Wealth Professional 7.06

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Get to know 50 of the most dynamic driving forces in Canada’s investment world


Find out who took home a trophy at the Wealth Professional Awards

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WealthBar CEO Tea Nicola on how she’s working to make Canadians more financially savvy


Is cryptocurrency the next frontier for thematic ETFs?

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At iA Securities, we believe helping you invest in your clients begins and ends with investing in you. Because, like you, we understand the importance of personal relationships – and how fundamental they are to your business. It’s why we offer advisors more autonomy and control, so you can continue doing right by your clients everyday.

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ISSUE 7.06

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UPFRONT 02 Editorial

Why fixed-income ETFs are all the rage

04 Head to head






WPC spotlights 50 men and women who are propelling Canada’s investment industry into the future

BMO Global Asset Management looks back at 10 pioneering years in the ETF market

INDUSTRY ICON WealthBar CEO Tea Nicola is on a mission to improve financial literacy across Canada


06 Statistics

Canada’s leading cannabis ETF producers have turned their attention to the US marijuana market

08 News analysis

Will thematic ETFs delve into cryptocurrency next?

10 Intelligence

This month’s big movers, shakers and new products

12 ETF update

The 2019 federal budget might put an end to some ETFs’ tax efficiency

14 Alternative investment update


Industrial and multi-residential real estate continue to draw investors

19 Opinion



How do advisors keep clients on track when market volatility rises?


Find out who took top honours on the industry’s biggest night

Advisors who aren’t focusing on the next generation of clients are missing out on a huge opportunity

PEOPLE 70 Career path

Throughout his career, Nick Bakish has always been in the driver’s seat

72 Other life

For financial communications expert Corey Goldman, giving back is just part of the job




David Barnsdale has carved out a niche by helping family businesses transition to a new generation


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EDITORIAL wealthprofessional.ca

Is fixed income the future of ETFs?


he popularity of ETFs among advisors and investors has been well documented. In the decade since the financial crisis, overall ETF AUM in Canada has grown from $31 billion in 2009 to $172.9 billion as of the end of March. So far this year, that growth has been led by fixed income. In the first three months of 2019, fixed-income mandates accounted for 58.5% of net creations, compared to fixed income’s 27.2% share of net creations for all of 2018. As more fund providers introduce fixed-income ETFs and more advisors use them to give their investors exposure to the asset class, are these products set to take an even bigger piece of the pie? Fixed-income ETFs do offer advantages over traditional bond trading. For one, there’s more transparency. In the opaque bond market, it can be tough to see availability, spreads and frequency of trades. Fixed-income ETFs, on

For investors, having fixed-income exposure through ETFs is another way to be more involved in the investment process the other hand, can be tracked, which provides advisors with more in-depth knowledge about what they’re purchasing. In addition, fixed-income ETFs offer greater liquidity, which allows active managers to constantly be looking for the best outcomes for their clients. For investors, having fixed-income exposure through ETFs is another way to be more involved in the investment process. Advisors can show which bonds make up an ETF, allowing investors to better understand what’s in their portfolio. Advisors can also incorporate active fixed-income solutions to bring additional value to clients. So what’s next for fixed-income ETFs? Perhaps fund providers will take a page out of the equity ETF playbook and design something similar to factor-based products. Whatever the next step is, there’s no doubt that demand for fixedincome ETFs will continue to grow. It will be up to fund providers to continue to drive innovation and up to advisors to find the best means of implementation.

The team at Wealth Professional Canada



Managing Editor Joe Rosengarten

Director, Client Strategy Dane Taylor

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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

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Copyright © 2019 S&P Dow Jones Indices LLC. All rights reserved. S&P® and Indexology ® are registered trademarks of Standard & Poor’s Financial Services LLC. Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices receives compensation for licensing its indices to third parties. S&P Dow Jones Indices LLC does not make investment recommendations and does not endorse, sponsor, promote or sell any investment product or fund.

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How do you manage client expectations amid volatility? When faced with market tumult, what are advisors’ go-to strategies for helping clients stay the course?

Trent Stanley

President Oak Tree Financial Services “Managing clients’ expectations during volatile markets requires the same process and discipline as calm markets. We start with a plan that outlines the client’s short- and long-term goals and income needs. Every review begins the same way: Is there anything in your situation that has changed from the plan that we’ve established? Investing in any asset class other than cash or GICs requires an acceptance of volatility. Our job as an advisor is to focus on helping the client get to their long-term financial destination. If we focus on the plan, volatility is put in proper perspective.”

Filomena May

Financial advisor Filo Financial Solutions, Raymond James “Managing client expectations in today’s volatile market is about helping them see the bigger picture and keep sight of overall goals. I maintain open communication around fears when it comes to money and investing during optimal times in preparation for volatile times – not just in the markets, but in whatever may occur in the client’s life. This means planning for the unexpected, setting realistic expectations and reminding them of the measures that need to be taken to stay on track. Guidance during such times to ensure that decisions are not made based on emotion is powerful.”

Bart Hunter

Senior wealth advisor and director The Hunter Financial Group, ScotiaMcLeod “At the beginning of the relationship, we educate clients on our process and portfolio management approach. If we don’t believe there is a good fit between that and the client’s stated objectives, we wouldn’t bring that client on board. We target diversification of approximately 50% in real estate, private equity and income alternatives, and 50% in stocks and bonds – ultimately driven by the client’s investment objectives. We expect volatility in the public market; however, we believe that we’re positioned to take advantage of that. We don’t see volatility as risk; we see it as part of the plan.”

HAVING THE DIFFICULT CONVERSATIONS Investor satisfaction is taking a hit amid market volatility and poor returns, according to a recent J.D. Power study, which found that much of the discontent can be traced to advisors neglecting to loop their clients in on the reasons for subdued performance. Almost one in three Canadian investors said their advisor didn’t explain the performance of their portfolio in the past year – and those clients were nearly twice as likely to describe their portfolio’s performance as “worse than expected” than those who had been properly prepped. “Many advisors are not consistently having the sometimes difficult conversations necessary to manage client expectations and navigate through market volatility and downturns,” noted Mike Foy, senior director of wealth intelligence at J.D. Power.



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Introducing BMO Private Wealth. Because together, we’re stronger.

BMO Nesbitt Burns and BMO Private Banking have come together to form BMO Private Wealth. Professionals from one of North America’s leading full-service investment firms and Canada’s best private bank* are now one team helping clients grow, protect and transition their wealth. We go deeper to develop and fully execute a comprehensive plan so clients and their families can enjoy the life they’ve built with confidence. Learn more at www.bmo.com/privatewealth *World Finance, Best Private Bank Canada Award 2011-2019 BMO Wealth Management is a brand name that refers to Bank of Montreal and certain of its affiliates in providing wealth management products and services. Not all products and services are offered by all legal entities within BMO Wealth Management. BMO Private Wealth is a brand name for a business group consisting of Bank of Montreal and certain of its affiliates in providing Private wealth management products and services. Not all products and services are offered by all legal entities within BMO Private Wealth. Banking services are offered through Bank of Montreal. Investment management services are offered through BMO Nesbitt Burns Inc. and BMO Private Investment Counsel Inc. Estate, trust, and custodial services are offered through BMO Trust Company. BMO Nesbitt Burns Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. ® Registered trademark of Bank of Montreal, used under license.

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Greener pastures

TALE OF THE TAPE Evolve ETFs and Horizons ETFs were racing to be the first fund providers to offer Canadians access to cannabis companies south of the border. While the two funds have some similarities, they represent completely different investment strategies: Evolve’s fund is actively managed, while Horizons’ tracks the US Marijuana Index. Horizons also amassed more than five times as many assets for its ETF during its first weeks of trading.

The race to get in on the burgeoning cannabis market has led fund providers to look south of the border LAST YEAR was a big one for cannabis investing in Canada – but fund providers have already set their sights on the potentially massive US cannabis market, despite the complications of uneven legalization. (More than half of all states have some form of legalization, yet the drug remains illegal at the federal level.) Despite the hurdles, two Canadian fund companies released US cannabis ETFs in April.

$11 billion Value of the global medical marijuana market in 2017

Evolve launched an actively managed ETF on April 17, only to be followed by an indexbased fund from Horizons a day later. The two companies have already found success with their Canadian cannabis ETFs; with both the global and US cannabis industry anticipated to grow considerably within the next decade, it’s no secret why both companies were keen to establish an early presence in the US market.

$37 billion $35 billion $146.4 billion Projected value of the global medical marijuana market by 2023

Projected value of the North American legal cannabis market by 2023

Projected value of the global legal marijuana market by 2025

Sources: IMARC Group; Grand View Research; BMO



Medical marijuana producer Curaleaf Holdings leads the US market in terms of market cap and has the top weighting in Horizons’ US cannabis ETF and the number-two spot in Evolve’s US-focused fund.

Evolve and Horizons aren’t just the first producers to launch products concentrated on the US marijuana market; the two have also been mainstays in the Canadian cannabis sphere. Despite a few bumps in the road, both fund providers have seen healthy increases in the price of their Canadian cannabis ETFs over the past year.



Curaleaf Holdings

Horizons Marijuana Life Sciences Index ETF (HMMJ)

$5.20 billion

Evolve Marijuana Fund (SEED)

GW Pharmaceuticals Green Thumb Industries $1.54 billion


Acreage Holdings $954 million Green Growth Brands $954 million

$15 MAY 2018 MarijuanaIndex.com, as of April 30, 2019



$5.01 billion

JUN 2018

JUL 2018

AUG 2018

SEP 2018

OCT 2018

NOV 2018

DEC 2018

JAN 2019

FEB 2019

MAR 2019

APR 2019

Sources: Evolve ETFs, TMX Money


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Raj Lala



Steve Hawkins

President and CEO

President and CEO


Evolve US Marijuana ETF

Horizons US Marijuana Index ETF


Ticker symbol






Management fee (plus taxes)


April 17, 2019


April 18, 2019

Canopy Growth Corp. (6.84%)

Top holding

Curaleaf Holdings (13.45%)


$3.65 million

$19.9 million


Total holdings



Price at listing





Sources: Evolve ETFs, Horizons ETFs, as of April 30, 2019



The United States Marijuana Index – the index tracked by Horizons’ HMUS ETF – rose by 158% between November 2017 and October 2018, despite ongoing conflict about state- and federal-level approaches to cannabis. In recent months, the index has seen even more pronounced peaks and valleys, but April brought a new high-water mark.

Thirty-four out of the 50 US states have some form of marijuana legalization. If more states follow suit, the industry in the US would be in for a substantial boom.


$88.88 $98.13

JUN 2018 JUL 2018 AUG 2018

$95.63 $89.59 $116.00

SEP 2018


OCT 2018 $119.85

NOV 2018 $107.01

DEC 2018 JAN 2019 FEB 2019 MAR 2019 APR 2019


10 states have legalized recreational and medical marijuana 24 states have legalized medical marijuana only 16 states have no legalization

$117.27 $122.68 $132.77 Source: The Marijuana Index

Source: DISA.com


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The next big theme? Experts believe cryptocurrencies could become the new frontier for thematic funds, mirroring gold as an uncorrelated investment

THE RISE of thematic ETFs has garnered a lot of attention recently. From gender diversity to robotics to cannabis, there seems to be an ETF for everything. But what will the next wave of thematics be? This ques­ tion was posed during May’s ETF Summit in Toronto, where a pair of experts made the case for cryptocurrency as the next trend. “We look at the other side, what hasn’t been done yet. It’s all about trying to be ahead of the next curve,” says Fred Pye, presi­ dent and CEO of 3iQ, which offers the 3iQ Global Cryptoasset Fund. For Pye, crypto­ currencies represent that next curve. A recent global survey by financial advisory firm deVere Group backs this up, revealing

hundred-dollar bill and separate the serial number from the bill, what have you got? You have the number. If you put that number in your phone and give it to me, it’s the same thing as the bill.” Following that logic, he adds, you can send that hundred dollars anywhere, and it wouldn’t be dependent on a particular currency, creating a global digital currency that is completely secured by blockchain and not controlled by government. Pye believes that is the future of money. His ideas were echoed by Martin Lalonde, president and portfolio manager at Rivemont Investments, which manages the Rivemont Crypto Fund. “When Bitcoin was invented,

“Bitcoin is a digital form of gold – it has a fixed supply and is the next wave of where real money is going” Fred Pye, 3iQ that two thirds of high-net-worth investors expect to hold crypto assets within the next three years. In light of this, Pye has been trying to break down the complexity of cryptocurrency for the average investor. “I bring it down to something simple,” he says. “If you take a


the goal was to transfer money rapidly without the intervention of a bank or state,” he says. “It was really libertarian. I think we need Bitcoin and need to keep it that way. I see Bitcoin becoming digital gold that you can use anywhere in the world.” Lalonde says holding currency on mobile

devices is a concept that’s already taking off in countries that have lost confidence in their fiat currency. He believes this acceptance of cryptocurrency will eventually spread to other areas of the world. However, for that to happen, Pye feels there needs to be an additional step between fiat currency and full cryptocurrency, such as stablecoins, a digital form of currency tied to an existing currency. They’re already in use in the US, and 3iQ is in the process of imple­ menting a CAD-backed crypto asset. “You’ll be able to move dollars from phone to phone, free and secure, supplanting the banking system,” he says. “Going from fiat to Bitcoin was too big a jump. Once we estab­ lish a good network of digital stablecoins, which will have digital Canadian and US values, it will allow for currency trading in


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$5,390 $5,000

$4,151 $4,000 $3,880

$3,831 $3,462





January 1 February 1 March 1 April 1

May 1

May 22

Source: Yahoo Finance

T-plus three seconds. I think that’s where you’re going to see the shift happening first.” Lalonde believes that one of the key

come up with solutions.” Indeed, in early May, Fidelity Investments announced it would buy and sell Bitcoin for

“If [cryptocurrency] is managed correctly, large Canadian banks will enter the sector soon” Martin Lalonde, Rivemont Investments drivers in this shift will be security. He notes that while there have been negative stories, Bitcoin itself has never been hacked – just the managers of it. “If it is managed correctly, large Canadian banks will enter the sector soon,” he says. “They already have people working on the blockchain, and they will

institutional customers. In light of news like that, both Lalonde and Pye say now is the time for investors to enter the space. “What that means is that now is the right time to invest,” Lalonde says. “The good thing would be to be there early. We think that in the future, every portfolio will have a portion

of cryptocurrency. We advise between 5% to 10% in cryptocurrencies, if clients like it. We don’t promote it – we wait for them to talk to us.” However, Pye adds, “there is still no way to get Bitcoin into a TFSA or RRSP. Bitcoin is a digital form of gold – it has a fixed supply and is the next wave of where real money is going that is not correlated to the market. Now we need more firms focusing on this. We only have two in Canada, which is screaming for an exchange-listed Bitcoin fund.” Pye stresses that the next generation of investors will want to talk about crypto­ currencies, and advisors who shy away from the concept will struggle to attract them. “They want to do everything online, and their asset allocation to crypto is way out of control,” he says. “They need financial advisors to reel them back and show them that crypto assets are less correlated to every other asset class.”


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Fiera Capital

Foresters Asset Management

Fiera is acquiring the Canadian asset management business of Foresters Financial, which is pivoting to focus on its core life insurance business

Nest Wealth

Razor Logic Systems

The acquisition will add sophisticated financial planning to Nest Wealth’s professional wealth management capabilities

Optimum Financial Group

Hillswick Asset Management

The deal diversifies the Optimum’s asset management activities in the US to go beyond life reinsurance






The Quebec pension fund has supplied funding for the co-working company to create a US$2.9 billion real estate investment platform

Natixis IM

Fiera Capital

Natixis will become Fiera’s distribution platform in Canada, opening Natixis IM’s active investment strategies to Fiera clients



RBC is one of the principal founding corporate sponsors in EvoNexus’ fintech incubator, the first in Southern California



TD will use Microsoft’s Azure cloud platform to provide data and AI resources for its tech and design teams

TD launches three international ETFs

TD Asset Management has added three new international ETFs to its fund lineup. The TD Active Global Enhanced Dividend ETF (TGED) actively invests in dividend-paying equities with the potential to use options to reduce risk and earn additional income. The TD Systematic International Equity Low Volatility ETF (TILV) uses a quantitative strategy to invest in equity securities from developed-market firms in Europe, Australia and Asia. Finally, the TD Global Technology Leaders Index ETF (TEC) provides investors with exposure to global mid- and large-cap issuers in the tech industry.

