology

ClearStructure's private debt capabilities will enable Broadridge to serve new clients

Charles Schwab

TD Ameritrade

The US$26 billion deal is set to reshape the retail brokerage landscape

CI Financial

Surevest Wealth Management

CI Financial has acquired a majority stake in the Phoenixbased registered investment advisory firm

PARTNER ONE

PARTNER TWO

COMMENTS

Canadian Federation of Independent Business

Intuit QuickBooks Canada

The new alliance will give CFIB members access to QuickBooks' online financial tracking tools at discounted rates

Equifax

Neustar

Equifax and Neustar will combine their capabilities to create a new customer segmentation solution that doesn’t rely on protected information such as age and gender

Evolve unveils high-interest savings account ETF

Evolve ETFs has introduced a new cash ETF option with the launch of its High Interest Savings Account ETF (HISA) on the NEO Exchange. HISA seeks to maximize monthly income while preserving capital and liquidity by investing primarily in highinterest deposit accounts. Aside from providing investors with a gross yield of approximately 2.25%, the ETF’s potential benefits include daily liquidity to give investors easy access to cash deposits. HISA’s high interest rate is calculated daily and paid out on a monthly basis, and its MER is 0.15%.

Charles Schwab buys TD Ameritrade

Charles Schwab has agreed to buy TD Ameritrade for US$26 billion, a deal that will create a mega-firm with $5 trillion in assets. Schwab, America’s original discount broker, will now have even more sway over the sector it pioneered nearly a half-century ago.

“Our view is that this is a great deal for the consumer,” Schwab CEO Walt Bettinger said on a conference call with analysts. “We’ve been doing nothing but driving costs down for decades.”

TD Ameritrade shareholders will receive 1.0837 Schwab shares for each of their TD Ameritrade shares. TD Bank, which holds 43% of TD Ameritrade, will own roughly 13% of the new business, although its voting stake will be limited to 9.9%. It will also have two seats on the combined firm’s board.

10

IA Clarington Inhance SRI funds ditch fossil fuels

IA Clarington Investments has updated the mandates for its IA Clarington Inhance SRI suite of funds and portfolios to eliminate all fossil fuels.

The mandate prohibits the funds from investing in oil, gas and coal producers; pipeline companies; natural gas distribution utilities; or liquefied natural gas operations. “Climate change is arguably the greatest challenge of our time, and [we believe] investment decisions can meaningfully advance the goal of mitigating the most dangerous consequences of human interference in the climate system,” said Andrew Simpson, portfolio manager at Vancity Investment Management, the funds’ subadvisor.

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15/01/2020 5:53:21 AM

PEOPLE HSBC Canada gets into green finance

HSBC Bank Canada has launched a range of green finance products designed to help Canadian companies meet their environmental and sustainability goals. Aligned to the Loan Market Association’s Green Loan Principles, the new products include term loans to enable companies to access finance to support sustainability projects; commercial mortgages and access loans for purchasing new property, refinancing or making sustainability improvements to existing buildings; and leasing products to allow companies to use their working capital to run the business instead of financing long-term green assets.

Scotia Global Asset Management slashes fees

Scotia Global Asset Management has announced management fee reductions of between 3 and 20 basis points for 12 of its Series M ScotiaFunds. Scotia also updated the fee structure of the Scotia Mortgage Income Fund, which previously charged a mortgage administration fee that was absorbed by the manager and reimbursed to the fund. That 0.15% fee is now paid by the fund, but Scotia has simultaneously lowered the fixed administration fee from 0.25% to 0.10%, which will result in no changes to the fund’s overall fees.

CST Spark rolls out new RESP offering

CST Spark, a digital-first education savings company, has launched Bright Plan, a flexible Registered Education Savings Plan. CST Spark, a subsidiary of the Canadian Scholarship Trust Foundation, helps Canadians achieve their education savings goals via easy-to-use technology. Based on an investment strategy built for RESPs, Bright Plan invests in a mix of professionally managed ETFs. With a management fee of 1.5%, Bright Plan focuses on reducing risk and maintaining gains to maximize growth according to a child’s age. Investors can control how much and how often they invest, starting with as little as $10 a month.

NAME

LEAVING

JOINING

NEW POSITION

Jason Ellis

N/A

First National Financial Corporation

President

Judy Hong

Goldman Sachs

Canopy Growth

Vice president, investor relations

Laura Lenz

Generation Ventures

OMERS Ventures

Partner

Ron Mock

Ontario Teachers’ Pension Plan

C.D. Howe Institute

Senior fellow

Carrie Russell

Street Capital Bank of Canada

Equifax Canada

President and general manager

Roshan Thiru

N/A

Manulife

Head of Canadian fixed income

Equifax names new president and GM

Equifax Canada has appointed Carrie Russell as president and general manager, following former president Lisa Nelson’s departure to manage Equifax Australia. In addition to holding senior executive roles at Canadian and global financial institutions, Russell served as chair of the operations board of the Canadian Bankers Association and on the board of Interac. Most recently, she has been advising incumbent banks and new fintech players on ways to partner for growth.

“Carrie has had a remarkable career at the intersection of the financial services and technology industries,” said John Hartman, president of Equifax International. “We know her expertise will help further Equifax Canada’s business imperatives as she works closely with our customers to develop even more relevant and impactful solutions for Canadian businesses and consumers.”

OMERS Ventures appoints new partner

OMERS Ventures, the venture capital arm of one of Canada’s largest pension funds, has added Laura Lenz as partner, tasked with leading investment activity across the country. Lenz has more than 15 years of venture investing experience in Canada and the US. She started her career with BMO Nesbitt Burns as an investment banker, focused on media and technology companies, before transitioning into private equity investing for the firm with roles in Toronto and New York City.

Throughout her career, Lenz has focused on understanding and investing in Canadian emerging technology companies. She has held positions with EdgeStone Capital Partners, MaRS Investment Accelerator Fund and, most recently, Generation Ventures.

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15/01/2020 5:53:26 AM

UPFRONT

ETF UPDATE NEWS BRIEFS Canadian ETFs pass the $200 billion AUM mark

Canada’s ETF space hit a new milestone in November when listed ETF assets officially exceeded $200 billion.

According to National Bank Financial’s latest report on the sector, Canadian ETFs attracted $4.5 billion during the month, marking the largest monthly inflow for 2019 and one of the highest on record for a single month. Inflows were reported across all categories; no asset class or region lost assets. The report also noted 16 new ETF launches in November.

Horizons completes corporate class ETF restructure

Horizons ETFs has completed the reorganization of 29 of its ETFs. The new multi-class corporate fund structure, Horizons ETF Corp., was given the green light by unitholders in early November.

The reorganization, which took effect after the close of business on November 27, includes Horizons ETFs’ BetaPro suite of ETFs, 25 funds with a uniqueto-Canada structure offering leveraged, inverse and inverse-leveraged exposure to 12 different indexes and asset classes.

TD Asset Management launches 10 new ETFs

TD Asset Management has bolstered its ETF suite with 10 new offerings, bringing its total number of ETF products to 22. Harnessing the firm’s investment management and research teams’ expertise in fixed income, asset allocation, real estate, and quantitative investing, the new ETFs include the TD Income Builder (TPAY), TD Active Global Real Estate Equity (TGRE), TD Q Global

12

Multi-Factor (TQGM), TD Canadian Long-Term Federal Bond (TCLB), TD US Long-Term Treasury Bond (TULB), TD Active US High-Yield Bond (TUHY), TD Active Global Income (TGFI), TD Q Canadian Dividend (TQCD), TD Q Global Dividend (TQGD) and TD Q US SmallMid-Cap Equity (TQSM).

IA Clarington Investments makes multiple ETF changes

IA Clarington Investments has made several changes to its ETF suite.

The firm launched the IA Clarington Loomis Global Equity Opportunities Fund, which uses an unconstrained, high-conviction strategy that aims to identify high-quality companies with excellent prospects to drive attractive total returns. IA Clarington also added five third-party portfolio managers and mandates to its managed asset program and renamed the IA Clarington Managed Portfolios as iA Wealth Managed Portfolios. Finally, the firm launched an Active ETF Series for the IA Clarington Floating Rate Income Fund, IA Clarington Global Allocation Fund and IA Clarington Strategic Income Fund.

Vanguard lowers management fee on FTSE index ETF

Vanguard Investments Canada has lowered the management fee on one of its largest equity ETFs, the Vanguard FTSE Global All Cap ex Canada Index ETF (VXC), from 0.25% to 0.20%.

Vanguard has also reduced the total cost of ownership for VXC by simplifying the structure to remove a second layer of taxation with a lower withholding rate. “This total fee reduction continues our trend of passing on cost savings to investors,” said Vanguard Canada head Kathy Bock.

Investment options for snowbirds With several ETFs designed to limit currency costs and tax exposure, BMO is targeting investors who spend time south of the border

Now that winter has come to Canada, flocks of snowbirds have begun migrating south or turning to their advisors, asking if they can afford it. As lovely as the life of a snowbird sounds, it comes with potential financial pitfalls. Erika Toth, director for Eastern Canada at BMO ETFs, spoke to WP about the tax risks that come with owning property and spending time south of the border.

BMO is targeting these challenges with ETF solutions that offer a reduced currency conversion cost and limited US estate tax liability. Toth points to several BMO ETFs that trade in US dollars but are listed on Canadian exchanges, meaning clients aren’t exposed to huge US estate tax liabilities.

The first is the BMO US High Dividend Covered Call ETF (ZWH), designed to serve high cash flow needs via a diversified basket of blue-chip US stocks with a proven track record. It currently yields 6.04% and is tax efficient; roughly half of the return is taxed as capital gains or ROC. It’s also low-cost with a management fee of 0.71%.

Another option is the BMO Low Volatility US Equity ETF (ZLU), which Toth says “is for investors looking to stay in equities but afraid of downside risks.” It has performed well even in down markets – in the decline of May 2019, it grew by 0.14% and did so again in August 2019 by 0.04%.

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Toth also highlights the BMO ShortTerm US Bond ETF (ZUS), which uses an innovative ‘accumulating units’ purchase option, reinvesting the interest rather than distributing it, thereby simplifying return reporting. “The accumulating units version is far superior for an investor who doesn’t require cash flow,” Toth says.

The BMO Mid-Term US IG Corporate Bond Index ETF (ZIC) also makes Toth’s

“[This ETF] is for investors looking to stay in equities but afraid of downside risks” list because it draws from the US bond market, which is much more diversified than its Canadian counterpart. “Conservative investors with more fixed income in their portfolios may want to consider US corporate bonds, considering they offer a yield pickup over government bonds and cash,” she says.

ZIC’s current yield is 3.5% (2.7% YTM over a duration of 6.3 years).

Finally, Toth points to the BMO Mid-Term US Treasury Bond Index ETF (ZTM), noting that US Treasuries are a flight to safe exposure for those looking to mitigate risk, as they tend to do well in negative markets. The mid-term portfolio is composed of 100% government bonds.

While it won’t yield as much as a longduration ETF if equity markets and rates do drop, Toth says, it isn’t as exposed to loss if rates increase.

Q&A

Adrian de Valois

Pursuing evolution in ETF investing

CEO CASTLE RIDGE ASSET MANAGEMENT

Years in the industry 20 Fast fact Castle Ridge Asset Management has taken over as subadvisor for the Horizons Active AI Global Equity ETF (MIND)

What makes Castle Ridge’s artificial intelligence system uniquely suited to portfolio management decisions compared to other forms of machine learning?

Your typical quantitative or systematic strategy is fundamentally static: Portfolio managers come up with a recipe to beat the market, and they turn it into an algorithm by automating their thought process using ‘if/then’ statements. These types of strategies can work well for a week, a month or maybe a little longer, but ultimately they tend to fail because the environment changes.

At Castle Ridge, we have the benefit of over 20 years of experience on what works – and, more importantly, what doesn’t work – when trying to apply machine learning to financial markets. We’re exclusively focused on self-evolving forms of AI; specifically, we use genosynthetic algorithms, an area of AI we developed particularly to deal with extremely complex and everchanging markets.

Your WALLACE system relies on a type of AI that mimics a form of natural selection. How does that work?

WALLACE is based on survival of the fittest; we take what nature does over millions of years and compress it into an extremely short timeframe. Every day, WALLACE creates 500 copies of itself, each one a virtual portfolio manager with slight mutations, improvements and changes. It asks whether a new virtual manager is better suited to the market regime environment we’re in today; if it is, that raises the chances that it breeds. That continues for tens of thousands of generations daily, ensuring that the system is evolving and fine-tuning itself.

What potential advantages do you see for your AI-based system over human portfolio management?

The real advantage is that it has no human bias or ego; it makes a brand-new decision every single day to avoid typical human problems of hindsight bias. A fundamental manager does months of top-down or bottom-up research on a specific company, and then the results from the latest earnings call don’t square with what they’ve found. They can get too invested and be convinced the markets haven’t caught up to them, but the markets can stay irrational longer than you can stay liquid.

And as humans, we can juggle arguably seven variables in our minds at any given time. WALLACE looks at more than 1,200 securities a day, each from 42 different dimensions, while accounting for both its current state and its history. That covers fundamental data, technical data, news, alternative data streams – far more information than any individual or team of individual humans ever could. Even veteran active managers tend to be experts at one or several industries, but our system can shift dynamically to sectors where it sees better opportunities for returns.

www.wealthprofessional.ca

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30/01/2020 2:44:54 AM

UPFRONT

ALTERNATIVE INVESTMENT UPDATE

RBC GAM makes a splash in real estate A high-quality commercial real estate portfolio 20 years in the making has been a hit with investors

of transparency and comfort.”

The second important feature came from RBC’s partnership with the British Columbia Investment Management Corporation, which committed to being co-invested in all 45 assets.

“The third is access: Investors in the initial launch were given access to a portfolio that was 20 years in the making,” Kitt says. “I think they appreciated how hard it was to build a portfolio like this. It’s one thing for investors

“This provides an unprecedented level of transparency and comfort”

Even before RBC Global Asset Management launched its Canadian Core Real Estate Fund, Michael Kitt knew it would resonate with both institutional and accredited investors.