Fiera Capital snaps up Foresters’ asset management business

Fiera Capital has struck a deal with Foresters Financial to acquire Foresters Asset Management. With approximately $10.5 billion in AUM as of April 30, the addition will enhance Fiera’s Canadian institutional fixed-income and liabilitydriven investment [LDI] capabilities. The deal is part of Foresters Financial’s strategic plan to focus on its core life insurance business. Earlier this year, the insurer also sold off its First Investors mutual fund business and its US-based broker dealer and advisory business. “This transaction will provide Fiera Capital with an opportunity to broaden its relationships with Foresters Financial and its clients, in addition to being a financially attractive endeavour,” said Jean-Philippe Lemay, president and COO of Fiera Capital’s Canadian division. “We are excited to partner with Foresters Asset Management’s clients to provide leading-edge solutions to achieve their financial, regulatory and capital objectives.”


Evolve expands access to cybersecurity ETF

Evolve ETFs has launched US dollardenominated unhedged units of its Evolve Cyber Security Index ETF. Trading under the symbol CYBR.U, it joins the fund’s Canadian dollar hedged (CYBR) and Canadian dollar unhedged (CYBR.B) units on the TSX. “We launched CYBR.U in response to a number of requests from advisors for an unhedged US dollar CYBR class,” said Evolve ETFs president and CEO Raj Lala. “Cybersecurity remains a non-discretionary spend for businesses and a driving force for the continuous growth of the global economy.”


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PEOPLE Horizons goes nuclear with new ETF

Horizons ETFs has launched Canada’s first ETF with direct exposure to the global uranium sector, which is collectively valued at approximately $15 billion. The Horizons Global Uranium Index ETF (HURA) provides access to issuers that are involved in uranium mining and exploration, or that invest and participate directly in the physical price of uranium. “Nuclear is the only viable solution to supply zero-emission base load power, and currently, there is not enough uranium being mined to meet planned growth,” explained Horizons’ Nick Piquard. “These factors combined make for a very positive opportunity for the uranium mining sector.”

BMO boosts fund shelf with two new products

BMO Investments has unveiled two new mutual funds. The BMO Concentrated US Equity Fund provides a portfolio of US-based, high-quality equity securities, investing with high concentration to deliver long-term capital appreciation. The BMO Low Volatility Canadian Equity ETF Fund invests in a diversified portfolio of Canadian equities that have lower sensitivity to market movement with the potential for long-term capital appreciation. The funds will be available as Series A, F, D, I and Advisor Series securities, subject to regulatory approval.

Bridgehouse announces fund fee cuts

Bridgehouse Asset Managers has announced management fee reductions for three of its funds. Fees for Series A, D and F units of the Brandes Canadian Equity Fund have been reduced by 0.35%, as have the fees for series A, AH, F and FH units of the Brandes US Equity Fund. Both funds, along with the Brandes Global Small Cap Equity Fund, also saw their risk rating lowered to medium. In addition, Bridgehouse has reduced fees for Series A, AH, F and FH units of the Lazard Global Managed Volatility Fund by 0.2%.





John Bai

Scotia Wealth Management

Aviso Wealth/ NEI Investments

Vice-president and chief investment officer

Maha Katabi

Oxalis Capital

Soffinova Investments


Éric Phaneuf


Walter Capital Partners

President and CEO

Claudio Rojas


National Angel Capital Organization


Rob Vanderhooft


TD Asset Management

Chief investment officer

NEI Investments appoints new CIO

NEI Investments, a subsidiary of Aviso Wealth, has named John Bai vice-president and chief investment officer. Bai has more than 25 years of investment experience, most recently as managing director of client experience transformation at Scotia Wealth Management. In addition to leading investment research and product teams and multiple asset allocation committees, he has been extensively involved in overseeing manager selection and due diligence processes. “John’s depth of experience as an asset management leader and his understanding of the evolving needs of financial advisors and their clients will be key in delivering on our continued commitment to providing differentiated investment solutions to Canadian investors,” said Frederick Pinto, SVP and head of asset management at NEI Investments.

Walter Capital names new head

Private equity firm Walter Capital Partners has tapped Éric Phaneuf as its new president and CEO. A managing partner since Walter Capital’s inception in 2015, Phaneuf has worked closely with portfolio companies to drive their growth. His contribution to the development and execution of the firm’s investment strategy led to the creation of a $200 million fund. Prior to joining Walter Capital, Phaneuf held senior management positions in publicly traded North American companies with significant international market exposure. “[Éric] is the calibre of leader who is a true partner to support our firm’s growth, as well as that of our portfolio companies,” said René Fournier, president and CIO of Walter Capital.


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ETF UPDATE NEWS BRIEFS ETF providers are jumping on the ESG bandwagon

According to new data from FactSet, there are 182 ETFs around the world that incorporate environmental, social and governance [ESG] factors into their investment strategies, and they hold some US$20.7 billion in AUM. Among those ETFs, 59 were launched in 2018 or 2019; in the first two months of this year alone, inflows into ESGfocused ETFs reached US$180 million. Momentum has also picked up among fixed-income ESG ETFs, thanks to rising interest from investors in the US and Europe. According to Morningstar’s Jon Hale, providers have been dialling down prices to make ESG products more competitive.

Proposed non-transparent ETFs don’t appeal to all

With the US Securities and Exchange Commission set to approve a proposal for non-transparent ETFs, a recent study by Cerulli Associates has found that 46% of active asset managers are interested in building nontransparent ETF capabilities within a year of the approval. However, 53% of ETF strategists said they wouldn’t use such ETFs in model portfolios, as they wouldn’t be able to model the underlying holdings. Cerulli concluded that unless the non-transparent products are “significantly less expensive than their traditional fund counterparts,” they could fail to gain traction with investors.

Investors tend to favour the “cheapest of the cheap” funds

In its latest study on fund fees, Morningstar found that average assetweighted fees for US-based open-end mutual funds and ETFs plunged from


0.93% in 2000 to 0.48% in 2018. The trend has been fuelled largely by acute cost-consciousness among investors. Ben Johnson, Morningstar’s director of global ETF research, noted that the lion’s share of ETF inflows in 2018 went into the “cheapest of the cheap” funds. Those funds primarily deliver passive strategies, for which average expense ratios have hit a low of 0.15%.

Accelerate rolls out performancefee-only ETF suite

Accelerate Financial Technologies has launched three alternative ETFs that come with a 0% management-fee, performance-fee-only compensation scheme. The offerings include the Accelerate Private Equity Alpha Fund (ALFA), the Accelerate Enhanced Canadian Benchmark Alternative Fund (ATSX) and the Accelerate Absolute Return Hedge Fund (HDGE). The funds’ performance fees, which are accrued daily and paid quarterly, are based on their ability to go above a high watermark, at which point Accelerate will recoup a fee of 15% (for ALFA), 50% (for ATSX) or 20% (for HDGE) on the outperformace amount.

Investors to increase ETF exposure during volatility

Sixty-one per cent of ETF investors in the US expect higher market volatility in the next six months, and 44% said they will put more money into ETFs because of it, according to Charles Schwab’s annual ETF Investor Study. Fifty-one per cent of respondents have already increased their allocations to ETFs in the past six months in response to market turbulence. Among those who expect more violent market movements, 73% said they’d invest more in ETFs in the next year, while 37% said they’d consider putting their entire investment portfolio, excluding cash, into ETFs.

Will tax changes hit ETFs? A proposal from the Canadian government could blunt the tax advantage for some ETF products The federal budget is always a marquee event that attracts massive attention, especially from investment professionals whose strategies might be affected by new policy proposals. Last year’s budget caused a stir among small-business owners hurt by changes to the taxation of Canadian-controlled private corporations. The 2019 budget also included a potentially game-changing proposal, this time affecting the taxation of certain types of ETFs. “The proposed legislation, if enacted, might impact the future tax efficiency of certain types of ETFs, including total return index ETFs, synthetic commodity ETFs, and inverse and leveraged ETFs,” experts from National Bank of Canada wrote in a note following the budget announcement. Total return index [TRI] ETFs offer exposure to an asset class not by holding it directly, but by entering into total return swaps with at least one institutional counterparty; in exchange for interest-rate payments and possibly an incremental swap fee, the counterparty promises to deliver the total return of a reference index at a specified date. Similarly, synthetic commodity ETFs don’t offer direct exposure; instead, they use derivatives to deliver the performance of a reference fund or index. Meanwhile, inverse and leveraged ETFs use forward-based structures to try to deliver multiples, either positive or negative, of the daily performance of a specified benchmark.


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These types of ETFs enjoy a tax advantage because of the way funds are allowed to offset income. When a dealer redeems units of the ETF to the issuer, it could result in the fund realizing capital gains or income; in the case of synthetic ETFs, that income would come from the returns generated by swaps or derivatives. In order to neutralize the resulting tax hit, issuers can allocate income to the entity redeeming the units and reduce the redeemer’s proceeds. But as Alex Perel, Scotiabank’s

“The proposed legislation … might impact the future tax efficiency of certain types of ETFs” head of ETF services, pointed out in his own commentary on the issue, “the proposed rules effectively prevent ETFs from allocating income to redeemers.” The largest impact of the federal budget proposals might be felt by Horizons ETFs. After the budget announcement, Horizons revealed that it is assessing the potential impact on more than 40 ETFs, adding that the federal changes would not apply to the ETFs until after their 2019 taxation years. “If the ETFs were to continue to carry on operations after their 2019 taxation years in the same manner as they do currently, the proposed legislative changes could potentially result in taxable distributions to the unitholders of the ETFs,” Horizons said.


Tim Huver Head of product, Americas VANGUARD CANADA

Years in the industry 16 Fast fact With $20 billion in assets under management, Vanguard is the third largest ETF provider Canada

The next frontier for lower fees How do ETF investor attitudes differ between Canada and the US? We’re seeing a strong contingent of do-it-yourself investors in the US; percentage-wise, it’s larger than what we see in Canada, where advice is so much a part of the heritage. In both regions, there’s a recognition of the role costs play in determining returns, as well as a shift from commission-based to fee-based advice. I would say people gravitate toward lower-cost options because of those trends. I also think that the misconception that higher cost and complexity lead to better outcomes is slowly fading away. Quality and cost don’t have to be mutually exclusive; a well-thought-out investment portfolio can align solid ETF features, value and low cost.

Low cost has become a major point of competition, but are there other aspects fund providers might be overlooking? Cost competition has been a real positive for the industry, but that’s only the start of the conversation. As a fund firm, you also have to think about the services and value you provide, which can go beyond just the ETF. Advisors in particular look across providers with an eye on value-added services like research and thought leadership to help their career and practice. We leverage the breadth and depth of expertise of Vanguard’s US$5 trillion global organization to support our advisors. We partner with them on concerns like practice management, business growth, behavioural coaching for clients, investor risk tolerance and asset allocation. All of those are elements of holistic thinking that we try to satisfy.

What do you think are the next developments that will arise from today’s cost-conscious climate? Since we entered the Canadian market seven years ago, we have seen industry-wide cost declines from the so-called “Vanguard effect.” We consider that a positive disruptive force, not just for our clients, but for investors in general. This has been true particularly in the core passive space, which is an area we compete in. Being a low-cost champion is in our DNA, so we do hope to see greater competition in all areas of the ETF market. We see the next frontier in this movement in the Canadian active space, where we’ve brought some of our largest institutional investment managers to Canada with our new active mutual funds. That’s letting the retail market access institutional-quality investment strategies, along with low costs usually available only at institutional scale. On the ETF side, we also have single-factor ETFs where you can get that low-cost active exposure. We’re also moving into the product solution space with asset-allocation products, which give single-ticket access to a risk-based portfolio of our low-cost products. Each ETF can form the whole of an investor’s portfolio, or it can be a core for them to build around. We feel investors can further benefit by getting these kinds of solutions, which are still sensible and sophisticated in their design, from providers like us.


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The appeal of commercial real estate Figures from the first quarter show high demand colliding with persistently low supply

and surrounding municipalities, along with many of Canada’s other large urban centres. And while the upward pressure on rents has catalyzed new development (22.6 million square feet of new supply was recorded by the end of the first quarter), Morguard expects constraints in supply to remain for some time. The real estate firm had a similarly positive outlook on the multi-residential space,

“Commercial real estate investment performance will mirror that of the recent past”

Canada’s industrial and multi-suite residential rental sectors continued to be highly regarded by the investment community through the first quarter of 2019. In the Q1 update to its 2019 market outlook, Morguard reported that the two real estate investment segments enjoyed solid near-term rental growth prospects, which were underpinned by low supply and high demand. “Commercial real estate investment performance will mirror that of the recent


past,” the report said. “On aggregate, multisuite residential rental and industrial sectors will continue to outperform, in light of generally healthy rental market outlooks.” Citing figures from CBRE, Morguard noted a record-low national availability rate of 3% in the country’s industrial leasing market as of the end of March. Meanwhile, demand forecasts continue to outstrip supply projections, particularly as e-commerce sales boost demand for industrial space in Toronto

Venture capital firm launches artificial intelligence fund

Toronto-based venture capital firm Radical Ventures has launched a US$350 million fund focused primarily on artificial intelligence. Founded by former executives of Toronto-based AI startup Layer 6, which was acquired by TD in 2018, Radical Ventures targets entrepreneurs who apply deep tech to transform massive industries. The firm’s newest fund will make earlyand growth-stage investments in mostly Canadian companies that are developing AI products or applying AI to create a competitive advantage in large markets.


where availability rates are projected to hover at or near record lows across the market. While February brought a steeper-thananticipated 16.3% decline in housing starts across the country – particularly in Quebec and British Columbia, where multi-unit starts slid markedly – international migration patterns and the movement of retirees from single-family homes to the rental market should keep demand high. “Like the industrial sector, this pressure, coupled with very low availability, was expected to drive rents beyond the all-time highs set recently,” the report said. “As a result, the sector was expected to remain a favourite of investors, along with the industrial sector, for the foreseeable future.”

Female presence lacking in North American VC

In its analysis of more than 300 venture capital firms and corporate venture arms across North America, Toronto-based investment accelerator Female Funders found that just 10% of all VC funding dollars in 2018 went to funds led by female managing partners. Representation also tended to drop with seniority: Women accounted for 47.4% of all analysts in the corporate VC space, compared to just 31.9% of associates and managers; 27.1% of principals, directors and VPs; and 15.9% of partners and executives.


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Ramesh Kashyap Managing director and group head, alternative income group NINEPOINT PARTNERS

Years in the industry 15 Fast fact Offered to institutional and high-net-worth investors and their advisors, Ninepoint’s two newest funds target different corners of the US private debt space

Diving into US private debt diversification The Ninepoint Monroe US Private Debt Fund is focused on the middle-market private debt space. What makes that segment attractive? Compared to broadly syndicated transactions, middlemarket loans typically have lower default rates and better recovery rates, especially in the US, where the capital markets are much broader and deeper. Aside from stronger covenant packages, middle-market loans typically benefit from more frequent reporting and excess cash-flow sweep requirements, which means more of the cash flow goes toward paying off the loan if the companies do well. On the market side, you have 200,000 companies in the space; they generate one-third of private-sector GDP and employ roughly 47.9 million people in the US, and 71% of them have been in business for at least 20 years. Despite its size, this market doesn’t get the attention it deserves from the banks; this is primarily due regulatory restrictions imposed by the Dodd-Frank Act and Basel III, allowing non-bank private lenders to do well there.

You also recently announced the Ninepoint Trade Finance Fund. What makes trade finance a good investment opportunity? Trade finance deals typically have terms between 30 and 120 days, which eliminates the term risk. And in my view, trade finance is much more transactional and less reliant on long-term relationships with a particular company. The space is capital-intensive, with transactions generally in the hundreds of thousands or low millions; with that, lenders could get a healthy risk

Institutions mull stepped-up crypto exposure

A new survey from Fidelity Investments has found that 22% of US institutional investors already have some exposure to digital assets, while four in 10 are open to investing in digital assets over the next five years. Among the more than 400 investors Fidelity surveyed, 47% viewed digital assets as having a place in their investment portfolios, another 47% appreciate them as an innovative technology play, and 46% view their low correlation to other assets as one of their most appealing characteristics.

premium, with typical returns north of 15%. In terms of size, the global supply chain and trade finance market was worth US$5.4 trillion in 2017, with the US being one of the largest traders in the world. Because of the Dodd-Frank Act, and Basel III to a lesser extent, banks face higher Tier 1 capital ratio requirements when lending to companies. Based on that measure, small and medium-sized enterprises represent higher risk. With 74% of such enterprises’ needs being left unmet, we can step in with our own trade finance offerings. And since we have insurance that protects 90% to 100% of the principal, the counterparty risk is taken care of.