“I’ve been in the business for close to 30 years now, working with two different pension funds within exactly this type of asset space.

This is, without a doubt, an opportunity I would have invested in had it existed,” says Kitt, who serves as RBC GAM’s head of real estate equity investments.

RBC GAM targeted $600 million for the

NEWS BRIEFS

fund’s first subscription tranche but ended up having to cap subscriptions at $1.25 billion.

Demand surged when the fund was first announced in March, which Kitt attributes to four differentiating characteristics.

“Number one was the initial seeding of 45 assets in the portfolio over the next three years, which meant investors could see and examine how it would be constructed,” he says.

“Unlike other funds, where they’re subject to the vagaries in the market and auction process, this provides an unprecedented level

3iQ gets green light for Bitcoin offering

Crypto-fund manager 3iQ got the go-ahead on the preliminary prospectus for its Bitcoin Fund from the Ontario Securities Commission in late November.

3iQ plans to make an initial public offering of Class A and Class F units on the TSX at a price of US$10 per unit. The fund marks the first opportunity for Canadian retail investors to buy into the value of Bitcoin within a regulated market; 3iQ currently maintains two other private cryptoasset funds that are available to accredited investors only.

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to decide to pursue an alternative asset class strategy, but actually having a one-shot solution with high-quality alternative assets that are suitably diversified is very difficult.”

Finally, the fund is built around a concept of averaging in. It’s scheduled to be deployed in four tranches; the first one happened in 2019, and the next three are scheduled over the next three years. Investors loved that construct, Kitt says, as it allows them to acquire future tranches at future values, rather than having to make all their commitments at current prices, which mitigates a fair amount of cyclical risk.

“This is an open-ended fund, and we definitely want to grow it over time,” Kitt says. “We have a long-term relationship with BCI, for which we’re planning future openings.”

HarbourVest Partners closes growth fund

HarbourVest Partners has announced the final close of its $300 million HarbourVest Canada Growth Fund II, following the initial close in April. The fund was formed under the Government of Canada’s Venture Capital Catalyst Initiative to increase the availability of venture capital in the country. With a strong pipeline of investment opportunities across different technology sectors and in life sciences, the fund has committed to six partnerships across Canada, the US and Europe and has made two direct investments to date.

www.wealthprofessional.ca

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Q&A

Dion Madsen Co-founder AMPLITUDE VENTURE CAPITAL

Years in the industry 15+ Fast fact Amplitude Venture Capital has launched a $200 million fund focused on building world-class precision medicine companies

Targeting opportunities in healthcare innovation What trends are supporting the investment opportunity in precision medicine?

Within the healthcare industry, we’re seeing tremendous advances in technology. High-throughput DNA sequencing enables not just the understanding of an individual’s specific genetic code, but also determines other unique drivers of conditions. Next-generation imaging technology can help medical professionals visualize the physical manifestations and development of disease more clearly. With artificial intelligence, interpretations of diagnostic data can be more rapid and robust.

Going beyond diagnostics, technologies have also advanced to the point where it’s now possible to have therapies with a higher probability of success and lower chances of failure or adverse reactions for specific subpopulations or individuals.

Meanwhile, in many developed and developing economies, aging populations are putting pressure on healthcare systems, particularly when it comes to chronic conditions that include cancer and autoimmune diseases. That’s a major concern we feel can be addressed by increasing access to targeted therapies – the right treatment for the right patient at the right time.

What do you look for to identify ventures with the most potential for investors?

We are continuing an investment strategy that was very successful for us when we were managing capital for BDC. We look for companies with the ability to scale to a

Canadian venture capital has monster third quarter

In the third quarter of 2019, Canadian venture capital recorded its highest level of investment since 2013, bringing in $2.4 billion in investments, according to the Canadian Venture Capital Association [CVCA]. The figure represents an almost 80% increase over the $1.3 billion invested in the second quarter. The CVCA attributed the increase to a surge in megadeals above $50 million, which accounted for more than half the total. That pushed the average deal size to $19 million, nearly triple what it was a year prior.

broader technology platform and the ability to grow to a value of $250 million to $500 million in five to six years, and that have the potential to be very significant with valuations exceeding $1 billion. For us, that potential depends largely on how differentiated that technology is. From there, we can decide to invest – and that’s where the hard work of supporting our portfolio firms’ growth really begins.

What kind of support do entrepreneurs in the healthcare space usually need to maximize the value of their innovations?

We provide firms with catalytic capital; we’re engaged with a global executive search firm to quickly build a very strong and deep management team that can capitalize upon the technology. From there, we look for opportunities to accelerate the organic growth from the company’s core resources. We also seek chances to drive inorganic growth using other companies’ technologies or lines of business, which we can then acquire based on their ability to accelerate our portfolio companies’ growth and enhance their competitive position.

Aside from that, we offer the original founders and entrepreneurs advice and strategic assistance to shape a vision that’s aspirational, achievable and appealing to global investors. We’ve developed strong credibility from our track record, which includes assisting in the creation of two billion-dollar companies, along with two others that have gone public and are on their way to that number.

Shariah-compliant fund debuts on the NEO Exchange

Halal mortgage lender Manzil has launched the Manzil Mortgage Investment Fund as a platform-traded fund on NEO Connect. The fund complies with Shariah standards as set out by the Accounting and Auditing Organization for Islamic Financial Institutions. “The Canadian value of Shariah-compliant mortgages in 2017 was estimated at $2 billion … and growing at $5 million per week, proving there is a significant demand for Halal financing and investment products,” said Manzil cofounder and CEO Mohamad Sawwaf.

Kensington fund acquires surgical centre network

Kensington Capital Partners’ Kensington Private Equity Fund has acquired the surgical division of Centric Health Corporation, which will be renamed Clearpoint Health Network and will represent the largest network of independent surgical centres in Canada. “We are focused on delivering high-quality patient care and are looking to build meaningful relationships and partnerships in the healthcare community,” said Kensington senior vicepresident Kirk Hamilton.

www.wealthprofessional.ca

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15/01/2020 5:54:40 AM

UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email editor@wealthprofessional.ca

The age of uncertainty Despite an onslaught of negative news, stock markets keep advancing – which should affect how advisors position portfolios, writes Derek Massey THE INVESTMENT markets were in an age of uncertainty in 2019. Trade tensions and recession worries, as well as a host of other issues, contributed to a year of elevated economic, political and policy uncertainty, even as markets trended higher.

An important question is, why have markets performed so well? First, much of the political uncertainty has come in the form of threats and sentiment, rather than policy action. Second, risk asset classes were already discounting bad news coming into 2019, following December 2018’s risk off phase.

Third, the most important reason has been the global policy pivot by policymakers and the shift in the discount rate that this created.

Today’s markets suggest investors are confident that negative factors will be resolved. Overall, we share this confident view of current markets, with notable caveats.

The ongoing US-China trade tensions will remain a drag on growth for the foreseeable future. Uncertainty surrounding the efforts to impeach President Trump could rattle traders and investors. Brexit implications also remain cause for concern. Closer to home, Canada’s new minority government may have trouble governing a divided political landscape, which could prompt market instability.

Being in the age of uncertainty doesn’t mean that investors should rush to a defensive asset allocation – this can be a costly strategy, as 2019 has shown. We believe it makes sense to retain a pro-risk investment strategy.

In Canada, value stocks remain attractive from a valuation standpoint compared with more expensive growth stocks. We expect

16

corporate earnings to be moderate but still positive going forward and dividend yields to continue to garner interest. This supports our view that the relative attractiveness of equities versus government bonds remains compelling. We have maintained our portfolios to be slightly overweight equities.

Market pricing looks relatively attractive for some risky asset classes, especially versus

temporary inversion of the yield curve – has raised concerns among investors about the risk of a US or global recession.

However, after slowing through 2018 and early 2019, our global Nowcast has stabilized at just over 2% annualized growth. Within that, there is a clear division between US growth, which remains above trend, and growth elsewhere, which is materially below the levels seen in recent years.

The current global growth rate is at about the same level as during 2016, when recession fears last flared up but did not translate into an actual recession. We have yet to see enough negative data to support forecasts of an impending recession.

We are also encouraged that central bankers are maintaining their more accommodative monetary policy. Low inflation allows central banks to remain proactive, but policy space is limited. There is likely to be greater emphasis on fiscal policy to support growth. Over the next 12 months, we expect at most one rate cut from the BoC.

“The current global growth rate is at about the same level as during 2016, when recession fears last flared up but did not translate into an actual recession” cash and core fixed income. But high levels of uncertainty limit upside potential. At this stage, we think taking the carry in selected fixed income and equity markets makes sense.

Global bonds have been great risk hedges, but we might need to move beyond core bonds to find effective diversification going forward. In the age of uncertainty, we need to be dynamic in how we build asset allocation and broaden our investment universe.

Broader concerns remain about the risk of recession, but the jury is still out. The HSBC Nowcast, a measure of global economic activity, has steadily declined since the beginning of 2018, from a peak of 4.6% annualized global growth in January 2018 to 2.2% in July 2019. Recent weakness in economic data – combined with volatile stock markets and a

The Canadian economy is also expected to benefit from government spending as the new Liberal minority government seeks to live up to its campaign pledges. The government’s focus on placating its new allies in the NDP, who are demanding increased public spending, should also see government funds flowing into the economy. On balance, we are confident that a global recession is unlikely to take hold before 2021 or later.

HSBC Global Asset Management (Canada) Limited (“AMCA”) is a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada. AMCA provides its services as a dealer in all provinces of Canada except Prince Edward Island and also provides services in Northwest Territories. AMCA provides its services as an advisor in all provinces of Canada except Prince Edward Island.

Derek Massey is a CFA charterholder and head of portfolio management at HSBC Global Asset Management Canada, where he sits on the asset allocation committee.

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PEOPLE

INDUSTRY ICON

SERVING ADVISORS AND INVESTORS Vanguard Canada managing director Kathy Bock didn’t set out to join the investment industry, but she couldn’t help but be drawn by Vanguard’s dedication to meeting the needs of investors

LAST YEAR, Kathy Bock assumed the role of managing director for Vanguard Canada in Toronto. Bock has been with the company in various roles since 1997, primarily based out of the firm’s head office in Malvern, Pennsylvania. It was Vanguard’s unique structure – the company is owned by its mutual funds in the US and therefore owned by its US investors – that initially attracted Bock.

“The decision for me was not to join the industry, but to join the company,” she says.

“It is a mutual ownership structure. That means our interests are totally aligned with our investors.”

Bock originally trained as an accountant, graduating from Temple University in Philadelphia, the city where she was born and raised. After graduation, she began working in public accounting with PwC, holding roles in multiple countries; when she returned to the US in 1997, she joined Vanguard.

During her time with the company, Bock has held various positions, including assistant treasurer of the funds, director of internal audit and head of the Americas region. She also had the opportunity to complete the Advanced Management Program at Harvard Business School.

“I was head of internal audit for Vanguard

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for about eight years, and it was an interesting role,” Bock says. “It allowed me to learn so much about this business. It was a global role, so I got very familiar with our international businesses.”

Bock joined Vanguard’s international team in 2015, and one of her first milestones was establishing the company’s presence in

which she says she’s enjoyed thoroughly. Now, she’s set on getting the word out to more Canadians about Vanguard and its mission to take a stand for investors and give them the best chance for success.

“I think we’ve been lucky to be at the forefront of helping Canadians achieve investment success,” she says. “We measure

“I think we’ve been lucky to be at the forefront of helping Canadians achieve investment success. We measure our success by the success of our investors” Mexico. “Part of my role was to look at our strategy in the region,” she says. “We decided to open a business in Mexico and launched it two years ago. Having the chance to develop a strategy, launch a business in a new country and see what we’re able to bring to the market has really been a highlight of my career.”

All about investors When she became managing director of Vanguard Canada, Bock moved to Toronto,

our success by the success of our investors, providing them with high-quality ETFs, bringing indexing in a big way to this market and bringing some simple but high-quality solutions. Our embedded advice products, the asset allocation ETFs, have been really successful in Canada, which I think speaks to the varying needs investors have.”

Vanguard’s asset allocation ETFs recently surpassed $2 billion in AUM, including $1 billion in the Vanguard Growth ETF

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PROFILE Name: Kathy Bock Company: Vanguard Title: Managing director of Vanguard Canada and head of the Americas region Based in: Toronto Years in the industry: 23 Fast fact: Bock sits on the boards of Vanguard Canada, Vanguard Mexico and the Canadian ETF Association

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15/01/2020 5:57:06 AM

PEOPLE

INDUSTRY ICON

Portfolio (VGRO). “We don’t set goals in terms of growth; a lot of organizations do that,” Bock says. “For us, year after year, our goal is about serving advisors and investors as best we can, putting the client at the centre of what we do, having the best-performing products we can and keeping costs low.”

That relationship with advisors is another source of pride for Bock. She recognizes that the advisor’s role is changing, and Vanguard has tried to be an ally by providing advice and guidance.

To do that in what Bock identifies as a challenging market, she says Vanguard will reinforce its principles for investment: offering core products that are broadly diversified, transparent, simple and use distribution models that are as conflict-free as possible.

“For us, we don’t pay a commission to distribute our products,” she says. “Here in Canada, a market that’s heavily tilted towards embedded commissions, that’s especially challenging.”

Despite those challenges, Bock sees lots

“We’ve tried to help advisors with research, tools and information that can help their clients reach investment success” “We have a body of work that we’ve done on advisors’ alpha, which explains how advisors add alpha to a portfolio in ways that might surprise investors, through holistic wealth management principles,” she explains. “We’ve tried to help advisors with research, tools and information that can help their clients reach investment success. That’s another piece of the work we’ve been able to do in Canada that we think has been valuable.”