How can Canadian investors benefit from these funds? I think, given where we are in the current cycle, investors need to think of downside protection; for Canadians, that means diversifying away from the commoditiesand resource-driven domestic economy and away from public equities and fixed income. Exposure to the US gives them access to a broader economy with a wide range of sectors like pharmaceuticals, healthcare, technology and manufacturing. The two strategies offer unique advantages for investors. Our lower middle-market private debt fund targets yield with access to an institutional-class senior debt provider that has a long performance track record. With the trade finance fund, investors get liquidity on top of yield, provided through a solid transaction origination platform that covers different parts of the US.

Fengate closes $1 billion infrastructure fund

Fengate Asset Management has closed total capital commitments of $1.1 billion for its Fengate Core Infra­structure Fund III and affiliated vehicles, exceeding both its $750 million target and its initial hard cap of $1 billion. With support from institutional investors across Europe, Japan and North America, the fund extends the firm’s strategy of investing in mid-sized infrastructure assets with an emphasis on greenfield projects, as well as selected brownfield acquisitions where it can achieve its target returns.

Purpose puts ETF twist on alternative income strategy

Purpose Investments has launched the Purpose Enhanced Premium Yield Fund (PAYF), offering investors a new way to access its alternative income strategy. Available as an ETF or mutual fund, PAYF builds on Purpose’s Premium Yield Fund strategy by using fundamental analysis of North American stocks (looking at quality, relative value and highconviction ideas) and evaluating options (based on market volatility, premiums, liquidity and maturity) to find richly priced options to sell.


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RAISING THE BAR FOR FINANCIAL LITERACY WealthBar CEO Tea Nicola is hoping her company’s simple and direct approach to wealth management will elevate Canadians’ overall level of financial literacy

AS A refugee who came to Canada from Bosnia in 1994, Tea Nicola was encouraged by her parents to learn something that would be transferable to any society. In university, that meant mechanical engineering, although she soon fell in love with the finance industry while working as a summer student for Nicola Wealth Management. In her final summer before graduation, she and her future husband, Chris Nicola, digitized the firm’s filing system, making everything searchable and giving advisors remote access. After Nicola graduated in 2003, Nicola Wealth Management chairman and CEO John Nicola approached the pair with another project to digitize financial advice services. “John is someone who loves his job, but also loves travel, so he wanted to be able to do what he does from anywhere in the world,” Nicola says. “At the time, we did a lot of research and concluded that the industry and the clients were not ready. The technology of the industry wasn’t up to par to do this.” It might not have been the right time for the idea, but it was something both Nicola and her husband kept in mind as they developed their own careers. Nicola went on to take a position with Sun Life Financial, providing corporate training. Over the next


decade, she held positions in both mechanical engineering and financial services, even becoming an advisor herself. Nicola eventually left engineering behind for good when she realized the serious lack of financial literacy in Canada. Working with Chris at a software company called Vision

but there was no reason why we couldn’t do it. We went to John and asked what he thought; he said it was a great idea and came on board. Chris and I then found another external investor, then a few more came on board, and we founded WealthBar in September 2012.”

“When we started WealthBar, it was important that we were clean, simple and straightforward. We didn’t want to confuse the customer with analysis to the point where they couldn’t make a decision” Critical, the pair observed that most people were unable to access the same financial advice they had seen at Nicola Wealth. They realized that the project they had started researching years ago might now be possible with the help of software. “We thought financial software would be possible in Canada,” Nicola says. “We saw it in the US and thought it would work here. We knew we couldn’t copy it exactly,

Keeping it simple Since that time, WealthBar has grown substantially, reaching $335 million in AUM. Nicola’s two stints at Sun Life imparted some valuable lessons that helped her in positioning WealthBar. “My experiences at Sun Life emphasized the lack of financial literacy in the consumer,” she says. “The questions people would ask me would blow my mind. You constantly


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PROFILE Name: Tea Nicola Title: Co-founder and CEO Company: WealthBar Based in: Vancouver Years in the industry: 15 Career highlight: Founding WealthBar and leading the rise of robo-advice platforms in Canada


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needed to go back to the basics because the level of financial literacy was so low. When we started WealthBar, it was important that we were clean, simple and straightforward. We didn’t want to confuse the customer with analysis to the point where they couldn’t make a decision because they either didn’t understand what we were trying to do or had too many options.” WealthBar’s role in leading the roboadvisor revolution in Canada is a huge point of pride for Nicola. “What has made me most proud is that we are truly the first robo-advisor in Canada,” she says. “We had to convince the regulators we

get out of. With just a little information when they need it, everyone could be a lot more financially successful. There is an opportunity for us to raise the level of awareness because people don’t have a grasp on the basics.”

No turning back In December 2018, WealthBar announced it had joined CI Financial, which will allow it to continue its vision with more powerful backing. Nicola says she would like to leverage WealthBar’s new resources to expand its products and lines of business. “I want to provide Canadians with more personal finance products and solutions

“With just a little information when they need it, everyone could be a lot more financially successful. There is an opportunity for us to raise the level of awareness because people don’t have a grasp on the basics” could do this. It has only been five years, but now the banks even have their own versions. I am pretty proud that I created something that is now being implemented by multinational, multi-billion-dollar organizations.” Throughout the growth of WealthBar, Nicola has never turned away from her passion to increase financial literacy among investors. She continues to teach, speak, write and host webinars on financial literacy but says she would still like to do more, such as helping governments establish a curriculum for teaching financial literacy in schools. “I wish the government took financial literacy more seriously and introduced a curriculum at the elementary level, or at least at high school,” she says. “Kids graduate from high school, go to university, get a credit card, get into debt and just dig a hole that is hard to


right from their phone,” she says. “It’s a lofty goal, but long-term, I think we can get there. The technology is available, the industry is ready, consumers are ready, and it’s just a matter of completing the puzzle to have that seamless experience.” Throughout her career, Nicola has constantly balanced her passions for engineering and finance. She says figuring out which one she wanted to pursue has been her biggest challenge. However, now that she has committed to finance, she has no doubt she made the right decision. “I kept going between finance and engineering like a ping-pong ball before settling on finance, and now that’s where I see my career progressing,” she says. “I am really passionate about what I do – it was the right decision, but it took a while to get here.”




FOUNDERS Tea and Chris Nicola


PORTFOLIOS ETFs and private investments

OTHER SERVICES Financial planning and insurance


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

Wooing the next generation A lack of imagination could be setting you up to lose out on a massive intergenerational transfer of wealth, writes Andrew Khawam THE WEALTHIEST generation in our history is getting older and is preparing to pass their estates to the next generation. Trillions of dollars have started to change hands already – but plenty of advisors are missing out on the action. Many advisors don’t seem to understand the repercussions of not signing their clients’ children or just don’t know how to approach this new target market. Some advisors have strict new clientele criteria with large minimum asset requirements likely to alienate young adults. As advisors, we shouldn’t just be looking for good investments in the markets, but also good investments for our business. Signing these young adults requires a small-time investment likely to bring great returns, both in terms of retaining assets under management and contributing to the value of your book of business. Where do clients’ assets go after their estates are settled? A survey by Investment News found that 66% of young adults don’t stay with their parents’ advisors. This is the consequence of not targeting clients’ children as potential heirs to existing assets. By using a little imagination, you can include clients’ children in your practice at a young age and thus retain those assets in the future. One example is offering to help wealthier clients’ children participate in their parents’ charitable foundations. You can also offer ‘Investment 101’ courses to these young adults to teach them the basics, such as the differences between mutual funds, stocks

and bonds. Desjardins does something similar to snag young clients via the school caisse program, which opens accounts for children in Quebec and Ontario elementary schools. Once these youngsters get a little older, their account is transferred to a savings account. Eventually, they become adults, using more of Desjardins’ services. This model puts Desjardins one step ahead

get older, so do advisors. Many independent advisors rely heavily on the sale of their book of business once they retire. The possibility of a client’s estate being transferred to a competitor is likely to lower the amount you could sell your practice for. Having a business that encompasses entire families is a great selling point for potential buyers – it reassures them that the assets under management will not be lost when the estates are transferred to the younger generation. More often than not, the advisor buying a book from a retiring advisor will outlive older clients. A younger advisor will be more attracted to a book of business with a lower average client age. Updating your service model will help attract more potential buyers. Many financial firms offer their clients ‘family bundles’ that let their children take advantage of their fee-based rates. If you’re working in a team, letting the junior advisors establish a relationship with clients’ children can also increase your team’s experience and help

“Many advisors don’t seem to understand the repercussions of not signing their clients’ children or just don’t know how to approach this new target market” of their parents’ financial advisor in receiving the transfer of their wealth. Following Desjardins’ example, you could offer to open in-trust accounts for their clients’ younger children. Once child is of legal age, you can transfer the in-trust account to the child’s personal account. Clients’ older children might be open to an offer of help with their first home purchase. For example, many of these young adults are not aware of the benefits of using RRSPs to purchase a home, and often they aren’t comfortable choosing a mortgage product. Guiding them through the largest purchase of their lives will establish a strong basis for a relationship that will help retain the family’s estate. Another point to consider is the resale value of your book of business. As clients

build a family-based business. Consistency is a great trait when it comes to investing, but it’s necessary for advisors to be able to change with the surrounding environment. Lacking the imagination to attract the next generation of investors can negatively impact the growth and value of your business. Thinking outside of the box can help you secure the assets for which you worked so long and hard. This information has been prepared by Andrew Khawam, who is an investment advisor for Industrial Alliance Securities Inc. Opinions expressed in this article are those of the investment advisor only and do not necessarily reflect those of Industrial Alliance Securities Inc. Industrial Alliance Securities Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

Andrew Khawam is an investment advisor with Industrial Alliance Securities. He has more than seven years of industry experience working with high-net-worth clients.


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WPC shines the light on the 50 professionals who have had the greatest impact on the Canadian investment landscape over the past year

THERE’S NO doubt that financials hold a dominant position in the Canadian market – and over the past year, their performance has eclipsed that of Canada’s other two market staples, materials and energy. Therefore, it’s little surprise that this year’s Wealth Professional Canada Hot List is dominated by luminaries from the financial sector. However, WPC went beyond the major institutions and big banks to also highlight the independent firms


that have carved out a niche for themselves and have had a significant impact on financial advisors. On the following pages, you’ll read about leaders who have overseen new product launches and innovative ideas and who have served as advocates for the wealth management industry. Collectively, their contributions showcase the current state of the Canadian investment landscape and hint at the potential that lies ahead.


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HOT LIST 2019 INDEX NAME Anderson, Peter Bechard, Rob Bock, Kathy Carney, Jeff Cooper, Bruce Cormier, Guy Daviau, Dan Desmarais Jr., Paul Dodig, Victor Enright, Christopher Etherington, Sean Gopaul, Kevin Goulet, Jacques Gunn, David Hannasch, Brian Hastings, John Hawkins, Steve Hulston, Darcy Katchen, Michael Kelleway, John Lala, Raj Larson, Chad Lee-Chin, Michael Letendre, Bernard Linton, Bruce List, Cary Machin, Mark Maiorino, Tony McCreadie, Kevin McInerney, Barry McKay, David Oliver, Joe Ossip, David Packham, Bill Poloz, Stephen Porter, Brian Richie, Kyle Schmitt, Jos Seif, Som Simmons, Shannon Lee Spiring, Charlie Strickland, Rob Stuart, Sandra Sutton, Camilla Thomson, Mark Vachon, Louis Van Wyk-Allan, Claire Walmsley, Katie Weston, Galen Williams, Damon

COMPANY CI Investments BMO Global Asset Management Vanguard Investors Group and IGM Financial TD Asset Management Desjardins Group Canaccord Genuity Power Corporation of Canada CIBC Aligned Capital Partners Assante Wealth Management BMO Global Asset Management Sun Life Financial Canada Edward Jones Couche-Tard Citibank Canada Horizons ETFs Canoe Financial Wealthsimple Industrial Alliance Securities Evolve ETFs MLD Wealth Management, Canaccord Genuity Portland Holdings Manulife Canada Canopy Growth FP Canada Canada Pension Plan Investment Board RBC Wealth Management Services AGF Mackenzie Investments RBC Echelon Wealth Partners Ceridian Aviso Wealth Bank of Canada Scotiabank Richie Group, Investors Group Private Wealth Management Aequitas NEO Exchange Purpose Investments The New School of Finance Wellington Altus Private Wealth Fidelity Investments Canada HSBC Bank Canada Women in Capital Markets Beutel Goodman Investment Counsel National Bank Alternative Investment Management Association Portfolio Management Association of Canada George Weston RBC Global Asset Management

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Jos Schmitt is one of the founders and current president and CEO of the Aequitas NEO Exchange, which continues to grow in popularity among fund providers. Launched in 2015, NEO aims to provide a more even playing field and to add competition with other Canadian stock exchanges. It currently has 13 fund companies and eight corporate listings, up from nine fund companies and five corporate listings in September. What’s more interesting, however, is the type of funds that are being listed – the NEO has become a home for more innovative funds. In April, both Horizons and Evolve chose the NEO as the exchange for their revolutionary US cannabis ETFs on the NEO, making it clear that the exchange landscape in Canada is evolving.


In October 2018, John Kelleway was named president of Industrial Alliance [iA] Securities, which has quickly become one of the leading independent advisor networks. In 2017, iA acquired HollisWealth from Scotiabank and has been growing from that acquisition since. Kelleway was an instrumental part of that acquisition; as a former advisor himself, he’s looking to provide all iA advisors with the tools they need to succeed. “I think it all comes down to the end-client experience and enabling advisors to expand on that experience,” Kelleway told WPC earlier this year. “We offer the tools and technology to help them do that.” Kelleway is also working on aligning all of the different silos at iA Securities and spreading the word about just how big a footprint the firm has in the Canadian investment landscape. “Our wealth division – IIROC and MFDA – has over $82 billion in assets under management,” he told WPC, “and I don’t think people realize we are one of the largest non-bank wealth managers in the country.”


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HOT LIST 2019 ROB BECHARD Managing director and head of ETF portfolio management, exchange-traded funds BMO GLOBAL ASSET MANAGEMENT

BMO GAM is the second largest ETF provider in Canada with more than $55 billion in AUM spread across 101 funds. One of those charged with leading the portfolio management of BMO’s ETFs is Rob Bechard, who has been with BMO since 2009. Under Bechard's guidance, BMO claimed the top three best-selling ETFs in Canada last year: the BMO S&P/TSX Capped Composite Index ETF (ZCN), the BMO Europe High Dividend Covered Call ETF (ZWE) and the BMO S&P 500 Index ETF (ZSP). As of April 30, the three funds had a combined AUM of $11.6 billion.



Under the direction of Raj Lala, Evolve ETFs has established itself as a leader in thematic ETFs, becoming the first to launch products in several areas. The company’s cybersecurity (CYBR), automotive innovation (CARS), innovation (EDGE) and gender diversity (HERS) ETFs were all firsts in Canada. In April, Evolve also became the first firm to launch a US cannabis ETF with USMJ. Lala’s focus on thematic ETFs has helped carve out a niche for Evolve. “I wanted to focus on thematic ETFs and long-term trends that are going to shape the world and structure products around them,” he told WPC late last year. “That’s how we would differentiate ourselves – and while it’s early, the market has told us we were right.” Indeed, Evolve was Canada’s fastest-growing ETF provider in 2018, topping $400 million in AUM as the year closed.


As president of Assante Wealth Management, Sean Etherington is responsible for the wealth management firm’s vision and overall strategic plan, working to support both Assante advisors and the continued growth of the company. He has 20 years of investment industry experience, most recently as senior vice-president of sales and wealth services at Assante Private Client and Stonegate Private Counsel, where he managed the company’s national team of sales, wealth planning and insurance professionals. Assante made waves in April 2019 by announcing changes to its pricing for affluent Canadians, including reduced management fees and other pricing options to improve the tax efficiency of clients’ accounts.


Mark Machin was appointed CPPIB’s president and CEO in 2016 and is responsible for leading the organization and its investment activities. Machin joined CPPIB in 2012 as its first president for Asia. In November 2013, he became head of international, responsible for CPPIB’s international investment activities, managing global advisory relationships and leading the organization internationally. Under Machin, CPPIB has become one of the institutional investors whose investment strategy many are trying to replicate. As private and alternative investments gain popularity, managers at firms dealing in those types of investments are viewing what has made CPPIB successful and applying its approach to their own strategies.


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As National Bank’s president and CEO, Louis Vachon is responsible for the strategies, orientations and development of the bank and its subsidiaries. That includes National Bank Investments’ first ETF suite, launched this February. The bank’s first steps into the ETF landscape include the NBI Global Real Assets Income ETF, NBI Active Canadian Preferred Shares ETF, NBI Canadian Family Business ETF and NBI Liquid Alternatives ETF. Now, Vachon and National Bank will be looking to make up ground on some of the other major banks that have dominated the ETF arena for years.