Room to grow Vanguard has been growing its presence in Canada since expanding to the country in 2011. As of the end of October, Vanguard was the third largest ETF provider in Canada, with 39 ETFs totalling $23.4 billion in assets.

“One thing we’re focused on right now is getting the word out about Vanguard in a bigger way,” Bock says. “Investors who know us love us, and we’re proud of that, but we have a lot of work to do to get the word out and tell the whole Vanguard story.”

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of opportunities to serve investors. She says her experiences with Vanguard over the years have been beneficial to her own learning – every day, she reflects on the small moments and filters them to use in her own thinking going forward.

Bock also puts a high priority on leadership, something she’s very passionate about.

She says one of the best pieces of advice she’s received came from her grandmother, and it’s something she uses now to craft her leadership style.

“My grandmother had a saying, which was, ‘Don’t see so much,’ and I’ve made this my leadership mantra,” she says. “As leaders, I think it’s important to know you don’t always have to be perfect, and this quote is about creating an environment that allows people to experiment, take on new challenges, be creative, and have a safe place where it’s OK to make mistakes and be imperfect.

These mistakes are necessary to learn and grow as leaders.”

VANGUARD AT A GLANCE

YEAR FOUNDED 1975 (expanded to Canada in 2011)

AUM $7.6 trillion ($23.4 billion in Canada)

CANADIAN FUNDS 39 ETFs, four mutual funds, 12 target-date funds and eight pooled funds

CANADIAN HEADQUARTERS Toronto

NUMBER OF CANADIAN EMPLOYEES 68 Note: AUM as of October 31, 2019

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4/01/2019 10:25:25 PM 15/01/2020 5:57:15 AM

SPECIAL REPORT

TOP 50 ADVISORS

THE TOP

Discover who made the cut in Wealth Professional’s annual ranking of the 50 best advisors in the country

WEALTH PROFESSIONAL is proud to present the seventh annual Top 50 Advisors List. In total, this year’s Top 50 Advisors are managing more than $16 billion worth of assets, improving on last year’s total by close to $6 billion. Once again, this year’s list contains advisors from across the country, representing seven different provinces; British Columbia narrowly surpassed Ontario for the first time this year with the most advisors on the list (17 versus 15).

This year, the list is almost split down the middle between returning (26) and new (24) members compared to 2019. The years of experience amassed by this year’s Top 50 Advisors ranges from five to 37, highlighting both the current strength and the bright future of wealth management in Canada.

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METHODOLOGY To compile the Top 50 Advisors list, Wealth Professional solicits nominations and submissions from advisors, industry professionals and investors. To determine which advisors make the final list, WP considers multiple factors, including overall AUM, AUM growth, number of clients and client growth. Each factor is given a specific weighting and entered into an equation that produces a score for each advisor; the final ranking is determined by that score.

While these factors alone don’t measure an advisor’s overall abilities, in combination, they provide insight on an advisor’s performance and effectiveness.

www.wealthprofessional.ca

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Top 50 Advisors RANK

NAME

PRACTICE

FIRM

LOCATION

YEARS IN THE INDUSTRY

AUM*

AUM GROWTH**

TOTAL NUMBER OF CLIENTS*

1

Faisal Karmali

Popowich Karmali Advisory Group

CIBC Wood Gundy

Calgary, AB

22

$545,100,000

19%

521

2

Todd Degelman

Wellington-Altus Private Wealth

Wellington-Altus Private Wealth

Saskatoon, SK

27

$463,978,642

17%

785

3

Rob McClelland

The McClelland Financial Group

Assante Capital Management

Thornhill, ON

28

$492,800,000

11%

770

4

Reg Jackson

The JMRD Wealth Management Team

National Bank Financial

London, ON

23

$580,000,000

16%

260

5

Chad Larson

MLD Wealth Management Group

Canaccord Genuity Wealth Management

Calgary, AB

16

$725,000,000

12%

393

6

Rob Tétrault

Tétrault Wealth Advisory Group

Canaccord Genuity Wealth Management

Winnipeg, MB

10

$300,000,000

36%

374

7

Gerald L. Goertsen

DeThomas Wealth Management

DeThomas Wealth Management

Kelowna, BC

18

$290,312,775

27%

1,990

8

Kyle Richie

Richie Group

Investors Group Private Wealth Management

Toronto, ON

21

$451,000,000

13%

430

9

Kelly Hemmett

Hemmett Anseeuw & Associates

Harbourfront Wealth Management

Winnipeg, MB

28

$286,469,879

26%

600

10

Kevin Hegedus

PWM Private Wealth Counsel

HollisWealth, a division of Industrial Alliance Securities

Saskatoon, SK

28

$479,000,000

9%

891

11

Frank Mauro

Mauro Private Wealth Management Group

Wellington-Altus Private Wealth

West Vancouver, BC

35

$436,142,282

10%

200

12

Roderick Mahrt

The Mahrt Investment Group

Wellington-Altus Private Wealth

Victoria, BC

34

$335,200,000

22%

257

13

Howard Kwan

Nicola Wealth

Nicola Wealth

Vancouver, BC

26

$469,874,624

25%

136

14

Nader Hamid

Total Wealth Management Group

Industrial Alliance Securities

Montreal, QC

18

$315,000,000

19%

300

15

Jason Nicola

Nicola Wealth

Nicola Wealth

Vancouver, BC

10

$382,913,558

57%

97

16

Bart Hunter

The Hunter Financial Group

Scotia Wealth

Saskatoon, SK

27

$327,000,000

22%

350

17

Rory O’Connor

O'Connor Engelbert Investment Group

Richardson GMP

Vancouver, BC

20

$503,600,000

12%

122

18

Sophia Ito

Nicola Wealth

Nicola Wealth

Vancouver, BC

14

$613,861,839

7%

174

19

Alexandra Horwood

Alexandra Horwood & Partners

Richardson GMP

Toronto, ON

9

$293,053,483

20%

206

20

Brad Jardine

CIC Financial Group

Aligned Capital Partners

Ancaster, ON

34

$238,847,111

32%

440

21

Robert Luft

Luft Financial

HollisWealth, a division of Industrial Alliance Securities

Vancouver, BC

21

$275,450,000

11%

476

22

Wes Ashton

Popescu Ashton Group

Harbourfront Wealth Management

Vancouver, BC

28

$355,000,000

6%

330

HollisWealth, a division of Industrial Alliance Securities

Dartmouth and Truro, NS; Burlington, ON; Nelson and Powell River, BC

27

$190,000,000

58%

650

21

$190,000,000

58%

650 125

23 (tie)

Colin White

White LeBlanc Wealth Planners

23 (tie)

Dan LeBlanc

White LeBlanc Wealth Planners

HollisWealth, a division of Industrial Alliance Securities

Dartmouth and Truro, NS; Burlington, ON; Nelson and Powell River, BC

25

Lyle Rouleau

Rouleau Investment Group

CIBC Wood Gundy

Edmonton, AB

21

$431,000,000

5%

26

Darcie Crowe

Crowe Private Wealth

Canaccord Genuity Wealth Management

Vancouver, BC

10

$242,764,000

21%

158

27

Rona Birenbaum

Caring for Clients

Caring for Clients

Toronto, ON

24

$227,480,000

17%

370

28

Elie Nour

Nour Private Wealth

Nour Private Wealth

Oakville, ON

13

$251,000,000

14%

149

29

Maurice Pallone

Rothenberg Capital Management

Rothenberg Capital Management

Westmount, QC

31

$270,000,000

13%

638

30

Wolfgang Klein

The Wolf on Bay Street

Canaccord Genuity Wealth Management

Toronto, ON

19

$225,000,000

14%

470

31

Serena Cheng

Begg Cheng Wealth Management Group

Richardson GMP

Toronto, ON

23

$272,300,000

7%

236

32

Dan Noonan

Noonan-Dejean Wealth Management

Harbourfront Wealth Management

Burlington, ON

33

$168,000,000

35%

560

33

Matt Wilhelm

Century Group Financial Solutions

Sun Life Financial

Kitchener, ON

28

$197,500,000

32%

1,100

34

Stephen Ross

Ross & Hudson Advisory Group

ScotiaMcLeod

Calgary, AB

37

$275,000,000

7%

189

35

Allan Small

Allan Small Financial Group

HollisWealth, a division of Industrial Alliance Securities

Toronto, ON

24

$180,130,000

22%

439

36

Jim Durnin

Assante Wealth Management

Assante Wealth Management

Calgary, AB

25

$221,314,000

15%

432

37

Brent Thomson

Nicola Wealth

Nicola Wealth

Kelowna, BC

25

$226,096,593

11%

98

38

Sean Ryder

Loreto Ryder & Associates

IG Private Wealth Management

Toronto, ON

12

$236,200,000

8%

866

39

David Rutledge

Lloyd Rutledge Wealth Management

TD Wealth Private Investment Advice

West Vancouver, BC

10

$136,000,000

72%

163

40 (tie)

Erik Dekker

Dekker Hewett Group

Canaccord Genuity Wealth Management

Vancouver, BC

23

$246,500,000

5%

166

40 (tie)

Mark Hewett

Dekker Hewett Group

Canaccord Genuity Wealth Management

Vancouver, BC

21

$246,500,000

5%

165

42

John Rathwell

Rathwell Financial

HollisWealth, a division of Industrial Alliance Securities

Red Deer, AB

32

$178,000,000

16%

440

43

Karen Ikeda

Nicola Wealth

Nicola Wealth

Vancouver, BC

25

$1,026,305,358

-10%

138

44

Christine LaLiberte

Insightful Wealth Group

Manulife Securities

Surrey, BC

20

$196,645,000

13%

286

45

Francis Gingras Roy

Manulife Securities

Manulife Securities

Montreal, QC

5

$133,000,000

37%

400

46

Jamie Townsend

Townsend Partners Wealth Management

Lawton Partners Wealth Management

Winnipeg, MB

11

$317,606,071

2%

495

47

Don Emond

Assante Wealth Management

Assante Wealth Management

Cobourg, ON

30

$172,000,000

19%

265

48

Ben Behseta

Coast Capital Wealth Management

Coast Capital Wealth Management

Richmond, BC

5

$115,000,000

92%

622

49

Paul Green

Green Private Wealth Counsel

Harbourfront Wealth Management

Woodstock, ON

27

$185,500,000

12%

390

50

Kevin Haakensen

PWM Private Wealth Counsel

HollisWealth, a division of Industrial Alliance Securities

Saskatoon, SK

22

$182,000,000

10%

303

*As of October 31, 2019 **Between October 31, 2018 and October 31, 2019 All numbers have been verified with the advisor’s compliance department. Partners who both submitted nominations were required to split overall AUM and clients to best represent the amount they are personally responsible for.

www.wealthprofessional.ca

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15/01/2020 5:58:06 AM

SPECIAL REPORT

TOP 50 ADVISORS KEVIN HAAKENSEN

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Practice: PWM Private Wealth Counsel Firm: HollisWealth, a division of Industrial Alliance Securities Location: Saskatoon, SK

Kicking off this year’s Top 50 Advisors list is Kevin Haakensen, who had another steady year, growing his AUM by 10% and adding a dozen new clients.

Growing up on a farm and ranch, Haakensen always had an interest in how business decisions were made.

That, along with his love of solving puzzles, pushed him toward wealth management. “What motivated me to enter the industry over 20 years ago still motivates me each day,” he says. “It’s a great feeling to have chosen the industry that suits my skill set and allows me to feel extremely proud and fulfilled.”

Haakensen will need to use his problem-solving skills to tackle the main challenges he sees for advisors today. “Running a successful practice in 2020 and beyond, I think, will have three major themes when it comes to challenges: the fast pace of regulatory change; the fast pace of technology change; and finding high qualified, caring staff,” he says – but he adds that because his practice has strived to stay ahead of these challenges, he also sees them as opportunities.

PAUL GREEN Practice: Green Private Wealth Counsel Firm: Harbourfront Wealth Management Location: Woodstock, ON

A natural-born teacher, Paul Green learned about finances from his father, who began giving him stockmarket lessons when Green was 12. Fresh out of university, he considered becoming a stockbroker before realizing that financial advice is where he really flourishes.

Now, with 27 years in the industry under his belt, Green serves as an educator to his clients, making sure they fully understand their financial plans. Mentorship is equally central to Green’s approach. He sees team growth as key to survival in this industry and trains his associate advisors to constantly improve their service levels and efficiency.

BEN BEHSETA Practice: Coast Capital Wealth Management Firm: Coast Capital Wealth Management Location: Richmond, BC

With the largest growth percentage in AUM (92%) of all advisors in this year’s Top 50, Ben Behseta earned the number 48 spot. As an immigrant to Canada, Behseta realized the importance of learning about the country’s financial system. That, combined with an interest in the stock market, led him to enrol in a financial planning program, and he went on to earn his CFP and CIM. Now, after crossing the $100 million AUM mark last year (currently sitting at $115 million), Behseta aims to continue growing. He hopes to hit $125 million in 2020 while also handling the top challenges he sees in the industry: distracted clients, a focus on fees rather than the value of advice, and political instability and fears of a crash.

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DON EMOND Practice: Assante Wealth Management Firm: Assante Wealth Management Location: Cobourg, ON

“Shrink to grow” is Don Emond’s mantra, and grow he has. The Ontario-based advisor added $27 million to his book last year, including his largest ever single account.

Over the past 10 years, Emond has focused on holistic services for high-networth clients. A half-million minimum helped him grow his book without testing capacity and allowed him to deepen relationships with his clients. Because Emond specializes in retirement planning and the transition into retirement, he relies on those deep relationships to help ameliorate his clients’ anxiety around a major lifestyle change.

“Those relationships go directly to account retention,” Emond says. “In the last 10 years, I’ve probably lost, outside of funerals, maybe 10 clients.”

www.wealthprofessional.ca

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FRANCIS GINGRAS ROY Practice: Manulife Securities Firm: Manulife Securities Location: Montreal, QC

In his mid-20s, Francis Gingras Roy met a financial advisor who described the business to him – and he was immediately sold. “I liked the fact that we own, build and rule our businesses, so we can control our revenues and schedules,” he says. “Also, being a fullservice broker gives us the flexibility to really offer what’s best for the client. I get a sense of fulfillment out of my day-to-day with my clients.”

Roy hit the ground running – at 28, just three years into the business, he became the top producer for Manulife in Quebec. Now, after five years, he’s planning to open another office and add to his growing team of 34 advisors. “My goal is to help the most Canadians with their financial goals,” he says, “but since there are only 24 hours in a day, I’m multiplying myself with other young advisors that I’m coaching.”

JAMIE TOWNSEND Practice: Townsend Partners Wealth Management Firm: Lawton Partners Wealth Management Location: Winnipeg, MB

Returning to the Top 50 Advisors list in 2020, Jamie Townsend is a secondgeneration advisor who understands that the role of an advisor goes far beyond managing someone’s wealth. “I enjoy the positive impact we can have on an individual and family,” he says.

“Managing someone’s wealth is more than just investments, insurance, tax and estate planning. These are tools to help a family or individual live the life they want, and that’s the most important thing.”

Townsend, who specializes in helping small-business clients, says he’s had many clients sell their businesses in recent years, something he takes pride in helping them accomplish. “It’s an honour to help them through that process and to see what it means for them personally, as well as their family,” he says.

As he moves forward, Townsend plans to embrace the changes occurring in the industry. “I believe we are seeing the beginning of a transition away from individual advisors to a team environment, where each member of the team has a unique focus,” he says. “This will only continue to accelerate because of the value it brings to clients. We are well positioned to be part of that leading trend for the next 10 years.”

CHRISTINE LALIBERTE Practice: Insightful Wealth Group Firm: Manulife Securities Location: Surrey, BC

It has been a long way to the position Christine LaLiberte currently holds. She got her start in the financial industry at just 19 as a teller at a bank. She was then offered a job as an administrative assistant to a financial advisor.

“I took courses over time and, after being in business as supporting team member or as a wholesaler for over 10 years, decided in 1999 it was time to provide the type of holistic advice I saw had been missing by many in the industry as an advisor myself.”

Now she’s looking to find ways to stay even more connected and on top of the goals of her existing clients. “High amounts of quality ‘touches’ throughout the year create a more confident and trusting relationship with greater success for clients reaching their goals,” she says.

KAREN IKEDA Practice: Nicola Wealth Firm: Nicola Wealth Location: Vancouver, BC

This year’s largest advisor in terms of AUM, Karen Ikeda manages more than $1 billion, despite being down $100 million for the year as she spreads out her personal business. A senior financial advisor at Nicola Wealth, Ikeda has been with the firm since its inception. Holding a CFP, CLU and CIM, Ikeda focuses on deep analysis of clients’ portfolios and is dedicated to serving their needs in retirement plans, investment solutions and estate management.

Based in Vancouver, Ikeda and the rest of the team at Nicola Wealth have put together a massive book of clients on the West Coast. The next big goal for the firm is a push east, towards Toronto.

www.wealthprofessional.ca

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15/01/2020 5:58:17 AM

SPECIAL REPORT

TOP 50 ADVISORS JOHN RATHWELL

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Practice: Rathwell Financial Firm: HollisWealth, a division of Industrial Alliance Securities Location: Red Deer, AB

John Rathwell became an advisor because he wanted to help people improve their financial situations. Now, after nearly 32 years in the industry, he has done just that for his 440 clients. Yet this industry veteran isn’t about to slow down – Rathwell says his goal is to become a portfolio manager within the next year, and his career has no end in sight.

“I really enjoy my job,” he says. “I look forward to coming to work on Monday mornings.

That’s probably even more true now that all three of his children have followed him into the industry and are currently working in his office.

The biggest challenge for Rathwell is not having enough time to accomplish everything. “There are more things that I would like to do for my clients to make sure that they enjoy the investment ride with us,” he says.

MARK HEWETT Practice: Dekker Hewett Group Firm: Canaccord Genuity Wealth Management Location: Vancouver, BC

Mark Hewett doesn’t have the traditional advisor background. After earning a bachelor of applied science in civil engineering and his engineering licence, he made the transition to wealth management in 1998 and hasn’t looked back, eventually becoming a Fellow of the Canadian Securities Institute. Hewett noticed a lack of real wealth management in the ’90s, when the business was geared toward high-fee mutual funds, and he started building out personalized plans for clients.

Today, 21 years after he and partner Erik Dekker formed their practice, the pair is still going strong. “Our goal is to provide insight into solutions that contribute to the investment success of client portfolios,” Hewett says. “We operate a client-focused, goalbased wealth management process that is professional, consultative and collaborative.”

ERIK DEKKER Practice: Dekker Hewett Group Firm: Canaccord Genuity Wealth Management Location: Vancouver, BC

Erik Dekker earned the number 40 spot among this year’s Top 50 Advisors alongside his partner, Mark Hewett. Dekker is a 10-year member of the Canaccord Genuity Chairman’s Club, which recognizes top-performing investment advisors who have built Canaccord Genuity’s most successful advisory practices on a foundation of deep expertise, commitment to quality and demonstrated excellence in client experience.

For the upcoming year, Dekker says his practice plans to “continue to focus on a holistic approach to wealth management and help more current and prospective clients develop plans that give them comfort heading into their spending years.”

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DAVID RUTLEDGE Practice: Lloyd Rutledge Wealth Management Firm: TD Wealth Private Investment Advice Location: West Vancouver, BC

After growing his AUM by an impressive 72% in 2019, David Rutledge landed at number 39 on this year’s Top 50 Advisors list. Rutledge’s AUM now sits at $136 million, spread across 163 clients.

Rutledge, who originally entered the industry because he saw the potential for each day to be different, says his short-term goals are to continue to service his existing clients at a high level while growing his client base – he sees trying to juggle too many relationships the greatest challenge for advisors today.

www.wealthprofessional.ca

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15/01/2020 5:58:26 AM

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BRENT THOMSON Practice: Nicola Wealth Firm: Nicola Wealth Location: Kelowna, BC

Nicola Wealth’s point man in the Okanagan, Brent Thomson joined the firm in 1997 with a mandate to build and develop the company’s Kelowna office. That has translated into steady growth and a significant AUM, especially as the Okanagan becomes a retirement refuge for Vancouverites.

Growing his AUM by more than $23 million last year, Thomson is well positioned to bring in new clients as more money flows into the valley. As head of the Kelowna office, he’s brought speakers and thought leaders to the city to share their insights with his local clients.

JIM DURNIN Practice: Assante Wealth Management Firm: Assante Wealth Management Location: Calgary, AB

SEAN RYDER Practice: Loreto Ryder & Associates Firm: Investors Group Private Wealth Management Location: Toronto, ON

After starting his career in the pharmaceutical industry, Sean Ryder made the switch to wealth management 12 years ago. “I went to the Richard Ivey School of Business, and the tax courses were extremely useful,” he says.

“I gave many people financial and tax advice while I was still working in the pharmaceutical industry. It was always my calling to help people do better with their money.”

In 2019, Ryder’s AUM grew by 8% to $236 million; his next goals are to grow his practice by adding 10 new high-networth clients and to expand his team by hiring another financial planner.

While his practice has found success, Ryder says getting there wasn’t easy.

“You have to wear many different hats other than just being a financial advisor,” he says. “You need to be a supportive boss to your team, a leader, a marketer, a therapist to clients, and a good spouse/partner and parent to your family. You need a great team in place to be able to rely on when you need help.

Without a great team, you can’t run a largely successful practice.”

Before entering wealth management, Jim Durnin spent 14 years in the computer industry, designing networks and doing project management. It wasn’t until 1994 that he decided to make a career change to follow his passion for investing after receiving a job offer from his own financial advisor.

“I decided, with my wife’s support, to resign from the computer industry and start practicing professionally what I loved to do as a hobby since I was a teenager,” Durnin says. “I became his partner in 1998 and then started my own practice in late 2002.”

Now Durnin has hit the 25-year mark in the financial industry and recently saw his AUM surpass $221 million. He’s currently in the process of building out a new office space to expand his team’s capabilities. “Superior client service has been a primary goal of mine since I started the practice,” he says. “This expansion will set the stage for our continued evolution.”

ALLAN SMALL Practice: Allan Small Financial Group Firm: HollisWealth, a division of Industrial Alliance Securities Location: Toronto, ON

Thanks to a 22% growth in AUM, Allan Small earned the number 35 spot on this year’s Top 50 Advisors list.

Originally motivated to become an advisor by his love of business and economics, Small’s goal is to help as many investors as possible – right now, that means a base of 439 clients.

Small believes advisors’ biggest challenge today is proving their value to fee-conscious investors. “The industry changes,” he says. “People are more worried about the fees they pay than the bottom line, which is what they put in their pocket, net of fees.”

Still, even in the midst of these challenges, Small says the appreciation he receives from his clients makes it all worth it. “There are many proud moments,” he says. “I love when clients tell me that, because of my help, they were able to obtain the goals they set for themselves.”

www.wealthprofessional.ca

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SPECIAL REPORT

TOP 50 ADVISORS 34

MATT WILHELM Practice: Century Group Financial Solutions Firm: Sun Life Financial Location: Kitchener, ON

Matt Wilhelm has made a return to the Top 50 Advisors list after finishing at number 31 in 2018. Over the past year, Wilhelm saw an 11% growth in his AUM, which now sits at $197.5 million. More impressive are the 1,100 clients he manages – the second highest number among this year’s Top 50 – with the support of his team.

For Wilhelm, it all comes back to “helping Canadians get sound advice and helping them make good decisions.”

While he does see himself in the twilight of his career, having been in the financial industry for nearly three decades, Wilhelm says the appreciation from his clients keeps him motivated.

“Receiving letters from clients, expressing their satisfaction of a job well done and wishing I don’t retire, really makes me proud,” he says.

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DAN NOONAN Practice: Noonan-Dejean Wealth Management Firm: Harbourfront Wealth Management Location: Burlington, ON

STEPHEN ROSS Practice: Ross & Hudson Advisory Group Firm: ScotiaMcLeod Location: Calgary, AB

Competitive to the core, Stephen Ross got into the financial industry by beating out a field of almost 50 applicants for a job at Richardson Greenshields in 1982.

That drive has resulted in consistent AUM growth for the Calgary advisor, who hit $275 million last year.

Competition doesn’t get in the way of individual client service, though. For all he’s accomplished, Ross says his proudest moments are when he sees his clients’ brows unfurrow because they realize that he’s got their backs.

Ross’ competitive streak isn’t limited to the professional world – he also owns a formula racing team and travels the world participating in motorsports.

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Dan Noonan got into the financial industry after following in the footsteps of his father, who was in insurance.

Noonan has now been in the industry for 33 years, so it’s safe to say it was the right path for him.

In 2019, Noonan grew his AUM by an impressive 35% to $168 million.

Now he’s set new goals for his practice.

“I want to continue the evolution of our money management by adding managed accounts and models, which will free up time, allowing more time for planning issues,” he says.

Despite celebrating his 60th birthday this year, Noonan doesn’t plan to slow down anytime soon.

“I do in fact see myself in the industry until my clients tell me I am no longer adding value,” he says. “I see myself fully engaged until at least 75 – and ideally beyond!”

www.wealthprofessional.ca

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15/01/2020 5:58:36 AM

SERENA CHENG

WOLFGANG KLEIN

Practice: Begg Cheng Wealth Management Group Firm: Richardson GMP Location: Toronto, ON

Practice: The Wolf on Bay Street Firm: Canaccord Genuity Wealth Management Location: Toronto, ON

Serena Cheng fell into the financial industry by accident. A child of first-generation immigrants, she was expected to follow her family into the medical field, but she realized she had a passion for business, which eventually led her to wealth management.

Cheng did maintain a fascination with the human mind, left over from her pre-med days, and that has become a staple in her approach. “I love people and how the mind works,” she told WP in an interview last year. “I find it so interesting how we have so many thoughts and patterns that are just chemical reactions.”

A significant number of Cheng’s 236 clients are in the ultrahigh-net-worth category, including multiple professional athletes and several in the entertainment business. For 2020, Cheng plans to use her specialties to strengthen her existing relationships while adding a few more households to her practice.

The Wolf on Bay Street, Wolfgang Klein, has returned to the Top 50 Advisors list yet again in 2020 with his holistic approach to wealth management. “It takes coordination from a wide range of services to best help clients reach their financial goals,” he says. “As a result, my clients are predominantly fee-based. From financial plans to estate planning to tax-efficient strategies, we offer a variety of services beyond the scope of investments to help add value for our clients.”

In 2019, Klein saw his AUM grow to $225 million and his client base grow to 470. Now he’s focused on keeping up with an ever-changing industry. “I think to run a successful practice, you have to be adaptable to the ever-evolving landscape and never take anything for granted,” he says. “As Darwin said, ‘It is not the strongest of the species that survives, not the most intelligent that survives. It is the one that is the most adaptable to change.’”

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SPECIAL REPORT

TOP 50 ADVISORS 29

ELIE NOUR Practice: Nour Private Wealth Firm: Nour Private Wealth Location: Oakville, ON

A mainstay on the Top 50 Advisors list since its inception, Elie Nour has kept his streak going again in 2020, landing at number 28. After taking his practice private in 2018, Nour had another successful year in 2019, growing his AUM by 14% to $251 million.

For 2020, Nour says his goals are to become a portfolio manager and to surpass the $300 million AUM mark, all while protecting his clients’ assets and keeping them happy. Nour lists becoming the CEO of his own IIROC securities dealership as one of his proudest accomplishments, but also one of his biggest challenges.

Despite the many other challenges he sees for advisors today – including an increase in regulatory requirements, competitive fee structures, reduced payouts, and an increase in compliance and cybersecurity costs – Nour says he plans to remain in the industry for years to come.