Last year, there were numerous IPOs that dominated the Canadian markets – but perhaps none that made such a big splash as tech firm Ceridian. The company hoped to raise $200 million with its dual US-Canadian IPO, but went on to raise $462 million. While Minneapolis-based Ceridian is one of the oldest fintech companies in the US, the firm is headed by Toronto-based David Ossip, and much of its senior leadership team is in Toronto as well. Ossip was previously the founder of Dayforce, a scalable cloud platform that was acquired by Ceridian in 2012. Thanks to Ossip’s innovation, Dayforce has grown at an annual compounded rate of 58% since 2012, and Ceridian now serves 3,700 customers.


Leading the way when it comes to making the wealth management industry more transparent is Cary List, president and CEO of the recently rebranded FP Canada (formerly the Financial Planning Standards Council). The organization will continue setting and enforcing financial planning standards and certifying financial planners, and it has added a new division, the FP Canada Institute, which is dedicated to elevating the practice of financial planning. “FP Canada is much more than just a new name,” List said when the announcement was made in April. “With a broader scope and a brand-new institute division, FP Canada creates a centralized professional body that supports all elements of the financial planning profession in an integrated way.”

CHAD LARSON Director of wealth management and portfolio manager MLD WEALTH MANAGEMENT, CANACCORD GENUITY

Chad Larson was number one on the 2018 WPC Top 50 Advisors list, and while he fell to 14th place this year, he remained the advisor managing the most AUM at $610 million. In early 2018, Larson and his Calgary-based practice transitioned to Canaccord Genuity, a move that allowed the team to put in place the platform they wanted and be more responsive to their clients. “MLD was coming into its stride, being recognized and leading the industry at the high end of the spectrum,” Larson told WPC late last year. “I wanted to ensure we had a clear runway that would allow us to do the business we wanted to do.” In addition to his success as an advisor, Larson also began subadvising the Purpose Investments MLD Core Fund in June 2018. As of late April, the fund had reached $85.5 million in AUM.


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HOT LIST 2019 KEVIN GOPAUL Global head, exchange-traded funds BMO GLOBAL ASSET MANAGEMENT

Kevin Gopaul is the global head of exchange-traded funds for BMO Global Asset Management, which is celebrating 10 years in the ETF industry in 2019. Today, BMO offers 101 ETFs and is the second largest provider in the country with more than $55 billion in AUM. Gopaul is also an active participant in the wider financial services industry, serving as chairman of the Canadian ETF Association and an advisor to several index advisory panels.

CHRISTOPHER J. ENRIGHT Founding partner, president and managing director ALIGNED CAPITAL PARTNERS


Som Seif founded Purpose Investments in 2013 after noticing a lack of products in the market that managed risk, helped clients with outcomes, helped advisors build better portfolios and targeted specific areas. He took the best of smarter indexing, risk management, and thinking around liabilities and outcomes and built a company that currently has nearly $6 billion in total AUM. On the ETF side, Purpose is now the ninth largest firm in Canada with 35 ETFs and a growth rate of 100% since March 31, 2018. One thing that has made Purpose unique is the fact that it offers mutual fund and ETF options for many of its funds. “ETFs are just mutual funds that trade, and our opinion is when someone is investing, they are looking for the best strategy in the most efficient format for them,” Seif told WPC last year. “ETFs are one vehicle, but other types of investors think mutual funds are better.”



Aligned Capital Partners has been providing investment advice to Canadians since 1987. Seven years ago, the firm realized it needed to take a different approach amid a changing investment landscape. Christopher Enright helped lead that approach, including a technology platform to help advisors better serve their clients. The platform, Aligned360, gives the firm’s advisors tools to help them better run their business, including onboarding, secure file transfer, IT and advisor resources. Today, more than 165 Aligned Capital Partners advisors benefit from the platform across the country.


As president and CEO of Aviso Wealth, Bill Packham brings an unparallelled depth of insight to help credit unions and other independent financial organizations face the challenges and opportunities of a rapidly changing industry. A national, integrated financial services company serving the wealth management needs of Canada’s credit unions and a range of independent financial organizations, Aviso Wealth was born in late 2017 from a partnership between Desjardins Group, the Cumis Group and Canada’s five provincial credit unions. The merger created one of Canada’s largest independent wealth management firms with more than 500,000 clients across the country and over $55 billion in combined AUM.



President and CEO

Chairman and CEO



Brian Porter joined Scotiabank in 1981 and has since held a series of increasingly senior positions across the bank, including executive roles with global banking and markets, global risk management, group treasury and international banking. He was appointed president in 2012 and became CEO in 2013. In addition to his work at Scotiabank, Porter is a board member of the Business Council of Canada, the Council of the Americas and the Institute of International Finance. In 2017, he was elected chair of the board of trustees of University Health Network, the largest healthcare and medical research organization in North America. He also served as the chair of the United Way Greater Toronto fundraising campaign in 2018.

Galen Weston is perhaps best known for his appearances in commercials to promote George Weston’s President’s Choice line of products. Not only is George Weston Canada’s largest operator of food and drug stores and one of the country’s biggest employers, but it’s also a major player in the Canadian financial sphere. The company oversees the Choice Properties Real Estate Investment Trust, which consists of 435 properties primarily focused on supermarket-anchored shopping centres, stand-alone supermarkets and other commercial properties. The company also runs President’s Choice Financial, which includes digital banking, credit cards and the PC Optimum rewards program.


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As CEO and CIO of TD Asset Management, Bruce Cooper is responsible for all TDAM business, including investment management, mutual funds, operations, risk management and distribution. Cooper has been with TDAM for more than two decades and has worked in both Toronto and the UK, managing Canadian, US and global equities. TDAM manages assets for more than 2 million retail investors, totalling more than $366 billion as of the end of 2018. The firm’s fund lineup includes 153 mutual funds and nine ETFs, but it has grown its presence in the ETF space significantly from last year, when it offered just three products.



Thanks to a 16% growth in AUM last year, Kyle Richie earned the top spot on the 2019 Wealth Professional Canada Top 50 Advisors list. Along with business partner Andrew Feindel, Richie has carved out a niche for his practice by focusing exclusively on physicians and dentists. “Many years ago, we decided to focus on physicians and surgeons, and then it morphed into adding dentists,” Richie told WPC earlier this year. “We both come from medical families, so we speak their lingo and understand their mindset.” While this year was Richie’s first at number one on the Top 50 Advisors list, he has earned numerous honours over the years with Investors Group. He has been ranked as the firm’s top advisor for 10 consecutive years and has also earned President’s Club, President’s Elite and Chairman’s Club awards.


With more than 30 years at Beutel Goodman, Mark Thomson leads the firm’s Canadian and global equity teams and is chair of both the board of directors and the management committee. As the lead for both Canadian and balanced equities, Thomson’s funds had a strong year in 2018. Both the Beutel Goodman North American Focused Equity Series D and the Beutel Goodman Balanced Series D were recognized at the Lipper Fund Awards. The honours capped off an impressive career for Thomson, who has announced that he's planning to retire in 2020.


John Hastings has headed up Citibank Canada since 2010 and has served the bank in numerous roles for more than 35 years. Leading Citi's Canadian initiatives, Hastings fills the important role of ensuring strong and effective relationships between the company and its many stakeholders. As CEO of Citibank Canada, he is responsible for governance and continued growth of Citi’s Canadian franchise, which currently employs 1,700 people across a host of institutional and consumer business lines. Hastings is also actively engaged in representing Citi in industry affairs as both the chair of the Foreign Bankers Executive Council and a member of the Executive Council of the Canadian Bankers Association.


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After spending 11 years with Scotiabank, Camilla Sutton was named head of Women in Capital Markets [WCM] in January 2018. The largest network of professional women in the Canadian financial sector, WCM aims to accelerate gender diversity across Canada’s financial industry. Currently, only 3% of TSX-listed companies have a female CEO, and only 14% of board seats at TSX-listed firms are occupied by women. WCM aims to increase those numbers by building the talent pipeline of women, sharing knowledge, advocating for change and transforming workplaces so they support everyone.





One of the best-performing stocks on the S&P/TSX Composite Index has been Alimentation Couche-Tard (ATD), which is up close to 17% over the last year. Behind the success of the convenience store brand is Brian Hannasch, who was named president and CEO in 2014 and earned the title of CEO of the Year from The Globe and Mail in 2016. At the end of February, the company reported record earnings of $612.1 million for its third fiscal quarter in 2019, compared to $484.4 million for the same period in 2018.


The former finance minister under Stephen Harper, Joe Oliver is now working to expand Echelon Wealth Partners into one of the leading independent firms in Canada. Echelon was founded in 2010, and Oliver took over as chairman in 2017. In addition to his government roles, Oliver also served as the founding president and CEO of the MFDA, is a past president and CEO of the Investment Dealers Association, and served as executive director of the Ontario Securities Commission. With that background, there’s no doubt that Oliver has been an instrumental part of Echelon’s success. The firm now boasts 60 advisory teams across the country, and over the course of 2018, its AUM grew from $4 billion to $5 billion.


In 2018, Jacques Goulet took over as president of Sun Life Financial. He brought with him a goal to change the notion of Sun Life as just an insurance company by focusing on the client experience, which the company’s financial advisors play a major role in. Realigning Sun Life’s retail division was another area Goulet honed in on; the firm's global investment offering now includes more than 70 mutual funds and over $23 billion in AUM. In addition to these external initiatives, Goulet has also put a priority on addressing internal inequalities in gender and visible minorities at the leadership level. “Women, for example, represent a dominant share of the financially active population in Canada, and we know that they are more likely to work with female advisors,” he told WPC earlier this year. “We also know that by 2028, figures show women are expected to control close to $4 trillion in financial assets. It’s not just the right thing to do – it’s the smart thing.”


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Head of wealth and asset management


Co-founder and chairman


Bernard Letendre has been with Manulife since 2009, serving in a variety of roles. He is now head of wealth and asset management for Canada, where he oversees initiatives like Manulife GoalsBased Investing, launched late last year. Powered by advanced data analytics, the tool aims to make retirement decisions easier for Canadians by using variables such as age, income, health factors and postal code to help customers get a clearer picture of the income they’ll need at retirement. “We're passionate about leveraging industry-leading technology to delight our customers, which is why we are introducing this program," Letendre said when announcing the initiative. "Through simple questions, advisors will be able to provide an actionable retirement plan that's personalized to a client's unique needs."

GUY CORMIER President and CEO

Charlie Spiring has worked in finance and investing for more than 35 years. He was the founder of Wellington West Holdings, which National Bank purchased in 2011 for $333 million. In 2017, he co-founded Wellington Altus, which has become one of the country’s fastestgrowing wealth advisory companies. With approximately $6 billion in assets under management, Wellington Altus is demonstrating the value of an independent firm. Spiring personally manages approximately $1 billion in client assets and remains a driving vision behind the company. In addition to his role with Wellington Altus, Spiring has served as chair of IIAC, the NBF Executive Committee, the True North Patriot Foundation, Yes! Winnipeg, the World Trade Centre Winnipeg and the Canadian Cancer Society Daffodil Ball.


In September 2018, AGF announced that president and CEO Blake Goldring would be handing over the reins to Kevin McCreadie, marking the first time in the company’s history that it will be led by someone outside the Goldring family. AGF currently has $39.4 billion in AUM in mutual funds, ETFs, institutional and subadvisory, and its alternative asset management platform. Now, McCreadie has a chance to bring his own perspective to the company. When his promotion was announced, he said he is focused on building on AGF’s momentum and strengthening its investment management capabilities and global reach. So far in 2019, AGF has already seen AUM growth of 1.5% month-over-month.


Since 2016, Guy Cormier has been president and CEO of Desjardins Group, the leading cooperative financial group in Canada and sixth largest in the world, with assets of more than $248 billion. Desjardins is also one of the 20 largest employers in Canada, with 47,000 employees and more than 5,000 elected officers. After acquiring State Farm’s Canadian operations back in 2015, Desjardins’ insurance arm undertook the major initiative last year of rebranding State Farm offices to Desjardins Insurance.


PETER W. ANDERSON President, CEO and director CI FINANCIAL

After being appointed CEO of CI Financial in 2016, Peter Anderson added the mantle of president to his résumé in 2019. Anderson has been in the industry for more than 30 years and joined CI in 1997. At the beginning of April, CI announced that it had grown its total AUM to $176.3 billion; later that month, Anderson announced that he plans to retire by 2020. “We have accomplished a lot at CI Financial since my return, and I think this is the perfect time to transition the company to younger leadership with a longer time horizon,” he said. “We have excellent senior management throughout the company, and I am confident CI is in a strong position to compete in this fast-moving environment. I will work with the board and the management team to successfully transition the company.”


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Horizons ETFs is best known for its advances in cannabis investing – the company’s latest effort, a US-focused cannabis ETF, had amassed more than $20 million in assets just a week after its April launch. Since industry vet Steve Hawkins took the helm at Horizons, he has helped grow its AUM to more than $10 billion across 86 funds. Targeting unique asset classes is where Hawkins and Horizons have built their reputation. “It’s difficult to compete with [banks and major investment companies] on plain vanilla offerings because they can use all of their resources to control the distribution network,” Hawkins told WPC earlier this year. “I feel there is a place for niche asset management companies. Having a different type of product has allowed us to grow and remain a key player in the ETF industry.”


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HOT LIST 2019 BRUCE LINTON Founder, chairman and co-CEO CANOPY GROWTH

Canopy Growth burst onto the scene last year as cannabis companies established themselves in preparation for the legalization of marijuana. While many companies have since sputtered, Canopy has flourished. Under the leadership of Bruce Linton, Canopy remains one of the top stocks in the industry. In May 2018, Canopy became the first cannabis firm to trade south of the border on the New York Stock Exchange. Three months later, it announced that Constellation Brands was planning to invest $5 billion in Canopy. The latest news came in April 2019, when Canopy announced its expansion with a facility in Kirkwood, New York, furthering its footprint as it looks to dominate the cannabis industry not only in Canada, but internationally.


Fidelity Investments has a huge presence worldwide with more than 25 million customers and $2 trillion in global assets. The asset manager’s presence in Canada is just as significant, with $133 billion in AUM. Leading Fidelity’s Canadian presence is Rob Strickland, who has been president since 2005. In September 2018, Fidelity made a push toward factor-based investing, launching a suite of 13 ETFs and mutual funds.



President and CEO

Country leader, Canada



Since 2014, Dave McKay has led RBC, Canada’s biggest bank and one of the largest in the world based on market capitalization. McKay started his career at RBC in 1988 as a computer programmer before moving to the organization’s retail banking arm. He has held senior roles in Canada and Japan in retail and business banking, group risk management, and corporate banking. McKay was named Retail Banker of the Year in 2012 and 2015 by Retail Banker International. One of his biggest initiatives has been helping youth prepare for the future of work through RBC Future Launch, a $500 million commitment to help young people succeed in a changing economy.


In June 2018, David Gunn took over as Edward Jones’ country leader for Canada after the retirement of Tim Kirley. Gunn started with the firm in 2000 as an advisor and has held numerous positions in both Canada and the US. Under his leadership, Edward Jones topped the J.D. Power 2018 Canadian Full Service Investor Satisfaction Study for the sixth consecutive year, beating out Assante by three points to hold onto its top spot.


Appointed president and CEO of HSBC Bank Canada in 2015, Sandra Stuart is also a member of the board of HSBC Bank Canada and CEO and chair of the board for HSBC Global Asset Management (Canada). HSBC Canada had another strong year in 2018, reporting a 10.7% jump in profits before tax. The growth was attributed in large part to its commercial banking division, which saw a 7.8% increase in income for the year.


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SHANNON LEE SIMMONS Founder, owner and financial planner THE NEW SCHOOL OF FINANCE

A financial planner, speaker, media personality, entrepreneur and financial literacy advocate, Shannon Lee Simmons started The New School of Finance in 2010. The fee-for-service financial practice offers unbiased, sound and affordable financial advice to people and small businesses. Simmons’ unique business model led to her recognition in 2018 as Woman Innovator of the Year at WPC’s inaugural Women in Wealth Management Awards. “We also have a digital platform, which is our online school for financial literacy,” Simmons said when accepting her award. “It has helped us turn a service-based business into a scalable one. I think the combination of those, along with our use of social media, has been the trifecta, which gave to the innovation that won this award.”


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Franklin K2 Alternatives Fund is an alternative mutual fund. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. © 2019 Franklin Templeton Investments Corp. All rights reserved.

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Appointed president and CEO of Mackenzie Investments in 2016, Barry McInerney has held senior executive positions at several top financial institutions in North America, overseeing Canadian, US and global investment businesses. In 2017, Mackenzie celebrated its 50th anniversary; now, as part of IGM Financial, the company has more than 1.1 million mutual fund accounts with a total AUM of $66.37 billion. Mackenzie has also branched out with a suite of 28 ETFs, which account for $3.3 billion in assets under management.




Chairman and CEO

Led by Katie Walmsley since 2006, the Portfolio Management Association of Canada [PMAC] currently represents more than 250 portfolio management firms, which collectively manage more than $1.8 trillion worth of assets. Walmsley spearheads the PMAC’s mission to advocate the highest standards of unbiased portfolio management by sharing members’ views with regulators and government agencies, increasing public awareness about the benefits of independent portfolio management, providing business services to members, and helping members network with one another.


Talk to anyone at Portland Holdings or its advisory division, Mandeville Private Client, and you’ll hear about how Michael Lee-Chin is bringing more options to everyday investors. Lee-Chin has shaped his approach by looking at how large institutional investors and pension funds construct their portfolios. Now he’s providing Mandeville advisors with opportunities to take a similar approach for their clients by investing in private and alternative investments. Lee-Chin continues to have strong ties to his birth country, Jamaica, as well as the rest of the Caribbean. He and the Portland private equity team currently manage the Caribbean Basin’s largest private equity vehicle, the AIC Caribbean Fund (ACF). In addition, Lee-Chin has served on the Government of Jamaica’s Economic Growth Council since 2016.



Dan Daviau was appointed president and CEO of Canaccord Genuity in 2015 after heading up the company’s North American and US capital markets divisions. Recently, Canaccord has been making big strides in adding to its advisor network. The firm’s wealth management division now boasts investment advisors and professionals in Canada, the UK and Australia, as well as Canadian advisors who are registered in the US. Over the past year, Canaccord has been successful in wooing high-profile Canadian advisors by offering them support to run their business on its platform. In addition, Canaccord has made several acquisitions of wealth management practices around the world, enhancing its reach in North America, Europe, the Middle East, Asia and Australia.


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Damon Williams leads RBC Global Asset Management, which made waves in January when it announced a strategic alliance with BlackRock Canada to form RBC iShares, which is now the largest ETF provider in Canada with more than $60 billion in AUM. "This alliance is a win for Canadian investors and reflects our unwavering focus on the interests of clients," Williams said at the time of the announcement. "Canadian investors deserve a level of choice, quality and cost-competitiveness that is second to none – and that is what RBC iShares delivers. This exciting step forward in the ETF space complements our continued focus on expanding our industry-leading Canadian mutual fund business."


Jeff Carney took over as president and CEO of Investors Group and IGM Financial in 2016 and has since revamped the entire brand. The changes included a new name, IG Wealth Management, as well as the IG Private Wealth division for clients with more than $1 million in investable assets; IG tapped a select group of top advisors to be part of this division. Since taking over, Carney has been able to grow IGM Financial’s AUM from $133.6 billion in 2015 to more than $160 billion as of March 2019, including $89 billion in the IG Wealth Management division.



Power Corporation of Canada continues to be a juggernaut in financial services, asset management, sustainable and renewable energy, and other business sectors in North America, Europe and Asia. The group’s many brands include Power Financial (Great-West Lifeco, Great West Financial, IGM Financial, Investors Group and Mackenzie Investments), Power Energy (Potentia, Lumenpulse and Lion Electric) and Sagard Investment Funds. Paul Desmarais Jr. leads Power Corporation alongside his brother, Andre, and also serves as executive co-chairman of Power Financial. In North America, he is a director of many Power subsidiaries, including Power Financial, Great-West Lifeco, London Life, Canada Life, Putnam Investments, IGM Financial, Investors Group and Mackenzie Investments.

After co-founding Canoe Financial in 2010, Darcy Hulston has helped the firm grow from scratch. Since starting with three equity funds, Canoe Financial has expanded to 21 open-end mutual funds and private equity funds as of March 2019. Canoe’s 2016 acquisition of O’Leary Funds was a major stepping stone to growth, as was its purchase earlier this year of Fiera Capital’s Canadian mutual fund assets, which added $785 million in assets to bring Canoe’s total AUM to more than $5.5 billion. Hulston doesn’t see the firm stopping there. “We’ll continue to be an acquirer,” he says. “We are in a number of discussions now, and we will look for firms that aren’t having the success of scaling we are or have made the decision that they want to get out of the retail landscape.”


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In 2013, Michael Katchen co-founded Wealthsimple, a global digital investment service with operations in Canada, the US and the UK. Its mission was to make smart investing easy, low-cost and transparent for everyone. In the current war on investment fees, Wealthsimple has strived to be a leader in making investment solutions more affordable. In March, the company launched Wealthsimple Trade, a stock-trading mobile app that allows Canadians to buy and sell thousands of Canadian- and US-listed stocks and ETFs without paying trading commissions. The app’s trial version, which was launched in August 2018, attracted more than 130,000 users.


Tony Maiorino has been with RBC since 1991 and worked his way up to his current position as head of the RBC Wealth Management Services team, which he's held since 2007. He currently oversees a team of more than 200 professionals providing legal, tax and financial planning expertise to advisors and financial planners in RBC Dominion Securities, RBC Phillips, Hager & North Investment Counsel and the RBC Canadian Banking segment.

VICTOR DODIG President and CEO


With interest rates and rising levels of household debt dominating many investors’ conversations with their advisors, there’s no doubt that Bank of Canada Governor Stephen Poloz is one of the most influential figures in Canadian finance. While 2017 and 2018 saw the BoC embark on an aggressive path of rate increases, the economic slowdown that began in late 2018 has forced it to re-evaluate its interest rate plan. This has led to a pause in rate hikes in an attempt to help economic growth return to its former trajectory.

KATHY BOCK Principal and head of Americas VANGUARD


Since Victor Dodig was named president and CEO of the CIBC group of companies in 2014, he has helped usher in a new era for the bank, positioning CIBC as a relationship-oriented bank for a modern world. In 2016, he led the acquisition of The PrivateBank, establishing a strong North American platform for CIBC to serve clients and deliver future growth. In late 2018, CIBC joined the other Big Six banks by launching its first suite of ETFs. The bank now boasts five ETF offerings: two active fixed-income ETFs and three strategic beta equity ETFs.


In January, Kathy Bock took over from Atul Tiwari as head of Vanguard's Americas business, which includes Canada, Latin America and the Caribbean. Vanguard continues to be the third largest ETF provider in Canada, with assets of $19.77 billion across 39 funds as of March 31, 2019. The company's AUM continues to grow, up 30.8% from the same time last year. Bock will have the challenge of furthering that momentum and closing the gap on Canada’s top two ETF providers, RBC iShares and BMO GAM.


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It seemed like 2018 was the year of alternative investments, and leading the charge on education, advocacy and research in the sector is the Alternative Investment Management Association [AIMA]. Claire Van Wyk-Allan took over as AIMA’s Canadian head in 2018 and has lent her voice to the initiatives surrounding the new regulations on alternative mutual funds. Van Wyk-Allan has been instrumental in driving the conversation about alternative investments among the financial community. Now, with the introduction of the new regulations, she is optimistic that liquid alternatives will continue to grow and find places in more portfolios. “We are seeing a lot of boutique managers, traditionally operating in the private space, offering the product,” she says. “They are launching prospectus-based products with these constraints to offer more options to more clients.”


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BMO GAM celebrates a decade in ETFs Through awareness, education and innovation, BMO Global Asset Management has changed investing alongside advisors and investors

INVESTING HAS changed over the last 10 years. The markets have evolved, the focus on asset allocation has increased, fees have become a hot topic of discussion, and the overall construction of portfolios has transformed. Throughout it all, BMO has been a leader in the ETF industry, thanks to its efforts

what makes its leaders most proud. “Ten years ago, BMO took a leap in the marketplace as a traditional active mutual fund manager by introducing ETFs,” says Mark Raes, head of product, ETFs and mutual funds at BMO. “We were unique at that time in saying we didn’t just want to be

“We were the first out there talking about active and passive solutions, which meant we could have more conversations and better understand needs [and] focus on offering the most compelling experience possible” Kevin Gopaul, BMO Global Asset Management around awareness, education and innovation. BMO has collaborated with advisors through this evolution with innovative products and has helped Canadian investors build wealth. Its impact while evolving with investors is


active or passive. We think active and passive are complementary, and bringing both to the marketplace allowed us to better interact with investors. That approach resonated with both advisors and investors.”

“Being part of an emerging industry, being a market leader, offering innovative solutions and educating – it takes a lot to get people on board with ETFs,” adds Kevin Gopaul, CIO, head of BMO GAM Canada and global head of ETFs. “Being at the cusp of ETF growth has been exciting. I think our approach was one of the ways BMO changed investing. We were the first out there talking about active and passive solutions, which meant we could have more conversations and better understand needs. Once we understood needs, we could focus on offering the most compelling experience possible.” After BMO launched its initial suite of ETFs, it didn’t take long for it to gain traction. Within a year after entering the ETF market, it reached $1 billion in AUM. That number continued to rise, and by 2011, BMO had reached the $3 billion mark and was leading the Canadian ETF industry in growth. Today, BMO’s ETFs hold $55.7 billion in AUM. “We focused a lot on the experience,” Gopaul says. “If people have a good experience, they will keep doing business with you and look at you as a market leader. Over the past 10 years, not only have we become the


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Launches its first suite of ETFs


Hits $1 billion in ETF AUM


Launches its first covered call ETF, the BMO Covered Call Canadian Banks ETF (ZWB) and first lowvolatility ETF, the BMO Low Volatility Canadian Equity ETF (ZLB)


Launches its preferred share ETF, the BMO Laddered Preferred Share Index ETF (ZPR)


Launches BMO ETF Portfolio Mutual Funds, bringing together the benefits of ETFs in a mutual fund solution


Becomes the first Canadian financial institution to launch its ETFs in Hong Kong


Introduces its ETFs in Europe

top asset gatherer in terms of sales and education, but people come to us for everything ETF-related. We have become a top 15 player in the world in terms of AUM, top seven in fixed income and number one in assets gathered nationally, eight years in a row.”

ETF education Despite its success, BMO faced an early challenge in spreading awareness about ETFs and their benefits to advisors so they could show the value to investors. “There were challenges off the start, as ETFs were a new and emerging tool – and still are,” Raes says. “Education has been critical. Talking about portfolio-building,

effective exposures through ETFs, trading and liquidity, and understanding the underlying liquidity continue to this day. I think the whole key to success was getting that initial foot in the door with investors. Once they recognized how effective and efficient a tool ETFs can be in portfolios, the use started to grow. To get that initial foot in, we focused on creating partnerships and showed how ETFs could benefit both sides.” One area where BMO has been able to bring innovation is fixed income. BMO went from a small presence in fixed-income ETFs to being ranked among the top 10 largest providers of fixed-income exchange-traded products worldwide.


Lowers management fees to offer the lowest-cost fixed-income ETFs in Canada


Launches the BMO Long-Term US Treasury Bond Index ETF (ZTL) on the NEO Exchange


Is ranked a top 10 global fixedincome ETF provider and top 12 global smart beta ETF provider*


Is ranked number 16 globally and number five in North America for ETF assets under management** Sources: BMO Asset Management; *ETFGI, ETF and ETP Smart Beta Insights: Global, December 2018; ** ETFGI, AUM of ETFs in USD, as of April 2019


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Total number of ETFs (67 equity, 30 fixed income, four multi-asset)

$55.7 billion Current ETF AUM

$37.1 billion

AUM in equities (second highest in Canada)

$18.4 billion

AUM in fixed income (highest in Canada)

$6.52 billion

AUM in BMO’s largest ETF (and the second largest in Canada), the BMO S&P 500 Index ETF (ZSP)


BMO’s share of the Canadian ETF market

“We had a clear vision in 2009 that we wanted to offer a suite of fixed-income ETFs that were of an institutional calibre and could be used to target precise exposures,” explains Rob Bechard, managing director and head of ETF portfolio management at BMO. “Today, investors using only BMO ETFs can construct a fixed-income portfolio that targets a specific duration, credit or country view. These ETFs provide a very cost-effective means of achieving different exposures that, until recently, were only available to large institutional investors.” Bechard adds that BMO’s fixed-income ETFs dismiss the idea that fixed-income exposure can be met with one product. “We wanted to disrupt this notion by allowing investors to make real choices that met their individual needs,” he says. “The ‘one size

fits all’ solution would no longer meet the requirements of today’s informed and ever more sophisticated investors.”

Driving innovation In addition to focusing on fixed income and combining active and passive solutions, BMO has been able to bring multiple other innovations to the marketplace, including strategies like covered calls and preferred shares, all of which have been a result of its collaboration with the investment community. “Innovation has been one of the key differentiators in our 10 years,” says Alfred Lee, director and portfolio manager of ETFs at BMO. “By working together with our clients, we have been able to deliver solutions, rather than products, that help address their investment objectives. Instead of taking

Source: CETFA, as of April 30, 2019



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BMO’s innovation has helped advisors find the right ETF strategy for their clients. The team has worked to make products more accessible so advisors can add value for clients. “Over the past 10 years, BMO ETFs has not only brought Canadian ETF products to a higher level, they have also raised the level of service to a new level that is still unmatched,” says Dominic D’Aoust, director

partners with advisors, portfolio managers and investors to keep building their wealth. We think ETFs have a long way to go. “There are a number of things we are looking at now,” he adds. “We still think there’s a lot of room for growth with fixed income – not to take anything away from core broadmarket ETFs. The most important thing for us moving forward is interacting with investors in the way they want to work with

“We want to be partners with advisors, portfolio managers and investors to keep building their wealth. We think ETFs have a long way to go” Mark Raes, BMO Global Asset Management

the standard approach that ETFs should be simple market-cap-weighted products, we listened to our client base and developed solutions that were the most effective in addressing needs.” That collaboration has been one of the keys to success for BMO, as it has been able to provide the right solutions for a variety of advisors and investors. “Working with the leadership at BMO, they listen to and understand the needs of portfolio managers, financial advisors and DIY investors, delivering everything from complete portfolio solutions to risk mitigating and return-enhancing ETF strategies,” says Larry Berman, partner and CIO at ETF Capital Management. “I love option-based and factor-style investing, and BMO is a clear leader in these asset classes in Canada and the world.”

of structured products and portfolio manager at Laurentian Bank Securities. In addition to its work with advisors, BMO has collaborated with numerous industry bodies to help the flow of information and education. Partnering with groups such as the Canadian Securities Institute [CSI], BMO has helped launch programs to promote ETFs and their benefits for advisors. “CSI and BMO have worked together since 2014 to build and deliver education that identifies the features, benefits and risks of the various categories of ETFs and to provide both retail advisors and portfolio managers knowledge and expertise on how to incorporate ETFs into client portfolios,” says Marshall Beyer, CSI’s senior director of curriculum development.

Where to next? Now with a decade under its belt, BMO is looking forward to the future of ETFs. “We recognize that ETFs are still in their relative infancy, and we want to help the entire marketplace grow,” Raes says. “We want to be

us. Whether through an ETF, a managed account or a mutual fund, we want to make sure we have the right tools to support them. We will be ready and listen to our partners on where we need to go so that when there is a need, we are there to help.” This article is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent simplified prospectus. Commissions, management fees and expenses (if applicable) all may be associated with investments in exchange traded funds. Please read the ETF Facts or prospectus before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the prospectus. BMO ETFs and ETF series trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal. ®/™Registered trademarks/trademark of Bank of Montreal, used under licence.