RONA BIRENBAUM Practice: Caring for Clients Firm: Caring for Clients Location: Toronto, ON

MAURICE PALLONE Practice: Rothenberg Capital Management Firm: Rothenberg Capital Management Location: Montreal, QC

When Maurice Pallone landed on the Top 50 Advisors list last year, he told WP he was working toward obtaining his CIM designation, which he accomplished in 2019. Now his focus is on moving his 638 clients to a fee-based structure to give them more flexibility in investment options.

Pallone also saw his AUM grow to $270 million in 2019, up 13%. While those numbers are a source of pride, Pallone says his proudest moment came more than a decade ago. “I didn’t lose any clients throughout the 2008 financial crisis,” he says.

“In fact, I received many referrals and grew my business. In hindsight, it was the greatest learning experience anyone in this industry could have received. Being there to help my clients weather the storm and having them stick with their strategy was my proudest moment, but also made me so proud of them.”

Pallone says he plans to stay in the industry for the foreseeable future because “I simply love all aspects of what I do, especially my client interactions.”

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Another regular on the Top 50 Advisors list is Rona Birenbaum, whose financial planning firm is celebrating its 20th anniversary this year. Birenbaum tells WP that “2020 is a big year for me. I am planning a client conference that I’m really excited about.

With two of my team members returning from maternity leave, we will be in the position to increase client contact and communication and take on more clients.” That will mean adding to her already impressive roster of 370 clients, which account for just over $227 million in AUM. Birenbaum says the biggest challenge for advisors is the accelerating pace of change in the industry. “Whether technology, product or business models, change is requiring advisors to re-evaluate the nature of their practice in all aspects,” she says. “Status quo is a recipe for long-term irrelevance. The most challenging aspects of navigating the changing landscape are time and human resources. Making time to evaluate and improve service delivery while ensuring top talent is working at the highest level of productivity needs to be a focus for all of us.”

www.wealthprofessional.ca

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15/01/2020 5:58:53 AM

DARCIE CROWE Practice: Crowe Private Wealth Firm: Canaccord Genuity Wealth Management Location: Vancouver, BC

After getting her start in wealth management a decade ago, Darcie Crowe was keen to move her focus from large institutional and corporate clients to individuals and family offices. She continues to see her AUM grow, recently surpassing $242 million.

“My primary goal [for 2020] is to continue the significant growth I saw in AUM over the last 12 months – 21% growth – while maintaining my household count to continue to provide clients the highest level of service they have come to expect,” Crowe says.

To achieve that, she realizes she’ll have to navigate some of the major challenges advisors face today. “There is significant news flow and information available to investors, which can cause panic,” she says. “We need to ensure we provide clients peace of mind to enable them to maintain a long-term investment outlook.”

www.wealthprofessional.ca

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SPECIAL REPORT

TOP 50 ADVISORS 25

DAN LEBLANC Practice: White LeBlanc Wealth Planners Firm: HollisWealth, a division of Industrial Alliance Securities Location: Dartmouth and Truro, NS; Burlington, ON; Nelson and Powell River, BC

LYLE ROULEAU Practice: Rouleau Investment Group Firm: CIBC Wood Gundy Location: Edmonton, AB

Lyle Rouleau has been working with CIBC for the majority of his career, beginning as a commercial account manager based in the Northwest Territories. When he noticed the need for sophisticated financial and investment planning, he transitioned to CIBC Wood Gundy. Now, after 21 years in the business, Rouleau continues to try to enhance his service platform to his private and institutional clients – and he plans to continue in his role for the next decade.

While Rouleau has received several accolades for his work, he says the gratitude he gets from clients is what truly makes his role rewarding. “A simple thank you is probably the most fulfilling,” he says. “When you’ve been in the business as long as I have, you actually see financial plans come into fruition – RESPs funding children’s education, people retiring and seeing their successful financial planning fall into place, or the unfortunate life insurance policy paying out to fund a buy/ sell or estate plan.”

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Dan LeBlanc operated his own practice for more than 20 years, but in 2013, he decided to join forces with his current partner, Colin White. The decision has paid off for both advisors, who continue to witness growth not only in their numbers, but also in their locations – they currently have five offices spread across three provinces.

“Making the decision to move from a solo practitioner to a team and surrounding ourselves with the best people we could find has been very rewarding and has allowed us to deliver high-level wealth management and financial planning to individuals and small business owners,” LeBlanc says.

“Having a team committed to putting the client first makes it very easy to get motivated to go to work every day.”

LeBlanc says his team’s goals for the coming year are to “continue to build out the best team to provide independent financial advice to Canadians, expand our efforts in growing organically and continue to transition a greater percentage of the book to discretionary management.”

COLIN WHITE Practice: White LeBlanc Wealth Planners Firm: HollisWealth, a division of Industrial Alliance Securities Location: Dartmouth and Truro, NS; Burlington, ON; Nelson and Powell River, BC

Colin White joins partner Dan LeBlanc on this year’s list at the number 23 spot.

Originally motivated to become an advisor by the challenge of dealing with people and money and the opportunity to help, White has done just that over the course of his 27-year career. “Every time I can help someone understand a financial issue they were confused by and make them smile is a proud moment,” he says.

White identifies the need to create efficient and effective systems to minimize distractions as one of the biggest challenges facing advisors today. He and his team have tackled this head-on, which has allowed them to grow. “As we evolved, we kept building our platform, expanded our offering and added quality people,” White says. Now he hopes to continue to improve on his practice’s client service model to keep up with changing expectations.

www.wealthprofessional.ca

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WES ASHTON Practice: Popescu Ashton Group Firm: Harbourfront Wealth Management Location: Vancouver, BC

Wes Ashton came to wealth management looking to influence change and make a difference in people’s lives.

“Numbers and the ability to connect with people are my passion,” he says. “The financial industry seemed like an ideal environment where the two came together.”

Ashton is working to turn traditional thinking around, endeavouring to show his clients that they have a lot more investment options than they might think. He builds his plans around the unique needs of every household, finding out what’s relevant to each family’s situation. He says his proudest moments are when he can be there for a client’s milestone moment, adding that “inspiring those around you is what it’s all about.”

ROBERT LUFT Practice: Luft Financial Firm: HollisWealth, a division of Industrial Alliance Securities Location: Vancouver, BC

Making his fourth consecutive appearance on the Top 50 Advisors list, Robert Luft landed at number 21 for 2020. Luft saw his AUM grow by 11%, to more than $275 million, over the course of the past year. He counts his appearances on this list, along with being able to help his clients every day, among his proudest moments.

On top of managing 476 clients, Luft is focused on expanding his team to join with other advisors and teams to more effectively create economies of scale.

Running the business side of things is something he identifies as one of the biggest challenges facing advisors today. “Learning to focus not only on client relationships but on running the business – human resources, systems, processes, scalability – was definitely a challenge,” he says.

BRAD JARDINE Practice: CIC Financial Group Firm: Aligned Capital Partners Location: Ancaster, ON

Brad Jardine, who has been in the industry for an impressive 34 years, posted AUM of just under $239 million in 2019, which helped him land the number 20 spot on this year’s list. While Jardine isn’t planning on retiring anytime soon, he has begun to establish a transition plan, which includes his son, Spencer.

“Although we have a succession plan in place, as we navigate through the plan, there will be a need to continue to mentor and coach so that the next generation has as much opportunity at success as possible,” he says, adding that “clients are at ease, knowing that there is a plan in place.”

For now, Jardine’s goals remain similar to those of years past. “As a referral-based business, our goals and objectives rarely deviate,” he says. “We focus on nurturing, growing, retention, competitive edge and giving back.”

ALEXANDRA HORWOOD Practice: Alexandra Horwood & Partners Firm: Richardson GMP Location: Toronto, ON

In just nine years in the industry, Alexandra Horwood has already made significant waves, including multiple appearances among WP’s Top 50 Advisors. In 2019, Horwood also captured the Canadian Advisor of the Year Award at the Wealth Professional Awards, something she regards as a career highlight. “I am so proud,” she said at the time. “I work so hard, have an amazing team, wonderful clients and am absolutely elated by this award. It means the world to me.”

Looking ahead, Horwood has set new goals for herself, as she recognizes she still has plenty of runway ahead of her.

“I absolutely see myself in the industry 10 years from now and even more,” she says. “My long-term goal is to manage $1 billion in assets by the time I am 40 – eight years from now. My yearly goal is always to be the number-one net new asset gatherer at my firm, which I have achieved for two years in a row.”

www.wealthprofessional.ca

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SPECIAL REPORT

TOP 50 ADVISORS SOPHIA ITO

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Practice: Nicola Wealth Firm: Nicola Wealth Location: Vancouver, BC

Previously focused on financial planning for physicians and their families, Sophia Ito is now part of Nicola Wealth, where, like a few of her colleagues, she’s been growing her AUM while shrinking her overall client list. She now manages more than $613 million across 174 households.

The top female advisor on this year’s list, Ito is an avid adventurer and a mother of two who balances work and life with an eye to the future. Just as she does with her clients, she’s making sure that she can choose when she wants to retire.

RORY O’CONNOR Practice: O’Connor Engelbert Investment Group Firm: Richardson GMP Location: Vancouver, BC

Rory O’Connor is making his debut on WP’s Top 50 Advisors list at the number 17 spot. O’Connor, who specializes in ultrahigh-net-worth clients, committed to the industry after getting a positive early impression. “I had a chance to work at Merrill Lynch, the gold standard in wealth management in the ’90s,” he says. “I quickly fell in love with the business.”

Today, O’Connor has surpassed the half-billion mark in AUM; he currently manages more than $503 million. “Reaching $500 million in AUM, while also being very diligent in how we built the business, focusing exclusively on the UHNW market, makes me proud,” he says. “Approximately 80% of our AUM is represented by roughly 30 key clients.”

O’Connor identifies the biggest challenges for advisors as fee compression and the need to demonstrate and defend a unique value proposition – something he’s been able to do successfully.

“Performing exceptionally well for our existing clients inevitably results in being introduced to others,” he says. “Our goal is to bring on three to five new UHNW clients each year.”

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BART HUNTER Practice: The Hunter Financial Group Firm: Scotia Wealth Location: Saskatoon, SK

Bart Hunter is making his second appearance on the Top 50 Advisors list after growing his AUM by 22%, to $327 million, over the past year. Hunter, who has always had a passion for wealth creation, has now set a goal to grow to $390 million and qualify for his firm’s Chairman’s Club, all while continuing to provide leading-edge service.

While Hunter is satisfied with his numbers, being recognized for his experience and expertise is what truly makes him proud.

“I think my proudest professional moments have been building a unique-ability team that is second to none in the industry and getting approached by Scotia Wealth to have me coach other advisors within the firm,” he says.

www.wealthprofessional.ca

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JASON NICOLA Practice: Nicola Wealth Firm: Nicola Wealth Location: Vancouver, BC

Jason Nicola describes himself as a people person who’s in the business as much for the client relationships as AUM. He came to financial advice from an unlikely place: UBC’s theatre program. As it turns out, a study of human emotion and the dramatic turns that life can take has been a pretty good background for financial advice.

Now, with a decade in the industry under his belt, as well as CFP and CIM designations, Nicola is building up a head of steam in the business. He added close to $150 million to his AUM over the past year, giving him one of the top AUM increases among this year’s Top 50. And he hasn’t abandoned his love for theatre – he’s still a passionate theatregoer and film buff.

NADER HAMID Practice: Total Wealth Management Group Firm: Industrial Alliance Securities Location: Montreal, QC

After coming in second on last year’s Top 50 Advisors list, Nader Hamid returns in 2020 at the number 14 spot. With a passion for investing and helping people, Hamid found a career in wealth management to be the perfect fit. In 2005, he established the Total Wealth Management Group as part of Industrial Alliance Securities.

“Being on an independent platform allows us to run our business the way we want and provide a customized experience,” he says. “We strive to help our clients reach their objectives with peace of mind, but also help them through transitions and difficult periods. Our mission is to make sure our clients have not only the money but the knowledge they need to retire comfortably.”

Hamid had another solid year in 2019 as he grew his AUM to $315 million. For 2020, he aims to continue strengthening his partnerships and building out his evolving team.

“We are now implementing state-of-the-art technologies, which will help us reach this goal,” he says. “We believe it will translate into better behaviours and simplify the wealth management experience for our clients. We want our clients to do more of the things they love and less of what they don’t.”

HOWARD KWAN Practice: Nicola Wealth Firm: Nicola Wealth Location: Vancouver, BC

Howard Kwan saw a nearly $100 million jump in AUM over the past year, even as he shrunk his overall client base, suggesting that his focus on highnet-worth individuals is paying off. A graduate of UBC and BCIT, with an FMA and CFP to boot, Kwan has spent 26 years as an advisor. He’s now part of the Vancouver-based team at Nicola that has turned an institutional approach to investing into a fast-growing pot of AUM. Born and raised in Vancouver, Kwan spends his free time giving back to the community via organizations like the BC Children’s Hospital, S.U.C.C.E.S.S. and the United Way.

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SPECIAL REPORT

TOP 50 ADVISORS RODERICK MAHRT Practice: The Mahrt Investment Group Firm: Wellington-Altus Private Wealth Location: Victoria, BC

A 34-year industry veteran, Roderick Mahrt made the shift to Wellington-Altus Private Wealth a little more than a year ago. While some advisors might see a dip when moving to a new firm, Mahrt was able to retain 95% of his clients.

“This is a testament to the relationships myself and my team have nurtured over the years to build meaningful relationships with both our clients and their families,” Mahrt says. “Seeing clients use these gains to fund their long-term goals is what fulfills me in this industry, whether that be a charity making a donation or a private client comfortably enjoying retirement.”

Mahrt is now looking to strengthen Wellington-Altus’ service delivery. As a member of the firm’s executive committee, he’s deepening its team-based approach and making use of cuttingedge technologies to deliver the best experience to clients.