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A record number of nominations flooded in for this year’s Wealth Professional Awards. Now, Wealth Professional Canada reveals the winners across 25 categories



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THE BEST and brightest in Canada’s wealth management industry were on display on May 30 for the fifth annual Wealth Professional Awards. The event, produced by Key Media, the parent company of Wealth Professional Canada, recognized the achievements and contributions of Canadian wealth professionals over the past year. This year’s event drew the largest crowd yet; more than 600 attendees filled the ballroom at the Liberty Grand in Toronto. “This was the largest turnout in the history of the Wealth Professional Awards with the venue at full capacity,” said Jessica Duce, project director of events at Key Media. “Seeing so many industry professionals out to recognize and support the achievements of their peers truly makes the evening special.” Among the many winners was Charlie Spiring, who was recognized with the Invesco Canada Award for Lifetime Achievement in the Industry. Spiring has spent more than 35 years in wealth management and was the founder of Wellington West Holdings, which National Bank of Canada purchased in 2011 for $333 million. In 2017, he co-founded Wellington-Altus Private Wealth, which has become one of the fastest-growing wealth advisory companies in Canada. “It means a lot because we don’t stop and celebrate these moments in our life, and I am all about celebrating moments,” Spiring said. “Time is passing – I am on the back nine, so it is nice to be recognized by your peers. Wellington is just taking off. As they introduced us, they noted that we are the most successful firm ever after year one and after year two, so I am looking forward to year three.” On the heels of its first Women in Wealth Management Awards this past November, WPC continued to recognize female contributions to the industry at the Wealth Professional Awards, where a third of the awards were presented to women. Earning the Mandeville Private Client Inc. Award for Canadian Advisor of the Year was Alexandra Horwood of Richardson GMP, who was elated by the recognition. “This business is my calling,” she said. “It is so important to me. It is the most important, wonderful industry in the world, and I am so proud.” Capping off the night was the award for CEO of the Year, which went to Fundserv CEO Karen Adams. “It’s important for us to celebrate, make people feel valued, spend some time together and enjoy,” Adams said. Who else took home an award on the industry’s biggest night? Read on to find out. www.wealthprofessional.ca www.mortgagebrokernews.ca 41 www.australasianlawyer.com.au

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ENGAGEMENT, LOYALTY AND CLIENT CARE WINNER The McClelland Financial Group Assante Capital Management

FINALISTS Bonten Wealth Management Wellington-Altus Private Wealth

CIC Financial Group Coleman Wealth Raymond James

THE NIGHT kicked off with the McClelland Financial Group taking

home the trophy for Engagement, Loyalty and Client Care. The practice’s leader, Rob McClelland, credited efforts in promoting financial literacy and creating a community – including a monthly lunch-and-learn event that has been a hit with clients – as key factors that led to his team’s win. “They become a community, get to know each other and socialize independently,” McClelland says. “We didn’t expect that, but it makes me feel great about what we have accomplished.”

Spring Planning

“We have a lot of fun delivering what we do to our clients. This is recognition that what we are doing makes sense”

The New School of Finance

McClelland Financial Group

Cresco Advisory Group Scotia Wealth Management, ScotiaMcLeod

Northland Wealth Management PWM Private Wealth Counsel HollisWealth


Founded in 1957, AGF Management is a diversified global asset management firm with retail, institutional, alternative and high-net-worth businesses. As an independent firm, we strive to help investors succeed by delivering excellence in investment management and providing an exceptional client experience. Being an independent firm has allowed us to make strategic acquisitions that improve our client service experience and enable us to offer new and innovative products while enhancing our research capabilities. Our suite of diverse investment solutions extends globally to a wide range of clients, from individual investors and financial advisors to institutions, including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.


“When you look at the engagement, loyalty and client care in our business, you are taking care of Canadians’ everyday financial assets,” said Graham Smith, district vice-president of retail and strategic accounts for Ontario at award sponsor AGF. “That’s their life savings, so for a team to be the epitome of this and the top of the industry, that’s important to us.”

Graham Smith AGF Investments

The McClelland Financial Group team

For more information, visit agf.com

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BDM/WHOLESALER OF THE YEAR WINNER Nathan Amor Sun Life Global Investments

FINALISTS Brad MacAulay Ninepoint Partners

Chantal McNeily Sun Life Global Investments

Charlie Stratton Mackenzie Investments

David Bear Natixis Investment Managers

David Clarke BMO Global Asset Management

Jennifer Boros

NATHAN AMOR was excited by his win as BDM/Wholesaler of the Year, but for him, it all comes down to the clients. He believes creating lasting relationships with his clients will pay off in the long run. “The number-one thing I tell my clients is they will always get the honest truth from me,” Amor said. “That matters to them because they know that even if my product doesn’t fit today, I’ll tell them someone else’s whose does in the hopes that the next time they need something, they will come back to me.”

“My passion is my job – I have been doing this for 13 years. The recognition is nice, but I appreciate my clients and they appreciate me”

Natixis Investment Managers


John Teskey

Sun Life Global Investments

Forstrong Global Asset Management

Philip Douglas Horizons ETFs Management

Tamar Kirakossian iA Clarington Investments

“The best of the best wholesalers bring so much to advisors,” said Daniel Collison, managing partner of Advice2Advisors and one of the judges of this year’s awards. “They bring the technical knowledge of whatever firm they are representing, but the practice management that they pick up along the way from the top advisors, they share out.”

Nathan Amor Sun Life Global Investments Daniel Collison Advice2Advisors

www.wealthprofessional.ca www.australasianlawyer.com.au

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FINALISTS Greg Flower Leede Jones Gable

Idrees Baksh TD Wealth Private Investment Advice

Jillian Bryan TD Wealth Private Investment Advice

Peter Volpe IC Wealth Management ScotiaMcLeod


TMX Group’s key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes, including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montreal Exchange, Canadian Derivatives Clearing Corporation, NGX, Shorcan, Shorcan Energy Brokers, AgriClear and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montreal, Calgary and Vancouver) and in key US markets (New York, Houston), as well as in London, Beijing and Singapore. For more information, visit tmx.com

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AVIN MEHRA’S win as Best Active Manager – Exchange Traded Derivatives was aided by his investment philosophy, which centres around preservation of capital. “I always try to consider my clients’ money as my own, and if it was my money, I wouldn’t want to lose it,” Mehra says. “Most of my book is 50+, so they don’t want to see a downturn in the market; they don’t want to play games or gamble their money. They want to retire comfortably. I keep all of that in mind all of the time.”

“The key for me is to focus on the client – that is the most important thing. I make sure their money is protected and can meet all of their financial goals” AVIN MEHRA Mehra Wealth Management

For Josiane Lanoue, senior manager of equity derivatives at award sponsor TMX’s Montreal Exchange, “the Wealth Professional Awards are a great occasion to celebrate our peers. Dear to our hearts is obviously the equity derivatives business, and we thought it was important to bring forward the advisor who goes above and beyond when actively managing portfolios.”

Josiane Lanoue TMX Montreal Exchange Avin Mehra Mehra Wealth Management

www.wealthprofessional.ca www.australasianlawyer.com.au

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FINALISTS Aaron Ruston Purposed Financial

Milestone Asset Management Sonny Goldstein Goldstein Financial Investments

Stransky & Associates IG Private Wealth Management

Susan O’Brien

GIVEN THE sheer number of volunteer initiatives Sonia LeRoy of LeRoy Wealth Management Group is involved in, it’s no wonder she took home the Excellence in Philanthropy and Community Service Award. LeRoy’s community service includes teaching martial arts and karate breathing techniques to children with cancer, volunteering in Africa, serving as a member of Women for Mental Health and serving on her church’s investment finance committee.

“Giving money is important, but so is giving your time. If I can do it, anyone can, and hopefully I spread that to others here tonight”

BMO Nesbitt Burns


Tracey McGrath

LeRoy Wealth Management Group

Richardson GMP

Still, LeRoy was “very surprised” to hear her name called for the award. “I am very happy to receive [this award] because I think it’s important for people to understand how easy it is to do good and give back,” she said. “I believe in always giving back to the community,” agreed Sangeeta Chopra-Charron, management consultant at Jennings Consulting and one of the judges for this year’s awards. “We are blessed to be living in Canada and have all the things we could ever want, so if we can give back to the community, then we are contributing.”

Yasmin Kanji Echelon Wealth Partners

ZLC Financial

Sonia LeRoy LeRoy Wealth Management Group

www.wealthprofessional.ca www.australasianlawyer.com.au

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YOUNG GUN OF THE YEAR WINNER Emily Ben-Haim Gluskin Sheff & Associates

FINALISTS Adam Schacter Mandeville Private Client

EMILY BEN-HAIM of Gluskin Sheff called her win as Young Gun

of the Year “very humbling.” For Ben-Haim, educating and supporting the next generation is an area of focus, and she believes the industry needs more young people to carry the torch. “I love looking out for my clients,” she said. “They feel like family, and I care a lot about them, specifically women and the next generation and making sure they are informed and empowered to look after their wealth.”

Alexander Naish, TD Wealth Andrew Feindel Richie Group, IG Private Wealth

Cameron Hudson National Bank Financial Wealth Management

Darius Muica, Nour Private Wealth Devin Cattelan Cattelan Private Wealth Counsel HollisWealth

Filomena May, Raymond James Joshua Bacchus, Canfin Financial Group Karl Nour, Nour Private Wealth Victor Kuntzevitsky Northland Wealth Management

“I think supporting the next generation in terms of their wealth is why it’s important for more young people to enter the industry” EMILY BEN-HAIM Gluskin Sheff & Associates

Karl Cheong, head of distribution for Canada at award sponsor First Trust, agrees that young advisors are vital to the industry’s continued success. “These people are the future of the industry, so we are happy to support this every single year,” he said. “They are the lifeblood, and they will be the ones who are supporting our children.”


The First Trust companies are a well-respected global enterprise, established in 1991 in the Chicago area, with a mission to offer investors a better way to invest. First Trust’s total global assets under management or supervision is US$126 billion as of May 31, 2019.

Karl Cheong First Trust Portfolios

Emily Ben-Haim Gluskin Sheff & Associates

For more information, visit firsttrust.ca

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ADVISORY TEAM OF THE YEAR (FEWER THAN 10 STAFF) WINNER Kaspardlov & Associates Manulife Securities

FINALISTS Caring for Clients Colin Ryan Wealth Management Group

BEING NAMED Advisory Team of the Year (Fewer than 10 Staff ) is recognition of all the little things the staff at Kaspardlov & Associates does, according Josh Lane, a financial planner and life insurance advisor at the practice. “There’s lots of things that contributed to this award – little things like extra caring, making the clients feel like family, like they are at home when they walk in the doors,” Lane said. “Going the extra mile takes the whole team to give the level of service that we do.”

BMO Nesbitt Burns

CWP Financial Services Sun Life Financial

MLD Wealth Management Group Canaccord Genuity Wealth Management

Popescu Ashton Group Harbourfront Wealth Management

“We are so involved with our clients’ lives and guide them through financial decisions, but it takes the whole team to do that”

Richie Group


IG Private Wealth

Kaspardlov & Associates

Rouleau Investment Group CIBC Wood Gundy

Shinder Tremblay Group Echelon Wealth Partners

True North Financial Services Sun Life Financial

That philosophy resonates with award sponsor CI Investments. “When you have a team approach, you can really give your clients that full wealth planning experience,” said Imran Malik, CI’s vice-president of sales and marketing, “so I think this is one of the more important awards.”

WCBG Wealth Management and Planning Consultants Patrick McHugh Kaspardlov & Associates


CI Investments is proud to partner with financial advisors across Canada who offer our funds to their clients. We believe investors are most successful when they follow a sound financial plan developed with the assistance of a qualified advisor. For more information, visit ci.com

Imran Malik CI Investments

Josh Lane Kaspardlov & Associates

www.wealthprofessional.ca www.australasianlawyer.com.au

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PORTFOLIO/DISCRETIONARY MANAGER OF THE YEAR WINNER Colin Ryan Colin Ryan Wealth Management Group BMO Nesbitt Burns

FINALISTS Chris Rawles RT Mosaic Wealth Management

Francis Sabourin Richardson GMP

George Halkidis Richardson GMP

James Gauthier Justwealth

Jeet Dhillon TD Wealth Private Investment Counsel

John (Jay) D. Nash Nash Family Wealth Management National Bank Financial

Martin Pelletier TriVest Wealth Counsel

Susyn Wagner CIBC Wood Gundy

COLIN RYAN chalked up his win as Portfolio/Discretionary

Manager of the Year to the trust his clients put in him. “We are very fortunate to have that trust and confidence of our clients,” he said. Ryan views his role as overseeing the day-to-day management of his clients’ portfolios so they can focus on other things. “We let them focus on what they do best – either be retired, have fun or focus on their business – while we focus on the rest of it for them,” he said.

“It is really a testament to the trust and confidence our clients place in us every day and the great team I have working with me” COLIN RYAN Colin Ryan Wealth Management Group

Trevor Cummings, vice-president and ETF specialist at award sponsor BlackRock, noted that “having discretionary authority over client assets is a huge responsibility. With the volatility we have had over the past six months, it’s a great reminder of how much impact an investment professional can have on client outcomes, so we are proud to sponsor this award.”

Vincent Tonietto Fiduciary Trust Canada PROUDLY SPONSORED BY

BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of September 30, 2018, the firm managed approximately US$6.44 trillion in assets on behalf of investors worldwide. Trevor Cummings BlackRock

For more information, visit blackrock.com

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FINALISTS Charlotte Ma Brant Securities

David Esch National Bank Financial

Himalaya Jain The Rosedale Group Scotia Wealth Management

Leslie G. Cliff

ADDING ANOTHER Wealth Professional Award to his trophy

shelf, Francis Sabourin claimed the 2019 Global Advisor of the Year Award. “When we started the model 10 years ago, we had no clue where we were going,” he said. “It was a blind shot, but I realized 10 years later that we were very competitive and had beaten the benchmarks along the way.”

“This means a lot to me – it is a lot of work for my team and myself. This is such an achievement for us” FRANCIS SABOURIN Richardson GMP

Genus Capital Management PROUDLY SPONSORED BY

At Sun Life Global Investments, we believe that thinking and acting from a global perspective brings to light the best opportunities for our investors. Our goal is to help them invest confidently so they can live life on their terms. In 2018, Sun Life Global Investments acquired Excel Funds, an investment fund manager specializing in emerging market funds. The acquisition added to our global subadvisor network by providing access to Aditya Birla Sun Life Asset Management, Amundi Asset Management and China Asset Management Company. As a member of the Sun Life Financial group of companies, we have access to investment professionals located around the world who for years have sought out and engaged best-in-class investment managers. We are able to leverage these preferred relationships to provide Canadian investors a diverse lineup of mutual funds, investment solutions and services designed to help them pursue their financial goals, both now and in the future.

Sabourin believes his ability to look outside of Canada was key to earning this recognition. “Canada only represents 2% to 3% of global investment markets, so it’s the other 97% we need to have a look at,” he said. Chantal McNeily, wealth sales director at award sponsor Sun Life Financial, agrees. “We believe in the power of global diversification to help clients achieve their objectives – specifically, investing in emerging markets,” she said. “We all tend to think local, but investing globally adds a lot of benefits for our clients by providing them with exposure to other markets.”

Chantal McNeily Sun Life Financial Francis Sabourin Richardson GMP

For more information, visit sunlifeglobalinvestments.com

www.wealthprofessional.ca www.australasianlawyer.com.au

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Desjardins Wealth Management

FINALISTS Alfred Lee BMO Asset Management

Atsuko (Annie) Hiraoka Cougar Global Investments

Ken MacNeal Richardson GMP

Laura Tase BMO Global Asset Management

Mark Noble Horizons ETFs Management

Michael Cooke Mackenzie Investments

Neville Joanes WealthBar

Pat Dunwoody

THIS YEAR’S ETF Champion, Mary Hagerman of Desjardins

Wealth Management, has long been a strong proponent of ETFs as a means to achieve the best returns for her clients. “I have always looked for the best way to build portfolios and provide good returns and investment solutions for our clients,” Hagerman said. “ETFs have been instrumental in that and in my role of doing the best job possible for our clients.”

“Winning this is fantastic because it validates the time, energy and conviction for working with ETFs” MARY HAGERMAN Desjardins Wealth Management

“The ETF industry continues to grow, and they play an increasingly important role in clients’ portfolios,” said Dane Taylor, director of client strategy at Key Media, which produced the Wealth Professional Awards. “Mary is an engaging and tireless supporter of the investment vehicle and, with her considerable expertise, is always on hand to share her knowledge and educate.”

Canadian ETF Association

Tyler Mordy Forstrong Global Asset Management

Wolfgang Klein Canaccord Genuity Wealth Management

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Mary Hagerman Desjardins Wealth Management

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DIGITAL INNOVATOR OF THE YEAR WINNER Tetrault Wealth Advisory Group Canaccord Genuity Wealth Management

FINALISTS Mandeville Private Client Monarch Wealth Corporation Peter Watson Investments Provisus Wealth Management/ NEO Connect

THANKS TO its efforts to increase its presence on social media,

Tetrault Wealth Advisory Group took home the Digital Innovator of the Year Award. “We set a goal over a year ago to get to over 1,000 followers on our YouTube channel,” said Rob Tetrault, head of Tetrault Wealth Advisory Group. “We wanted 5,000 on LinkedIn and Facebook. We wanted to create content and webinars and structured a platform through our VP of marketing, Jean Moquin, where we would find as many people who wanted advice.”

“I am a country boy here in Toronto and am so grateful to accept this award in a fantastic industry” ROB TETRAULT Tetrault Wealth Advisory Group

Tetrault added that winning the award is “really humbling – this really is the best in the industry. To be here and even just nominated with the best – I am humbled.”

Rob Tetrault Tetrault Wealth Advisory Group Jean Moquin Tetrault Wealth Advisory Group

www.wealthprofessional.ca www.australasianlawyer.com.au

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FINALISTS Bart Hunter The Hunter Financial Group Scotia Wealth Management

David Little Little Wealth Management Group Retirement Income Planners of Canada

George Halkidis The James Dennis Group Richardson GMP

Guido Camaiani Mandeville Private Client

Jamie Suprun Suprun Wealth Management HollisWealth

Kevin Haakensen PWM Private Wealth Counsel HollisWealth

Mark Winson Wise Riddell Financial Group

Neville Joanes WealthBar

Paul Tyers

HIS FIRM’S innovative philosophy, which redefines the traditional 60/40 split as 60% equities and fixed income and 40% alternatives, helped Arthur Salzer win Advisor of the Year for Alternative Investments. “It’s hard to generate alpha in the public markets, because you are not allowed to trade on material inside information,” Salzer said. “On the private markets, you are expected to trade on material inside information – it’s a big difference.”

“We access the same investment opportunities, same managers at the same fees that the Canadian pensions access, which puts us apart from everyone else in the industry” ARTHUR C. SALZER Northland Wealth Management

“We believe that this is the market space that is set to grow because it is an underserved market in client portfolios,” said John Courtliff, managing director and portfolio manager at award sponsor ICM Asset Management. “We know of Arthur and know him reasonably well by reputation. He is very progressive and thoughtful in what he is doing for his clients.” PROUDLY SPONSORED BY

Portfolio Stewards

Travis Forman Harbourfront Wealth Management Willoughby Asset Management

John Courtliff ICM Asset Management

ICM Asset Management is a registered alternative investment fund manager and portfolio manager focused on owning, operating and investing in real assets. We offer retail, private client and institutional investors an array of private investment opportunities focused on real estate, private equity, private debt and infrastructure strategies. Our goals are simple: We strive to preserve wealth and generate attractive risk-adjusted returns while providing the highest level of client service. For more information, visit icmassetmanagement.com

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RISING STAR ADVISOR OF THE YEAR WINNER Sajjad Hussain Allen Private Wealth Group HollisWealth


AFTER ENTERING the industry just over three years ago, Sajjad Hussain of Allen Private Wealth Group was named Rising Star Advisor of the Year. While he wanted to work on the advisor side of the industry for years, it wasn’t until recently that Hussain decided to make the jump.

Gluskin Sheff & Associates

“Being able to help clients get to their goals has shown that I am moving forward in what I love to do”

Ghinel Bozek


Charlotte Paul Perspective Wealth Management Raymond James

Erika Friesen

Richardson GMP

Jeff Letchford Mandeville Private Client

Kaif Lalani National Bank Financial Wealth Management

Stephanie Schneider Schneider Financial Group National Bank Financial

Steven Furtado

Allen Private Wealth Group

“I focused on getting into the industry for 20 years, but worked in the corporate world as a VP with Franklin Templeton,” Hussain said. “I have always had a passion for helping families succeed in achieving their financial goals, and eventually it was the right time to move over and help as an advisor.” “The award means a lot to us,” added Elie Nour, CEO of award sponsor Nour Private Wealth. “It is never easy to join this business, and for people to stand out, they need to put in more than 100%.”

Zagari, Simpson & Associates PEAK Financial Group PROUDLY SPONSORED BY

Sajjad Hussain Allen Private Wealth Group Elie Nour Nour Private Wealth

Nour Private Wealth is an independent wealth management firm that specializes in meeting the needs of a growing number of high-net-worth private clients, as well as select corporate investors. For more information, visit npw.ca

www.wealthprofessional.ca www.australasianlawyer.com.au

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ADVISOR OF THE YEAR – RESPONSIBLE INVESTMENTS WINNER Michael Silicz The Silicz Birdsall Advisory Group National Bank Financial

FINALISTS David Angas Raymond James

Laurie Stephenson

RESPONSIBLE INVESTING has become a huge area within

wealth management. Picking up the trophy for Advisor of the Year – Responsible Investments was Michael Silicz of the Silicz Birdsall Advisory Group at National Bank Financial. Jennifer Schafer, vice-president and regional manager for the Prairies and Atlantic Canada at National Bank Financial, accepted the award on his behalf. “This award is very important to Michael,” Schafer said. “He is an advocate for socially responsible investing, and certainly there are a lot of great people nominated in the category, so he is honoured to accept the award tonight.”

Stephen Whipp

“This award is very important to Michael … He is an advocate for socially responsible investing”

Leede Jones Gable


Thalia Kingsford

National Bank Financial

Starboard Wealth Planners

Ryan Colwell C&C Planning Group IPC Investment Corp.

Kingsford and Associates BMO Nesbitt Burns

Wolfgang Klein Canaccord Genuity Wealth Management PROUDLY SPONSORED BY

NEI Investments is committed to delivering best-in-class independent portfolio managers to Canadian investors. We are a disciplined, active asset manager with a longstanding focus on responsible investing and a well-defined corporate engagement process designed to create sustainable long-term value. Our solutions provide investors with opportunities to make an impact beyond financial returns.

“Responsible investing is a category of investing that is growing phenomenally,” added David Rutherford, vice-president of ESG services at award sponsor NEI Investments. “It’s appealing to a wider and more diverse range of investors than other categories. We believe it is the future of investing and that pretty much everybody will be involved in RI in some way, just as they are now responsible consumers across the board.”

Jennifer Schafer National Bank Financial, who accepted on Michael Silicz’s behalf

David Rutherford NEI Investments

For more information, visit neiinvestments.com

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Wellington-Altus Private Wealth This is the highest honour at the Wealth Professional Awards. This award recognizes an individual who has made outstanding contributions to the advancement of wealth management and financial planning in Canada throughout their career. This award acknowledges and industry icon with an established history of distinguished service to the wealth management profession, who has exhibited leadership and provided inspiration to others in the sector while putting the interests of the industry at the top of their priorities.


Invesco is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. For more information, visit invesco.ca

THIS YEAR’S Lifetime Achievement Award was presented to

Charlie Spiring, founder and chairman of Wellington-Altus Private Wealth, who took the opportunity to reflect on his accomplishments in a career that has spanned more than three decades. “Starting my two firms stand out as key achievements,” he said. “Building two firms against the might and steel of the big banks – I am very proud of that, and achieving great success is wonderful.”

“I have always been an advisor and always committed to the business” CHARLIE SPIRING Wellington-Altus Private Wealth

While Spiring was happy to celebrate his accomplishments, he also noted that he’s not done just yet. “Wellington is just taking off,” he said. “As they introduced us, they noted that we are the most successful firm ever after year one and after year two, so I am looking forward to year three.” “The award is recognition of Charlie’s continued pursuit of bringing forward the wealth management services that all clients deserve,” said Lisa-Marie McDermott, head of wealth management platforms at award sponsor Invesco Canada. “Diversity helps the client, and we need independents in the industry. He’s done that twice over and continues to improve and better the financial service industry for all clients.”

Charlie Spiring Wellington-Altus Private Wealth Lisa-Marie McDermott Invesco Canada

www.wealthprofessional.ca www.australasianlawyer.com.au

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Active Alternatives campaign

FINALISTS AGF Management AGFiQ Momentum

Fidelity Investments Great Minds Think Differently

Harvest ETFs

DYNAMIC FUNDS’ Active Alternatives campaign, which focused on informing advisors about the new regulations allowing hedge funds to be added to the traditional mutual fund environment, emerged victorious as Advertising Campaign of the Year. Mark Brisley, managing director and head of Dynamic Funds, was thrilled with the win and believes the campaign’s focus on education helped secure the award. “Yes, we were trying to raise assets,” Brisley said, “but at the same time educate advisors and the investment public, and obviously it resonated.”

Go Beyond campaign

“As much as this was about advertising, it was also about education and financial literacy”

Mackenzie Investments


Income Happens Here

Horizons ETFs Invest in Innovation

iA Clarington Investments

ETF Portfolios & Balanced Funds


Wealth Professional Canada is the leading business magazine for the wealth management and financial advisory sector, covering in-depth industry issues, market trends, business analysis and intelligence. WPC is complemented by a daily news website, WealthProfessional.ca, which features breaking news, an industry forum and exclusive multimedia content, as well as sister publication Life Health Professional. WPC and LHP are published by independent media company Key Media International.

Dynamic Funds

“A good campaign is something that resonates with the audience ... and it was very difficult to choose because they were all very good,” said Judy Paradi, partner at StrategyMarketing.ca and one of the judges for this year’s awards. “But Dynamic’s campaign was [especially] educational, trying to help people understand what active alternatives are.”

Mark Brisley Dynamic Funds

For more information, visit wealthprofessional.ca

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FINALISTS Advicent Advisor Websites Aequitas NEO Exchange Broadridge Financial Solutions Croesus Finansoft Fundserv Maximizer Services Sticky Advisor Univeris Wealth Dynamix Wealthsimple


Radius Financial Education has been producing high-level conferences within the financial services sector in Canada for more than 16 years. As Canada’s leading producer of conferences within the financial sector, Radius’ events focus on education and networking through an exchange of independent ideas and information, allowing our delegates to be leaders in their chosen fields. Our top-down approach to the agenda enables us to deliver relevant, thoughtprovoking, cutting-edge and sometimes controversial insight in a stimulating manner.

EQUISOFT NABBED the prize for Industry Service Provider of the Year, which the company’s VP of wealth management solutions, Jonathan Georges, attributed to its commitment to listening to the needs of its clients. “What makes us unique is we really focus on the needs of our clients,” Georges said, “whether end investor, financial advisor or mutual fund wholesaler.”

“It’s been 25 years that we’ve been doing this, working with advisors and fund companies, so it is a real honour to be recognized for the effort we put in” JONATHAN GEORGES Equisoft

Justin Warren, general manager at award sponsor Radius Financial Education, added that the Wealth Professional Awards are “a great event, recognizing the best in financial services in Canada, and Radius is proud to be a supporter. To be a great service provider, customer service is important, as is making sure clients always come first.”

Justin Warren Radius Financial Education

For more information, visit radiusfinancialeducation.com Jonathan Georges Equisoft

www.wealthprofessional.ca www.australasianlawyer.com.au

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FINALISTS AGF Management BMO Global Asset Management CI Investments Dynamic Funds Evolve ETFs Fidelity Investments Horizons ETFs Invesco Canada Purpose Investments

IN 2018, Mackenzie Investments became the first Canadian firm to launch liquid alternatives, an innovation that helped it win Fund Provider of the Year. “This means a lot to us,” said Mackenzie Investments president and CEO Barry McInerney. “We are a proud Canadian firm with over 50 years of innovation. We continue to strive in helping Canadians towards retirement security.” McInerney added that he’s especially proud of Mackenzie’s liquid alternative offerings, SRI ETFs and Global Leadership Impact ETF, which focuses on investing in companies where women hold leadership positions.

“We are trying to stay ahead of the curve for Canadians so they can get the best returns possible” BARRY MCINERNEY Mackenzie Investments


Founded in 1994, Equisoft offers advanced digital business solutions to its clients in the insurance and wealth management industries to support their growth. The firm develops and markets innovative front-end applications (InsuranceElements and WealthElements) featuring industryleading user interfaces and state-of-the-art technology. In addition, Equisoft is an Oracle Insurance Policy Administration integration partner for some 20 carriers globally. To complete this unique offering, Equisoft brings extensive experience in data migration through its subsidiary, Universal Conversion Technologies. Equisoft has a growing team of nearly 300 specialized resources based in the US, Canada, Latin America, South Africa and India.

“The ability to serve the client [is vital for fund providers],” added Anthony Stockley, vice-president of wealth solutions at award sponsor Equisoft. “From a Mackenzie perspective, that’s how they interact with advisors. It’s really important for us to work with firms like Mackenzie because they are constantly innovating, and that’s a core theme for us.”

Anthony Stockley Equisoft

Barry McInerney Mackenzie Investments

For more information, visit equisoft.com/en

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FINALISTS Assante Wealth Management Canaccord Genuity Wealth Management Edward Jones Mandeville Private Client Manulife Securities Raymond James

iA SECURITIES has been on a path of rapid growth in recent

years, and that momentum led to the firm being named MultiOffice Advisor Network/Brokerage of the Year. President John Kelleway believes the win will help further iA’s growth trajectory. “We were a small dealer a few years ago, have been growing and are basically trying to remove the whole ‘best kept secret’ tag, and this is an acknowledgement of that,” he said.

“Being an independent advisor firm, our success is driven by advisors and what they do” JOHN KELLEWAY iA Securities


Equitable Bank manages more than $29 billion in assets and is a wholly owned subsidiary of Equitable Group. It was founded in 1970 as The Equitable Trust Company and has become Canada’s ninth largest Schedule I bank. Equitable Bank offers a diverse suite of residential lending, commercial lending and deposit products, including high-interest savings accounts and GICs. At Equitable, there is no doubt that financial services are changing. Consumers increasingly prefer to interact remotely through digital channels and are less likely to visit brick-and-mortar locations. That’s why the company launched EQ Bank in 2016. Its approach to convenient banking with everyday high interest makes it a strong contender in the industry. For more information, visit equitablebank.ca

Kelleway went on to praise the efforts of iA’s advisors. “We have some of the best advisors in the business, and watching the work they do with clients is an acknowledgement of what we are doing at the core,” he said. Damon Knights, head of deposits at award sponsor Equitable Bank, added: “The impression that the [finalists] give to the market [and] the advisors around AUM growth, quality service and overall performance is important. When you think about who you want to be associated with, that’s the impression you want, and we’re really happy that iA won this year.”

John Kelleway iA Securities (iA Financial Group) Damon Knights Equitable Bank

www.wealthprofessional.ca www.australasianlawyer.com.au

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FINALISTS AGF Management Canaccord Genuity Wealth Management IG Wealth Management Invesco Canada Manulife Securities TD Asset Management

CANOE FINANCIAL has been growing since its acquisitions of O’Leary Funds and Fiera Capital’s Canadian mutual funds, and its win for Employer of Choice was an acknowledgement that the company has been heading in the right direction. “It is extremely important to have a positive environment,” said David Lupini, vice-president of marketing at Canoe Financial. “In this industry, you have to be an excellent provider to stand out, and attracting the top-tier people is vital.”

“This means a lot to us. You always try to create a great company that good people want to work at. This award really affirms that” DAVID LUPINI Canoe Financial

“It was a difficult decision for sure,” said Advocis president and CEO Greg Pollock, one of the judges for this year’s awards. “There has to be a lot of innovation out there and a lot of flexibility in terms of the way employers work with their employees. These are partnerships – it’s not master-servant, and it’s not top-down. Canoe is a progressive employer, and I wish them well.”

David Lupini Canoe Financial

Greg Pollock Advocis

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Carte Wealth Management


JACKIE PORTER of Carte Wealth Management called her win for

Female Trailblazer of the Year “a shock” and “a complete privilege.” She attributed the award to her passion for sharing her own story to empower other women financially.

Spring Planning

“I feel really honoured to be winning this award in a category with so many amazing women, and I don’t take that lightly”

Laurie Bonten

Carte Wealth Management

Diane Nash Nash Family Wealth Management National Bank Financial

Jennifer Snyder Harbourfront Wealth Management

Julia Chung

Wellington-Altus Private Wealth

Leony deGraaf deGraaf Financial Strategies

Rona Birenbaum Caring for Clients

Shannon Lee Simmons The New School of Finance

Silvana Rizzo Rothenberg Capital Management

Susan Latremoille The Latremoille Group, Richardson GMP


“My story is a person who has come from nothing, and if I can inspire women who come from nothing to create their own wealth, it is something I am honoured to do,” she said. “Just because you start somewhere doesn’t mean that’s where you end up.” Jennifer Chung, district VP at award sponsor Mackenzie Investments, said that although the Female Trailblazer of the Year Award is a step in the right direction, “always more can be done. It’s about constant communication and support, giving women the opportunities and just letting them lead in different facets. The more women you see in different leadership roles, the more women are inspired to join the industry.”

Tammy Cash Horizons ETFs Management

Wanda Butler


Freedom 55 Financial

Jennifer Cheung Mackenzie Investments

Mackenzie Investments has been helping Canadians since 1967, when we started with one person managing investments for one investor in Toronto. Now we’re a holistic asset management partner for thousands of Canadian financial advisors and the investors they support across the country. Our commitment to them is to help investors achieve financial success and feel confident about the future. For more information, visit mackenzieinvestments.com

Jackie Porter Carte Wealth Management www.wealthprofessional.ca www.australasianlawyer.com.au

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CANADIAN ADVISOR OF THE YEAR WINNER Alexandra Horwood Alexandra Horwood & Partners Richardson GMP

FINALISTS Cory Garlock

ALEXANDRA HORWOOD’S hard work and commitment to clients helped her clinch the title of Canadian Advisor of the Year. “My clients are everything in this business,” she said. “I will fall on the sword for them and do anything to defend them, and I always have their best interest at heart. I make engaging my team a centerfold to my practice, and I work really, really hard. I think that is one of the reasons I have been successful.”