FRANK MAURO Practice: Mauro Private Wealth Management Group Firm: Wellington-Altus Private Wealth Location: West Vancouver, BC

Another co-founder of Wellington-Altus, Frank Mauro has been in the business for 35 years and saw his AUM grow by 10% to $436 million in 2019, landing him at the number 11 spot on this year’s Top 50 Advisors list. Before becoming part of the team that founded Wellington-Altus, Mauro served as a director of its predecessor, Wellington West, which was later acquired by National Bank.

Mauro has received numerous awards as a value manager, including the Outstanding Corporate Service Award in 2011, the Wealth Management Excellence of the Year Award in 2014 and the 5 Star Money Manager Award. In addition, he has been a Chairman’s Club member for 31 consecutive years.

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KEVIN HEGEDUS Practice: PWM Private Wealth Counsel Firm: HollisWealth, a division of Industrial Alliance Securities Location: Saskatoon, SK

Kevin Hegedus continues to grow his practice, which now serves 891 clients and manages $479 million in AUM, putting him at number 10 on this year’s Top 50 Advisors list.

Hegedus has been in the industry for 28 years, since being drawn at a young age by his passion for math. “When in college, I had a finance instructor who sparked an interest in trading stocks and bonds,” he says. “I found that I enjoyed this and decided to pursue my Canadian Securities Course. I realized that the financial services industry was a good fit for me and something that I could see myself doing long term.”

Hegedus quickly recognized that being an advisor was about more than just stock- or bond-picking, so he earned his CFP, which has served him well. “Being able to help clients achieve their goals and retire comfortably was something that resonated with me when I first entered this industry and continues to drive me today,” he says.

His process seems to be working – in addition to making multiple appearances on the Top 50 Advisors list, Hegedus won both the Wealth Professional Award for Canadian Advisor of the Year and the Saskatoon Small Business of the Year Award in 2018. However, he says, “when I think about being truly proud of something on a deeper level, it really comes down to the significant moments that you have with clients every day.

Sometimes we forget the impact we have on people’s lives and the trust they put in us.”

www.wealthprofessional.ca

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15/01/2020 5:59:36 AM

KELLY HEMMETT

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Practice: Hemmett Anseeuw & Associates Firm: Harbourfront Wealth Management Location: Winnipeg, MB

In 2019, Kelly Hemmett and his team at Hemmett Anseeuw & Associates were recognized with the Wealth Professional Award for Advisory Team of the Year (10 Staff or More). “We have been doing this for close to 30 years, and to start from humble beginnings and now have national recognition is pretty special,”

Hemmett told WP at the time.

Over the past year, Hemmett has seen his personal AUM grow by 26% to just over $286 million, and he’s hoping his entire team can keep the momentum going in 2020.

“The primary goal for the next year is to build off of our team award and advanced structure and really begin to leverage our capacity and processes,” he says. “We are now truly poised for expansion and will be looking to add both partners and new clients to the practice. As a truly full-service and holistic model, we need to begin to really pursue the opportunities to grow that exist in the industry today.”

www.wealthprofessional.ca

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SPECIAL REPORT

TOP 50 ADVISORS 8

GERALD L. GOERTSEN Practice: DeThomas Wealth Management Firm: DeThomas Wealth Management Location: Kelowna, BC

Gerald Goertsen continues to be a staple on the Top 50 Advisors list, thanks in part to his impressive book of 1,990 clients and more than $290 million in AUM. For Goertsen, becoming an advisor was a way to help investors make the most informed decisions about their finances. “I wanted to educate the general population as to ways that they could improve their financial situation and leave a legacy,” he says.

Goertsen sees the increased competition from the banks as one of the toughest challenges for independent advisors like him, but he still has a tremendous passion for the business. “When you do what you love and love what you do, you don’t work a day in your life,” he says.

KYLE RICHIE Practice: Richie Group Firm: Investors Group Private Wealth Management Location: Toronto, ON

Last year, Kyle Richie nabbed the number-one spot on the Top 50 Advisors list. While he has surrendered the title this year, he still holds a strong position at number eight, thanks to solid growth in both AUM and total number of clients.

Both Richie and his partner, Andrew Feindel, have a family background in the medical field, so it was only natural for their practice to specialize in helping doctors and dentists. “I wanted to improve the financial lives of medical professionals,” Richie says of his decision to become an advisor.

In addition to helping medical professionals, Richie is focused on a few goals for 2020. He’d like to grow his AUM to more than $500 million and see the publication of his and Feindel’s book, Playing to Win: The Incorporated Professional’s Financial Planning Coach.

If Richie can check off these goals, he just might be topping the list once again in the future.

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ROB TÉTRAULT Practice: Tétrault Wealth Advisory Group Firm: Canaccord Genuity Wealth Management Location: Winnipeg, MB

Rob Tétrault came in big on the Top 50 Advisors list this year, thanks largely to a 36% growth in AUM and a 26% increase in his client base. Tétrault attributes much of his success to his innovative social media strategy, which helped his practice capture the Wealth Professional Award for Digital Innovator of the Year. Active on Facebook, LinkedIn and Instagram, Tétrault uses social media to supplement his prospecting.

He posts a video on YouTube every three days, covering topics such as an intro to alternative asset classes or the basics of Sharia investment. His diligence and consistency in the social media space are paying dividends.

“We set a goal over a year ago to get 1,000 followers on our YouTube channel and 5,000 on LinkedIn and Facebook,” Tétrault said at the Wealth Professional Awards. “We wanted to create content and webinars and structured a platform where we would find as many people who wanted advice.”

Tétrault doesn’t shy away from other media, either. He’s a regular guest on BNN Bloomberg; as an independent advisor with Canaccord Genuity, he gets a bit of a longer lead to share his thoughts and insights. He says he’s built his success around a camera, a solid WiFi connection, an amenable compliance department and some solid advice, too.

www.wealthprofessional.ca

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15/01/2020 5:59:47 AM

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CHAD LARSON Practice: MLD Wealth Management Group Firm: Canaccord Genuity Wealth Management Location: Calgary, AB

The number-one advisor on the 2018 Top 50 Advisors list, Chad Larson has once again cracked the top five in 2020. Making the top of the list was a moment he’ll never forget.

“When I was ranked number one by WP two years ago, my wife saw the news and came to my office with a number of my clients, a cake and a card,” Larson says. “That truly validated why I do this.”

He had another solid year in 2019, growing his AUM by 12% to $725 million. Larson, who says he got into the industry because he saw an opportunity to help people, is now focused on continuing to grow his practice.

“The goal would be to expand MLD Wealth’s offering with a physical presence outside of our core market – to open an office in Vancouver and in Toronto,” he says.

While Larson’s numbers are a clear indicator of his success, it’s the responses from his clients that he truly values. “The inbound feedback and comments from our client families make me proud,” he says. “I received a letter from a family this year that put a large lump in my throat when they told me how we had changed their lives and given them such clarity and comfort.”

REG JACKSON Practice: The JMRD Wealth Management Team Firm: National Bank Financial Location: London, ON

After reaching the $500 million AUM milestone last year, Reg Jackson added another $80 million this year, along with another 10 clients, helping him earn the number four spot on this year’s list.

Jackson attributes his initial attraction to the industry to his fascination with the stock market – yet his reasons for becoming an advisor changed over time.

“As a young professional in the financial services industry, it became evident quickly that being knowledgeable about the markets was only half the challenge,” he says. “The other half is actually more difficult, and that is both getting clients and keeping clients. It took a number of years, but as I go into my 23rd year as an advisor, I truly enjoy the client service side of the industry more.”

The coming year will be a big one for Jackson as his firm undertakes a major expansion.

“This year has a special goal, and that is to successfully and seamlessly integrate a merger that has been in the works for the past number of months and is now ready to be announced,” he says. “The JMRD Wealth Management Team is merging with our close friends at the Watson Wealth Management Team in what provides an amazing opportunity to roll out what we believe will be one of the top financial teams in the country.”

www.wealthprofessional.ca

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SPECIAL REPORT

TOP 50 ADVISORS ROB MCCLELLAND Practice: The McClelland Financial Group Firm: Assante Capital Management Location: Thornhill, ON

In addition to earning the number-three spot on this year’s Top 50 Advisors list, Rob McClelland and his team were recognized at the 2019 Wealth Professional Awards with the Engagement, Loyalty and Client Care Award.

In his 28 years in the industry, McClelland has learned that evolving in the role is crucial for success. In 2019, his team’s goal was to make sure they had their operations in order and were using the latest technology available. Heading into 2020, McClelland is looking to use those efficiencies to help new clients “have a solid plan and advisor for the future to help ensure their success.”

Even with his own successes, McClelland is well aware of the difficulties that lie ahead. “I believe that the challenges facing advisors today are making sure your practice is extremely systematized to achieve the best possible service available; the need to stay on top of all advances in technology, which are occurring at a rapid pace; and that financial advisors need to continue to provide more and more value for the fees they charge,” he says.

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TODD DEGELMAN Practice: Wellington-Altus Private Wealth Firm: Wellington-Altus Private Wealth Location: Saskatoon, SK

After coming in third on the 2019 Top 50 Advisors list, Todd Degelman moves up one place to second in 2020. The co-founder and vice-chairman of Wellington-Altus, Degelman and partner Charlie Spiring have seen their independent firm grow tremendously in just under three years – they’ve already amassed close to $9 billion in AUM or in transition. Degelman himself continues to add to his personal AUM, growing it by 17% in 2019 to just under $464 million.

Aligning himself with Spiring, Degelman says, has been essential to his success. “As a young man, I was fortunate to have some great mentors and people around me who took the time to care about me and get to know me,” he says. “One of those individuals was Charlie Spiring, who was the founder of Wellington West and is an accomplished and distinguished businessman.

Charlie mentored me, while at the same time treated me as his partner. To this day, Charlie is still my partner and one of my closest friends.”

As his business continues to grow, Degelman has several new goals in mind. “Within my practice, my goal is to continue to act as my clients’ CFO and assist them in making sense of their wealth,” he says. “For my firm, my goal is to continue to attract top talent across Canada and enhance the visibility of our rapidly growing firm. The need for more independent choices for advisors has never been greater, and I want to focus on building more advisory teams.”

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www.wealthprofessional.ca

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15/01/2020 6:00:05 AM

FAISAL KARMALI

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Practice: Popowich Karmali Advisory Group Firm: CIBC Wood Gundy Location: Calgary, AB

Faisal Karmali moved up three spots this year to claim the title of top advisor. Karmali, whose AUM topped $545 million in 2019, saw a 19% increase. He also added 64 clients to bring his total to 521. “This is an honour for sure,” he says. “But it’s not just me – this is an honour for the entire team and what our group does to help our clients every day.”

Karmali, who has been in the industry for 22 years, says he has always been interested in “not just the money, but seeing what that money can do for people and how the right strategy can change lives.”

For the coming year, Karmali’s goals are to continue growing his practice and his media presence. Along with partner Dave Popowich, he shares his knowledge on his weekly radio show, More Than Money, and makes regular appearances in various media outlets.

“TV and radio have been a great way for us to educate and inform the public,” he says. “It creates a broader educational outreach to help more people outside of just our practice.”

A retirement planning specialist, Karmali has crafted an approach he calls asset dedication, which allocates funds into four buckets: income, growth, health and legacy. The results of this strategy are his greatest reward.

“My proudest professional moments come when I see clients succeeding in their retirements and knowing that our team was part of getting them to the lifestyle they wanted,” he says.

www.wealthprofessional.ca

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15/01/2020 6:00:19 AM

PEOPLE

ADVISOR PROFILE

The gatekeeper Given the influx of private and alternative investments today, advisor Mitchell McLean says the job of determining which investment is right for each investor is more critical than ever

AS ADDITIONAL private and alternative investments become more readily available to retail investors, the challenge of determining the best fit for clients has never been greater. That’s one of the biggest changes Mitchell McLean, an investment advisor at Mandeville Private Client, has observed over the course of his 13-year career. After moving to Mandeville in 2016, McLean was able to expand his offerings thanks to the firm’s access to private investments. Yet he has always cleaved to the idea that just because something is available, that doesn’t mean it’s right for all investors.

“There is a big change in the types of investments available to clients, which is a good thing,” McLean says. “There are many advantages to more choice, whether ETFs or private investments. But not all investments are created equal. Part of my job is to go through different investment opportunities and be the gatekeeper for clients – look at the investments to see if they would be a good fit.”

McLean considers himself a lifelong investor, having saved money from a young age to put toward his future. Even as a student at the University of Ottawa, he used his investments to help pay his tuition. The success he achieved, along with some famous inspiration, set him on the path to becoming a financial advisor.

“I was always a big fan of Warren Buffett and followed him even at young age,”

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McLean says. “I was fascinated with how he picked good companies and stayed with them for the long run. I saw the benefits of that. Following him, plus my own investing success, continued that momentum to the point where I wanted to branch off and help others do it as well.”

McLean entered the industry in 2006 and earned his CFP in 2010, something he considers crucial to his practice. “It’s important to understand every client, what their goals are, their ongoing liquidity needs and how comfortable they are with investing,” he says. “It always starts with a plan. Anytime anyone invests with us, they benefit from our wealth creation process and receive a customized financial plan, because how can you invest someone’s money properly without knowing what they’re investing for?”

As he progressed in his career, McLean began to specialize with three types of clients: medical professionals, business owners and

people looking to retire. One of his areas of expertise is incorporation.

“Some clients have corporations – I have my own corporation, and I work with individuals to determine if incorporating makes sense,” he explains. “If it does makes sense, there’s a lot of strategic tax planning that needs to be considered.”

Within his areas of expertise, McLean developed an approach he calls 3D Tax Planning, which he puts all clients through.

“The three Ds are defer – any time you can pay money later, you will save; deductions – seeing what clients can get from their income; and divide – where income splitting or using a corporation makes sense. Once I establish that, I can see what investments make sense.”

McLean acknowledges that this process wouldn’t be possible without his team.

“Finding good team members who are experts in areas that complement my expertise is important,” he says. “I have a great team – it’s

MCLEAN ON SETTING UP CLIENTS FOR RETIREMENT “I have met clients who were not set up properly or on track to retire. Working with them, I have seen their financial plans and tax planning evolve and investments grow. I always tell people there is a magic retirement number to identify: money needed on a monthly basis. Once we identify it, the goal is to get there. I have seen a handful of clients get on track to that retirement. It’s rewarding to see the transformation to being retired. Seeing them live off the planning we have done is a highlight and will continue to be something we celebrate.”

www.wealthprofessional.ca

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15/01/2020 6:01:03 AM

FAST FACTS: MITCHELL MCLEAN

PRACTICE Capital Wealth Architects

FIRM Mandeville Private Client

LOCATION Ottawa

“There are many advantages to more choice, whether ETFs or private investments. But not all investments are created equal” important to put people in the right role and have them excel to help our clients.”

When McLean made the move to Mandeville, it opened access to different investments. “People want to preserve and grow their capital with minimal volatility, and having access to alternative investments that have the potential to provide that for my clients is rewarding,” he says. “That is what attracted me to Mandeville.”

The move also introduced McLean to

Mandeville chairman and CEO Michael Lee-Chin, who advised him to find a role model, copy their recipe for success and stick to that process. McLean took the advice to heart and now passes it on.

“My advice would be to identify and put the time into your process,” he says. “Find what works and stick with it, and communicate the message to your clients. You always have to evolve, but I would say to add on as opposed to developing a new process.”

YEARS IN THE INDUSTRY 13

EDUCATION Bachelor of social science degree (sociology/ business), University of Ottawa

CERTIFICATIONS CFP

www.wealthprofessional.ca

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15/01/2020 6:01:12 AM

MAY 28, 2020 | TORONTO

CELEBRATING EXCELLENCE IN WEALTH MANAGEMENT

Wealth Professional is pleased to announce that nominations are open for the 6th annual Wealth Professional Awards! 24 categories will recognize excellence across the wealth management and financial advice profession:

TEAM/ORGANIZATION AWARDS

INDIVIDUAL AWARDS

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•

• • • • • • • • •

The Franklin Templeton Investments Award for Advisory Team of the Year (10 Staff or More) Advisory Team of the Year (Fewer than 10 Staff) Multi-Service Advisory Team of the Year The AGF Award for Engagement, Loyalty & Client Care The Equitable Bank Award for Multi-Office Advisor Network/Brokerage of the Year The SiaCharts Inc. Award for Digital Innovator of the Year The Equisoft Award for Fund Provider of the Year Employer of Choice The WP Readers’ Choice Award for Best Service Provider The WP Readers’ Choice Award for Best Advertising Campaign

• • • • • • • • • • • • •

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The Mandeville Private Client Inc. Award for Canadian Advisor of the Year The ICM Asset Management Award for Advisor of the Year – Alternative Investments The Nour Private Wealth Award for Rising Star Advisor of the Year Advisor of the Year – Responsible Investments Young Gun of the Year The IFSE Institute Award for Financial Literacy Champion The BlackRock Award for Portfolio/Discretionary Manager of the Year The TMX Group Award for Best Active Manager – Exchange Traded Derivatives The Mackenzie Investments Award for Female Trailblazer of the Year BDM/Wholesaler of the Year Excellence in Philanthropy & Community Service The Invesco Canada Award for Lifetime Achievement CEO of the Year ETF Champion of the Year

15/01/2020 6:01:30 AM

TO LEARN MORE OR NOMINATE, VISIT

WWW.WPAWARDS.CA Nominations close on Feb. 25, 2020

Sponsors

Social media sponsor

Presented by

Organized by

#WPAwardsCA

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15/01/2020 14/01/2020 6:01:36 5:27:39 AM PM

Women in Wealth Management Across events in Toronto and Vancouver, WP’s Women in Wealth Management conference and awards celebrated and encouraged the achievements of women in the wealth industry AFTER THE overwhelming success of the inaugural Women in Wealth Management conference in 2018, WP brought the event back in 2019 with a pair of sessions in Toronto and Vancouver in late November and early December. It was an opportunity for women in the industry to learn from experts, network and develop their skills. In addition to the conferences, the Toronto session also featured the return of the Women in Wealth Management Awards, which recognized women in the industry for their achievements.

“I think it’s important for us to have conferences like this because it allows us to see the concentration of women [in the industry] and puts us all in one room where we can network and create a support structure, because we are very diluted,” said Tea Nicola, co-founder and CEO of event partner WealthBar. “It’s

important that we meet each other and build relationships so we can continue them and lean on each other when it’s necessary.

“Women in general in marginalized industries is a passion of mine,” she continued.

“I am a mechanical engineer by training, so not a lot of women there, either – it has been a theme of my life. Now, I really want to support women and gender parity in industries that don’t have it.”

Those sentiments were echoed by Caroline Grimont, vice-president of marketing at event partner Harvest Portfolios. “The reason that Harvest is part of this conference is because we attended last year and really liked the content,” she said. “It is really useful, not only to female advisors but male advisors as well. We felt it was something we should be part of. Right now, people are talking about

women in the industry, female advisors and how things are changing, and we want to be part of that conversation.”

Produced by Key Media, the organization behind Wealth Professional, both events saw a fantastic turnout, including a packed room for the awards ceremony. Award winners were chosen by a panel of industry judges, who determined whose contributions were the most impactful.

Shannon Lee Simmons, founder and owner of The New School of Finance, defended her title as Woman Innovator of the Year. Other highlights included Susan Daley of PWL Capital winning Young Gun of the Year and Alison Taylor, CEO of Invico Capital Corporation, being named Female Executive of the Year. Read on to get the details on all of this year’s winners.

THE AWARD FOR ETF CHAMPION OF THE YEAR FLORENCE NARINE AGF INVESTMENTS

From left: Florence Narine, AGF Investments; awards host Suhana Meharchand

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ETF Champion of the Year recognizes a female professional whose efforts have helped advance the ETF industry in Canada, above and beyond the requirements of their position. The 2019 award went to Florence Narine, SVP of product and interim head of strategic accounts management at AGF Investments.

“It’s fantastic,” Narine said. “I would love for it to eventually not be gender-specific. But it’s long overdue to have some awards like this that set women apart, in a space like this, which is pretty new for Canada.”

THE AWARD FOR ETF CHAMPION OF THE YEAR WINNER FLORENCE NARINE AGF Investments

FINALISTS KATHLEEN BOCK Vanguard Canada PAT DUNWOODY Canadian ETF Association

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15/01/2020 6:03:34 AM

THE ECHELON WEALTH PARTNERS AWARD FOR EXCELLENCE IN PHILANTHROPY AND CSR SARAH BULL KJ HARRISON INVESTORS The Echelon Wealth Partners Award for Excellence in Philanthropy and CSR recognizes a female wealth professional or a female-led wealth management firm that has set new benchmarks of excellence in corporate social responsibility, philanthropy and community service with the aim of advancing the well-being of communities outside the workplace.

The 2019 award went to Sarah Bull, From left: Deborah McGrath, Echelon Wealth partner and portfolio manager at KJ Partners; Sarah Bull, KJ Harrison Investors Harrison Investors.

“I’m so proud,” Bull said. “I just think if there’s any award to win, it’s the one where you’re giving back to the community and doing well by doing good. We started a program we call KJH Cares. We commit to our clients that we will identify areas within the environment, poverty or healthcare, and we give our time, treasure and talent to those areas.”

“Give back is in Echelon’s DNA,” added Debbie McGrath, chief marketing officer and chief client officer at award sponsor Echelon

Wealth Partners. “It is a consideration we have both for clients and internally for our culture. We chose to sponsor this award because we are establishing our foundations, one of which is within the community and the company itself, along with our donor advice for our clientele, and it’s something we feel is special and unique about Echelon.”

THE ECHELON WEALTH PARTNERS AWARD FOR EXCELLENCE IN PHILANTHROPY AND CSR WINNER SARAH BULL KJ Harrison Investors

FINALISTS LAURIE BONTEN The Bonten Wealth Management Group NATALIE JAMISON Scotia Wealth Management SANDRA MACENKO-MERKLEY Scotia Wealth Management SADIE RICHARDSON CIBC

THE AWARD FOR MARKETING AND COMMUNICATIONS TEAM OF THE YEAR SCOTIABANK

From left: Caroline Chow, Canadian Association of Alternative Strategies and Assets; Katie Baker, Scotiabank

This award recognizes the outstanding female-led marketing and communications team of a wealth management company or fund provider in Canada. The judges looked at each team’s campaigns, strategies and the innovation and success they’ve brought to the business. The efforts of Scotiabank’s marketing team netted them the 2019 Marketing and Communications Team of the Year Award.

MARKETING AND COMMUNICATIONS TEAM OF THE YEAR WINNER SCOTIABANK

FINALISTS AGF INVESTMENTS ASSANTE WEALTH MANAGEMENT ECHELON WEALTH PARTNERS SUN LIFE GLOBAL INVESTMENTS

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THE CARTE FINANCIAL GROUP AWARD FOR YOUNG GUN OF THE YEAR SUSAN DALEY PWL CAPITAL The Carte Financial Group Award for Young Gun of the Year recognizes a female trailblazer under 40 who has excelled at pushing the envelope for innovation and growth, garnering industry attention and the respect of her peers. Recognizing the ambition of young advisors like the 2019 winner, portfolio manager Susan Daley of PWL Capital, sends a powerful message to the From left: María José Flores Suarez, Carte younger generation that its contribuFinancial Group; Susan Daley, PWL Capital tions are invaluable.

“It feels incredible and exciting,” Daley said. “I think it’s really been down to mentors I’ve had in the industry – they’ve really supported me.

[The award] gives me the confidence to go forward and help inspire other young – and old – female professionals in the industry.”

María José Flores Suarez, chief compliance officer at award sponsor Carte Financial Group, added, “It is an honour to be part of such an event, not just because we want to encourage young people to come into the industry, but also to show that it’s possible to succeed in it. We feel that it’s very important to have more young people, male and female, enter the industry.”

THE CARTE FINANCIAL GROUP AWARD FOR YOUNG GUN OF THE YEAR WINNER SUSAN DALEY PWL Capital

FINALISTS DIAN CHAABAN RBC Dominion Securities MELISSA HARRELL Howe, Harrell & Associates JOANNE KABAN Coast Capital Wealth Management AYA KADI 3 Macs

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THE INVICO CAPITAL CORPORATION AWARD FOR WOMAN INNOVATOR OF THE YEAR SHANNON LEE SIMMONS THE NEW SCHOOL OF FINANCE Woman Innovator of the Year recognizes the female trailblazer who has best harnessed and maximized innovation in their business to provide practical, effective and easily accessible tools to clients or stakeholders. After winning this award in 2018, Shannon Lee Simmons, founder and owner of The New School of Finance, took it again in 2019.

From left: Jason Brooks, Invico Capital Corp.; “It feels very validating and Shannon Lee Simmons, The New School of Finance wonderful to be recognized for all the hard work I’ve put in and all the blood, sweat and tears,” Simmons said. “Award shows are important for that reason because sometimes you can feel like you’re pushing and pushing and nobody notices. I started in this industry 13 years ago, and it felt very male-dominated.

Having an event to specifically celebrate women in the wealth management industry feels very important and significant to me. Look how far we’ve come.”

Jason Brooks, president and co-founder Invico Capital Corporation, adds that his organization has “always been very supportive of women in finance. Invico was founded 15 years ago by myself and Alison Taylor, and nearly two-thirds of our workforce is femaledriven. I think an event like this is overdue. To recognize women’s contributions to finance is great!”

THE INVICO CAPITAL CORPORATION AWARD FOR WOMAN INNOVATOR OF THE YEAR WINNER SHANNON LEE SIMMONS The New School of Finance

FINALISTS DONNA BRISTOW Broadridge Financial Solutions

GLORIA MALEK TD Wealth

AMANDA HAMIL Portfolio Aid

SARAH RAHME BDO Canada

TEA NICOLA WealthBar

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THE WEALTHBAR AWARD FOR WOMAN-LED ADVISORY TEAM OF THE YEAR DONNA SCHNEIDER NATIONAL BANK FINANCIAL The WealthBar Award for Woman-Led Advisory Team of the Year recognizes client retention, customer service, financial results, staff development and retention, value proposition, and recent achievements in a woman-led small to medium-sized team, office or branch.

The 2019 award went to Donna Schneider and her team at Schneider Financial Group at National Bank Financial.

Accepting on the team’s behalf was Tea Nicola, CEO and co-founder of award sponsor WealthBar. “I’m a big supporter of women in wealth, especially the advisory roles,” she said. “It is a very difficult industry. The job is difficult itself, and then you layer that on with the disadvantage of being a woman in any industry, but especially in wealth management. We just want to be that push and support because it is crucially important that women enter the industry.”

THE WEALTHBAR AWARD FOR WOMANLED ADVISORY TEAM OF THE YEAR WINNER DONNA SCHNEIDER National Bank Financial

FINALISTS RONA BIRENBAUM Caring for Clients SERENA CHENG Richardson GMP JULIA CHUNG Spring Planning SUE DERLAGO Canaccord Genuity DESSA KASPARDLOV Kaspardlov & Associates

THE ADVOCIS AWARD FOR FEMALE EXECUTIVE OF THE YEAR ALLISON TAYLOR INVICO CAPITAL CORPORATION The Advocis Award for Female Executive of the Year goes to the female industry executive (VP level or above) whose insight, discernment, and ability to lead and inspire have guided her organization to a new level of growth, achievement or recognition. For 2019, the honour went to Allison Taylor, CEO and chief compliance officer of Invico Capital Corporation.

From left: Julie Martini, Advocis; “I’m really surprised. For a small Allison Taylor, Invico Capital Corporation firm based in Western Canada to be recognized [is great], and I’m very honoured to be here representing women across the country,” Taylor said. “I feel there’s a lot of progress to be made, unfortunately, especially in Western Canada. We don’t have a lot of women, particularly in the energy space. Sixty per cent of our firm are women, but at the same time, our clients in terms of our portfolio companies are all run by men. It really has to start from a young age, inspiring young girls to feel that they can do the same things men can do. At some point, then we’ll have equality, but we have a long way to go.”

Julie Martini, VP of public affairs and marketing at award sponsor Advocis, added: “I think it is really important to show our support for women in the industry. Our association represents men and women across the board when it comes to financial services, but it is still a male majority, and we are working hard to raise the profile of women in the industry and in our membership. An award like this highlights the importance of women in leadership roles, and we think that is very important.”

THE ADVOCIS AWARD FOR FEMALE EXECUTIVE OF THE YEAR WINNER ALLISON TAYLOR Invico Capital Corporation

FINALISTS

LORI LANDRY Sun Life Global Investments CATHERINE MILUM Manulife Investment Management

TAMMY CASH Horizons ETFs

LYNN STIBBARD Harbourfront Wealth Management

SHERRI EVANS Aviso Wealth

ADRIENNE YOUNG Franklin Templeton

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FEATURES

PRODUCTIVITY

Why can’t we focus anymore?

Aytekin Tank explores the truth behind our modern culture of distraction and what we can do to combat it

WE DON’T always have what it takes to shut off the noise in the background. It’s easy to think that being distracted is just the inability to focus, when in fact it’s more complicated than that.

As Seth Godin, the content god himself, said in one of his essays: “If you’re not paying, you and your attention are the products.” We let ourselves get sucked into an endless cycle of distraction while the gatekeepers are busy selling our attention to advertisers.

One of the problems with distraction is that we are being handed what we believe is available out there. We never second-guess if there’s anything out there that we need to know as we’re being fed information we think we need.

Tristan Harris, a former Google design ethicist, has learned firsthand about what technology does to our vulnerable minds.

Harris put it best when he compared how technology works with how a magician operates: by giving us the illusion of choice. “The more choices technology gives us in nearly every domain of our lives – information, events, places to go, friends, dating, jobs,” Harris said, “the more we assume that our phone is always the most empowering and useful menu to pick from.”

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We fail to see what other options are out there because we simply think what we have in our hand is the only set of options we can choose from.

A close look at how we get through an hour in a day can tell us so much about how we choose to direct our attention. As the founder and CEO of Basecamp, a project management hub that champions efficiency,

Jason Fried might be the voice we want to listen to: “Time is the most precious thing there is, yet we split it up and give it away like there’s an endless supply. And whatever time you do have, you have even less attention.”

Where do we lose all the time we have?

Waves of interruption of chat, notifications, presence and always-on expectations. The effect, as you might guess, is the more

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fragmented hours we clock in to finish what could’ve been done in an hour or two if we consciously chose to silence all the unnecessary noise.

Detaching ourselves from the over­ whelming noise around us requires some determination, though. Detaching means taking active steps to create a space where absolutely nothing can get in the way of our full attention. That means putting away the smartphone or even not having internet access for a day – or a week, if you dare.

What multi-tasking does to our brains Not switching between tasks is the realistic thing to add in the effort to refocus. Singletasking, as Manoush Zomorodi, the author of Bored & Brilliant, calls it, is a way out that we’ve come to believe is less efficient than its sophisticated, overrated cousin: multi-tasking.

“Humans’ neural resources are not infinite, and switching between tasks, especially for those who work online, can happen upward of 400 times a day,” Zomorodi says. No wonder we’re all zombies with missed deadlines.

This reinforces another issue introduced

by Daniel Levitin, professor of behavioural neuroscience at McGill University, which is that the mind should be allowed to wander between finishing one task at a time. Only then is attention for singletasking not fragmented – and, as a result, we become more productive and successful in completing challenging tasks.

The idea that spacing out is necessary might be contradictory to what we’re wired to believe, which is to never let one’s mind wander aimlessly. Being bored is so heavily associated with negative connotation that we

don’t even bother to consider that only out of boredom comes the stimulation-seeking part of our mind, explains Sandi Mann, a psychologist and the author of The Upside of Downtime: Why Boredom Is Good.

Neuroscientist Marcus Raichle also pointed out that when our minds wander, it activates the default mode network in our brain, allowing us to think back and forth.

It allows us to access our subconscious minds and not focus on goal-oriented tasks.

down on the desk in front of us, undercuts our ability to perform basic cognitive tasks.

There’s no way of getting rid of technology once it’s adopted, Brown notes. Instead, Boundless Mind is trying to use these persuasive technologies to promote a healthy and democratic society. Essentially, the organization is trying to change the way our minds are controlled by campaigning for upfront transparency for the companies it’s representing. It’s helping people’s engineered

“The more choices technology gives us in nearly every domain of our lives, the more we assume that our phone is always the most empowering and useful menu to pick from” Different connections in our brain circuits then fall into place, creativity takes over, and self-awareness increases our chance to refocus ourselves.

How to reclaim the attention Tristan Harris, the former design ethicist at Google, has created the Time Well Spent movement, which aims to educate people on how not to be abused by online products that profit from our endless attention. Neuroscientists Ramsay Brown and T. Dalton Combs co-founded Boundless Mind with a mission to disrupt America’s addiction to technology.

The American Psychological Association revealed in 2018 that 65% of us believe that periodically unplugging would improve our mental health. Another study conducted by the University of Texas in 2017 found that the mere presence of our smartphones, face-

minds be what they want to be and not just robots with more eyeball time.

The conversation needs to start – the ability to control our own minds must belong to us. Despite all of these companies advocating for us, we can always start with ourselves. As Derek Powazek, the author of Design for Community: The Art of Connecting Real People in Virtual Places, puts it: “We are not the product if we educate ourselves enough.”

Aytekin Tank is the founder and CEO of JotForm, an online form creation software with four million users worldwide and more than 100 employees. A developer by trade but writer by heart, Tank shares stories about how he exponentially grew his company without receiving any outside funding. For more information, visit jotform.com.

www.wealthprofessional.ca

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FEATURES

TEAMWORK

How to strengthen relationships with your team If your relationships with team members are suffering, you might be approaching them the wrong way. John Eades outlines seven things managers can do to turn things around

NO ONE wants to go to work every day dreading the amount of time they’re going to spend with their boss. At the same time, I don’t know any sane leader who looks forward to having bad relationships with team members. So the question then becomes, why are so many relationships between team members and their leader a major part of the reason people are unhappy at work?

The answer: Most leaders have the equation wrong. The majority of leaders believe team members are responsible for the relationship with their leader. This belief puts the ownership of worthiness, trust, ability, respect and work ethic on the shoulders of others.

The correct equation is: Leaders are responsible for the relationship with each individual team member.

In this drastically different approach, leaders know they are ultimately the ones

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responsible for building relationships based on trust, respect, work ethic, forgiveness and accountability. These leaders model the behaviours they want to see, communicate well with their team and allow their team members to choose to meet or exceed the standards set. This doesn’t mean the relationship isn’t a two-way street, but it means the leader takes the ownership and responsibility in it.

Knowing that ownership and responsibility of work relationships starts with leaders, here are seven wise habits you can leverage to strengthen those relationships.

1

Remove your ego

Ryan Holiday, the author of Ego Is the Enemy, defines ego as “an unhealthy belief in our own importance … the need to be better than, more than, recognized for far past any reasonable utility.” If this is

you, your people won’t want to follow or work hard for you. It’s that simple.

When I had Cy Wakeman, the author of No Ego, on the Follow My Lead podcast, she said, “Ego puts a filter on the world that corrupts your relationship with reality.” If you can remove ego from the equation, you’ll remove barriers in your relationships with your team.

2

Focus on trust with each team member

When I ask in our Welder Leader workshop, “Who is responsible for the bond of mutual trust between leader and team members?”, the overwhelming answer is “team members.” And they’re wrong. Trust is built between leader and team member by the actions and behaviour of the leader, not the other way around. People will judge your trustworthiness by your character, expertise

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and how well you share your expertise with each team member.

3

Be a good coach

4

Put your phone away when interacting

One of the most important habits any leader can improve is their ability to coach the individuals on their team. Author and executive coach Michael Bungay Stanier says any leader can be a better coach just by “staying curious a little bit longer and rushing to advice-giving a little bit slower.” Positivity impacts your relationship with your people if you can coach them to improve a skill gap.

No one likes to see someone else pick up their phone in the middle of a conversation. When this happens, it makes us feel much less important than whatever is happening on the phone. I can only write this

Trust is built between leader and team member by the actions and behaviour of the leader, not the other way around because I am guilty as charged, and changing this habit is an ongoing challenge.

5

Embrace the journey of each team member

It’s easy for leaders to get in the habit of assuming every professional on their team is in the same place in their life’s journey. Just because a 30-year-old and a 40-year-old might be doing the same job doesn’t mean they are in the same place on their journey. One could be single, while the other is married with kids. Those things abso-

lutely matter. Get in the habit of putting yourself in the shoes of where your people are on their life’s walk.

6

Ask for feedback about yourself

The number one competencydeficient area we have found in our Welder Leader assessment is asking for feedback from the team. This is so important because people want to feel like their opinion matters. The ability to be vulnerable in front of your team will instantly improve the relationship. One

caveat: You must be humble when accepting feedback, rather than becoming defensive, or the act of asking for feedback will put your relationship at a deficit.

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Model what you want to see

If you only remember one thing, remember this: People watch everything a leader does, whether the leader likes it or not. So the example you model is exactly the behaviour you will get from your team.

John Eades is the CEO of LearnLoft, a full-service organizational health company whose mission is to turn managers into leaders and create healthier places to work. He is a speaker, host of the Follow My Lead podcast, and author of F.M.L.: Standing Out & Being a Leader and Building the Best: 8 Proven Leadership Principles to Elevate Others to Success.

For more, visit learnloft.com.

www.wealthprofessional.ca

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CANADA

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WEBSITE Breaking news, in-depth profiles, features, online forum and opinion and analysis

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4 PM

PEOPLE

CAREER PATH

ONWARD AND UPWARD The drive to always make the next year better than the one before has brought Laurie Bonten a long way

After she had to leave university due to her father’s death, Bonten was sent by the unemployment office to Midland Doherty, where she snagged her first job.

“Within a year they told me, ‘If you get your licence, we’ll make you an assistant.’ There were no assistants in Winnipeg then. It was a moment that changed my life – I’m annoyingly ambitious, and I thought, ‘What do I need to get this?’ and started taking classes at night.”

1982

BEGINS HER CAREER

1987 FINDS HER OWN CLIENTS Once her training was complete, Bonten grappled with the reality of finding clients.

“All I had was a desk and a phone. I made three phone calls, and on the third call, I cried.

Instead, I organized seminars. I would stand up and speak briefly in front of 800 people and say, ‘You should call me,’ and then I had a list of 800 people I could phone. I got in with few of them, and that’s how I started my career.”

1994 HIRES AN ASSISTANT Bonten initially took a financial hit when she brought on a marketing assistant, but it moved her forward professionally.

“It’s a big step to take someone on and be responsible for them, and it meant a step back in my own income but three steps forward professionally. I spent a lot of time on the training. It only took a year to break even.”

2017 BUILDS HER DREAM FIRM Once Bonten and her colleagues were free to leave Wellington West after its acquisition by National Bank Financial, they founded ‘Wellington 2.0’ – Wellington-Altus Private Wealth.

“We started with $2.5 billion in 2017 and are at almost $10 billion today. When we started, there were 17 of us, and now we have 280 people across Canada.

Sometimes I get up and go to work at 5 a.m. because I’m excited to come to work – it’s an absolute dream.”

1985 JOINS CANADA’S FIRST LICENSED FEMALE STOCKBROKER After building a reputation, Bonten got a call from Canada’s first licensed female stockbroker, who was in need of an assistant. Soon, that stockbroker told Bonten something that changed her life yet again.

“Her goal was to make the incentive club levels, and she did that after I joined her. She said, ‘Why are you doing this for me when you could be doing it for yourself?’ That made me believe I could do it” 1991

MAKES THE PRESIDENT’S COUNCIL Despite receiving more lucrative offers elsewhere, Bonten made the decision to move to BMO Nesbitt, which worked out well. In her first year, she qualified for the President’s Council trip to Disney World and was seated next to the CEO at the awards dinner.

“He asked me questions – it stuck with me that he asked my opinion and listened to what I said. I wanted to ensure I made that trip every year. My goal became to do a little better every year.”

2003

JOINS WELLINGTON WEST After receiving several invitations, Bonten made the move to Wellington West.

“It was an amazing place to work – it was all about the clients and giving advisors what they needed to service clients. The culture was entrepreneurial; everyone felt valued. It was all about building, and I love building – it takes me back to where I started, in architecture. In 2003, we had $2.4 billion in assets; when we sold in 2010, it was $10 billion.”

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PEOPLE

OTHER LIFE

TELL US ABOUT YOUR OTHER LIFE Email editor@wealthprofessional.ca

“I don’t like giving money because it doesn’t go to the end user,” Dehal says. “I would rather provide the resources.”

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Number of kids at the orphanage in India that Dehal supports

$5,000

Cost of the water filtration system Dehal donated to the orphanage

1 in 700 Chance of a baby being born with a cleft lip

INVESTED IN GIVING BACK For advisor Michael Dehal, improving the lives of others goes beyond merely writing a cheque GIVING BACK is one of Michael Dehal’s guiding principles, so when the Raymond James advisor first travelled to India and experienced the poverty that pervades the nation, he knew he had to act – and ended up financially supporting an orphanage.

“It was a fluke – I saw a billboard with a

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picture of kids and pulled over, walked in and found there were kids there from six months old to almost 18,” he says. “Right then, I secured 200 pens and notepads and some candies from Canada and handed them out to the children.”

For his last trip to India, Dehal, who

himself was born with a cleft lip and palate and also serves as CEO of the Cleft Prevention International Foundation, presented surgeons who do cleft lip repair with gift baskets for their patients that included modified feeding bottles and the ‘cleft bear,’ a stuffed toy altered to have a cleft lip.

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