TD Wealth Private Investment Advice

Elie Nour Nour Private Wealth

Faisal Karmali Popowich Karmali Advisory Group CIBC Wood Gundy

Jamie Suprun Suprun Wealth Management, HollisWealth

Jason De Thomasis De Thomas Wealth Management

Kyle Richie Richie Group, IG Private Wealth

Nader Hamid Total Wealth Management Group

Rob McClelland The McClelland Financial Group Assante Capital Management

“I am so proud – I work so hard, have an amazing team, wonderful clients, and I am absolutely elated by this award. It means the world to me!” ALEXANDRA HORWOOD Alexandra Horwood & Partners

“We understand that it’s the advisor’s relationship with clients that drives wealth creation,” said Frank Laferierre, SVP and chief operating officer at award sponsor Mandeville Private Client. “The highest value-add an advisor can give to their clients is to make them wealthy! That’s it – everything else is secondary, and Alexandra and her team exemplify that.” PROUDLY SPONSORED BY

Sean Mackenzie National Bank Financial Wealth Management

Thierry Tremblay Shinder Tremblay Group Echelon Wealth Partners

Todd Degelman Wellington-Altus Private Wealth

Wes Ashton Harbourfront Wealth Management

At Mandeville, your interests always come first when we suggest solutions or investment approaches. We are dedicated to conducting business with the utmost transparency, professionalism and integrity. We are committed to creating and preserving your wealth. Our goal is to democratize private investment opportunities for wealth creation and, where appropriate, provide you the same investment techniques used by ultra-high-net-worth and institutional investors. For more information, visit mandevilleinc.com

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Harbourfront Wealth Management

FINALISTS Allen Private Wealth Group HollisWealth

Nicola Wealth Management Northland Wealth Management Nour Private Wealth Polson Bourbonniere Derby Wealth Management HollisWealth

Popowich Karmali Advisory Group CIBC Wood Gundy

RGF Integrated Wealth Management White LeBlanc Wealth Planners HollisWealth

Zagari, Simpson & Associates PEAK Financial Group PROUDLY SPONSORED BY

Franklin Templeton Investments is a global leader in investment management with clients in more than 170 countries. Here in Canada and abroad, we are dedicated to one goal: delivering exceptional asset management for our clients. At the core of our success is our multiple independent investment teams – each with a focused area of expertise, from traditional to alternative strategies and multi-asset solutions. All of these investment teams share a common commitment to excellence, grounded in rigorous, fundamental research and robust, disciplined risk management.

FOR KELLY HEMMETT, the Hemmett Anseeuw Team’s win for

Advisory Team of the Year (10 Staff or More) affirmed what they’ve been doing for nearly three decades. He pointed to his team’s relationships with clients as a deciding factor in their victory. “We incorporate all members of the team into our clients’ lives,” Hemmett said. “We see a lot of plans that don’t pay attention to that aspect, but ours definitely do, and I think that makes us a little more unique.”

“We have been doing this for close to 30 years, and to start from humble beginnings and now have national recognition is pretty special” KELLY HEMMETT Hemmett Anseeuw Team

“We know that a lot of work goes into managing the wealth of clients, and we fully appreciate that a holistic offering platform is necessary,” said Liz Bouthillier, senior vice-president of sales at award sponsor Franklin Templeton Investments. It takes a broad team to do that, and there’s a lot of work that goes unrecognized. We wanted to make sure they get recognized for that.”

Travis Forman Harbourfront Wealth Management, who accepted on behalf of the Hemmett Anseeuw Team

For more information, visit franklintempleton.com

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FINALISTS CIC Financial Group Cresco Advisory Group Scotia Wealth Management ScotiaMcLeod

Popowich Karmali Advisory Group CIBC Wood Gundy

RT Mosaic Wealth Management Shinder Tremblay Group Echelon Wealth Partners

Sunny Shergill Team CIBC Imperial Service

Woodgate Financial Zagari, Simpson & Associates PEAK Financial Group


CI Investments is proud to partner with financial advisors across Canada who offer our funds to their clients. We believe investors are most successful when they follow a sound financial plan developed with the assistance of a qualified advisor.

NAMED MULTI-SERVICE Advisory Team of the Year, Vancouver-

based Luft Financial was unable to attend the awards, but iA Securities president John Kelleway was proud to accept on behalf of one of his firm’s advisor offices. “This is outstanding,” Kelleway said. “[Robert] is an advisor who has grown tremendously over the last five years. He has done it by being very client-centric – everything is about the client for Robert.”

“Our dealer success is based on the success of the advisor, and what Robert does is a great example of that” JOHN KELLEWAY iA Securities

“Right now, our industry is under a little bit of scrutiny – unfair scrutiny – because a lot of us are doing such a good job, and we are really trying to do our best for our clients and provide them with complete, holistic financial planning,” said Imran Malik, VP of sales and marketing at award sponsor CI Investments. “There are so many of us trying to do the best we can, trying to help our clients achieve their goals, so I think this award helps.”

John Kelleway iA Securities, who accepted on behalf of Luft Financial

For more information, visit ci.com Imran Malik CI Investments

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FINANCIAL LITERACY CHAMPION WINNER Elizabeth Naumovski Caldwell Securities

FINALISTS Alphil Guilaran Financial Literacy Counsel

Blake Griffith Griffith & Associates Financial & Estate Planning

Carl Spiess Scotia Wealth Management

Dave Arabi Boushehri World Financial Group

Heather Holjevac TriDelta Financial Partners

James Campbell IIS Insurance and Risk Strategies

FINANCIAL LITERACY is a popular initiative in the wealth

management industry, and Elizabeth Naumovski of Caldwell Securities was happy to accept the Financial Literacy Champion Award. Naumovski says she learned many financial lessons from her parents, who taught her to save every penny and only purchase what she could afford. “I have lived my life by walking the talk and tried to mentor young women and help them understand you don’t want debt – you want to save money, and cash is king,” she said.

“Our industry is amazing because there are so many other finalists who teach Canadians financial literacy. I think our industry has come a long way” ELIZABETH NAUMOVSKI Caldwell Securities

Joseph Bakish Bakish Wealth, Richardson GMP

Rod Burylo RN Croft Financial Group

Seema Sharma Wealth & Estate Financial Canada

Stephanie Vincec

“This award is important for the financial well-being of Canadians,” said Christina Ashmore, managing director of award sponsor IFSE Institute. “There are so many advisors who do good work, and we want to recognize that it’s such an essential part of what’s needed in the industry.” PROUDLY SPONSORED BY

Ten Toonies Financial Literacy for Kids

Christina Ashmore IFSE Institute

The Institute of Financial Services Education [IFSE] is the educational arm of the Investment Funds Institute of Canada [IFIC] and a leader in online learning delivery. We are dedicated to helping Canadians improve their financial literacy through best-in-class financial education and support. As a not-for-profit organization, we make our training affordable to ensure that financial education is widely accessible. IFSE’s goal is to empower the financial services industry as a whole to benefit all whom the industry serves. For more information, visit ifse.ca Elizabeth Naumovski Caldwell Securities www.wealthprofessional.ca www.australasianlawyer.com.au

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CEO OF THE YEAR WINNER Karen Adams Fundserv

FINALISTS Barry McInerney Mackenzie Investments

Blake Goldring AGF Management

Daniel Daviau Canaccord Genuity Group

Darcy Hulston Canoe Financial

Glen Gowland Dynamic Funds

John Nicola Nicola Wealth Management

Michael Katchen Wealthsimple

Peter W. Anderson CI Financial

CAPPING OFF the night was the award for CEO of the Year, which

went to Fundserv CEO Karen Adams, who saw the award as a win for both her and her staff. “It means so much,” Adams said. “As a woman leader, we don’t often get chances to be honoured and to be in the top spot, so it means a lot for me and all of the women at the organization.”

“I think the keys to my success have been hiring great people and getting out of their way” KAREN ADAMS Fundserv

“Corporate strategy and leadership starts at the top, hence why the CEO of the Year is one of the most prestigious awards and acknowledgements that one can receive in the wealth management industry,” said Andrew Cowan, director of business development at Key Media, which produced the Wealth Professional Awards. “It was an honour to present the award and to also see the calibre of finalists who were in this category.”

Steve Hawkins Horizons ETFs Management

Tea Nicola WealthBar

Karen Adams Fundserv



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WP al


MAGAZINE The leading business magazine for financial planning professionals

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

ENEWSLETTER Daily news service delivered straight to your inbox every morning

Find out more and subscribe at wealthprofessional.ca WP all subs WPA19 Commemorative ad 2018.indd Guide-SUBBED.indd 1 67

14/03/2018 11/06/2019 11:06:04 5:17:55 PM AM



Family matters David Barnsdale’s unique experience has made him a specialist in helping his clients build multi-generational family businesses

AFTER 32 YEARS in the wealth management industry, David Barnsdale has amassed considerable experience in a variety of areas. Now, as vice-president, associate portfolio manager, wealth advisor and financial planner at Barnsdale & Hussain Wealth Management Group at RBC Dominion Securities, he’s using that expertise to zero in on incorporated professionals and family businesses. Ever since he was a child, Barnsdale has been fascinated with the stock market. “I can remember reading the stock pages when I was a kid,” he says. “I told my dad, who worked for Magna, that he should buy their stock. His comment was, ‘Stocks are for rich people and gamblers; people like us stick to GICs’ – so it’s kind of ironic that I got into the investment world.” Barnsdale started in the industry in 1987 after graduating from York University with a degree in economics. He earned his securities and insurance licences and began his first job with Tax Advantages, where he specialized in mutual funds and insurance. “The interviewer basically showed me a growth chart of the Templeton Fund,” he recalls. “My jaw dropped when I saw how much investors’ money had grown in the fund. They asked if I could recommend it to others, and I said, ‘Absolutely, if that’s how


their money can grow!’” From there, Barnsdale made stops at Manulife, Midland Walwyn, Merrill Lynch and CIBC Wood Gundy before settling in at RBC Dominion Securities in 2008. Along the way, he earned his CFP, CIM and FCSI designations, along with hedge fund specialist, options and portfolio manager licences. But the certification Barnsdale is most proud of is the Family Enterprise Advisor [FEA] designation, something only a few dozen Canadian advisors have. Working with family businesses looking to maximize a sale or transition “is an area that needs special advice and understanding, and the FEA certification has given me that,” Barnsdale says. “With a family business, you have three main factors to consider: running a successful business, ownership and family. These three circles can intersect and cause

conflict. Advisors need to work as a team to bring the family together, ensure the success of the business and keep harmony.” Dealing with these conflicts is one of the major challenges Barnsdale faces. He notes that many times, business owners are focused on just running the business and neglect the planning required for a transition. That’s where Barnsdale’s expertise can help the owner maximize value and create a smooth transition. Barnsdale’s approach mirrors that of one of his idols – with one exception. “I have been a Warren Buffett fan forever,” he explains. “I have read his books, been to the shareholder meeting and met him. My approach is basically the same as his: buy great businesses at a reasonable price that have big barriers to entry and great management. The one significant difference is that

BUILDING HIS BOOK When Barnsdale entered the industry with no specific training or experience, he quickly discovered the challenge of building a book of business. He took a big risk on an idea that eventually allowed him to flourish. “While starting out at Tax Advantages, I was convinced to do seminar marketing,” he says. “I invested $10,000 I had in savings – it was my whole life savings – in a seminar. It was make-or-break, and it turned out to be successful. From there, I continued to build my book with mail drops and public seminars.”


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PRACTICE Barnsdale & Hussain Wealth Management Group

FIRM RBC Dominion Securities

LOCATION Mississauga, Ontario


“One of my core philosophies is to never recommend anything to a client that I wouldn’t recommend to my parents” Buffett doesn’t believe in dividends, and I am all about owning great businesses that pay dividends. Dividend growers have been one of the best asset classes, historically, and are more defensive in a down market.” During his decades in the industry, Barnsdale has seen a number of changes, but none greater than the recent fee compression and increased transparency. It’s change he wholeheartedly believes in; he transitioned to a fee-based practice 20 years ago. His belief in transparency came from another mentor, CFL great and former investment advisor Tony Gabriel, whom Barnsdale worked with at CIBC.

“He basically said, ‘Run a clean book of business and you never have to worry,’” Barnsdale says. “One of my core philosophies is to never recommend anything to a client that I wouldn’t recommend to my parents. You have to ask yourself, ‘Is this right for the client?’ If there is any hesitation, then you shouldn’t do it.” Barnsdale has some additional advice for new advisors looking for success in the industry. “The key for new advisors is to team up with a seasoned advisor,” he says. “If not, you need a good mentor and truly need patience, perseverance and to be willing to take some risks.”

CERTIFICATIONS CFP, CIM, FCSI, FEA, hedge fund specialist, options licence and portfolio manager licence

EDUCATION Bachelor’s in economics from York University

ACCOLADES Was part of the WPC Top 50 Advisors list for three consecutive years (2016, 2017 and 2018)


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DECIDING HIS OWN FATE Nick Bakish has always taken a long view of the future – and it’s a credo that has served him well

Bakish ventured into business at the age of 12 when his younger brother was gifted a slushie machine, giving Bakish the idea to sell drinks to his peers at his summer day camp. Later, when mapping out his higher education, Bakish opted for a commerce degree. “I always knew I liked the world of investment; it’s just the way my brain is hard-wired – I’ve never been an employee in my life.”

D a h


P e m


2012 JOINS THE SIERRA CLUB A dedicated outdoorsman, Bakish jumped at the chance to work with the venerable Sierra Club. “I hike and paddleboard every weekend; I was raised to be outdoors. The environment is very important to me – working for it is what I would qualify as meaningful work. A client knew how passionate I was and connected us.”

2015 FINDS RICHARDSON GMP A friend who was aware of Bakish’s unhappiness brokered him an introduction to management at Richardson GMP. “The Richardson group of companies have been in business for multiple generations; they can think beyond quarterly earnings. I want to focus on the bigger picture for my clients. At Richardson GMP, I can offer transparency and lower costs – it was everything my previous firm was not.”

2018 TRANSITIONS TO PORTFOLIO MANAGER Driven by a desire to bring additional value to clients, Bakish earned his portfolio manager designation last year. “It’s a paradigm shift. Our clients can invest now less like retail investors and more like institutional investors.”


( (

BECOMES A FINANCIAL ADVISOR Post-graduation, a chance phone call inviting him for an interview put Bakish in the driver’s seat. “I got a call from a large investment management firm. It appealed to me because it meant I would be going into business on my own. When I realized I would be working for myself – that I wouldn’t be reliant on someone else – it clicked with me.”


t p s d n

T s

M a C p

HAS A CHANGE OF HEART After years of working as an advisor, Bakish realized that his firm’s values were at odds with his own.

“I realized that if they didn’t change, I would have to leave – and they didn’t change. I wanted to move from an opaque, closed, proprietary world to an open, transparent, lower-cost world to best serve my clients” 2017

TAKES NETWORKING TO THE NEXT LEVEL A chance discovery led to Bakish making a game-changing connection to the high-net-worth investing network Tiger 21. “My cousin started a company; he sent me their deck, and within it was a notation that they were a preferred client of Tiger 21. I emailed them, not knowing anything, then met the group and was invited to join. That gave me access to next-level clientele.”

A p s


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EXCHANGE OFFER AND CASH OPTION Deadline: Prior to 5:00 p.m. (Toronto time) on May 24, 2019. CDS participants may have earlier deadlines.

IF YOU OWN SECURITIES OF ANY OF THE FOLLOWING ISSUERS, YOU ARE INVITED TO EXCHANGE THOSE SECURITIES FOR UNITS OF DIGITAL CONSUMER DIVIDEND FUND Digital Consumer Dividend Fund (the “Fund”), is offering units of the Fund to investors at a price of $10.00 per unit in exchange for the securities of any of the issuers listed here or for cash subscriptions. Prospective purchasers under the exchange option are required to deposit their exchange eligible securities prior to 5:00 p.m. (Toronto time) on May 24, 2019, in the manner described in the preliminary prospectus. The Fund’s investment objectives are to provide holders of units with: (i) stable monthly cash distributions, and (ii) enhanced long-term total return through capital appreciation of the Fund’s investment portfolio through a diversified, actively managed portfolio comprised primarily of dividendpaying securities of global issuers focused on, involved in, or that derive a significant portion of their revenue from developing products or services related to digital consumer themes, including streaming, digital content, cybersecurity, social networking, e-commerce and connectivity. The initial target distribution yield for the Fund is 4% per annum based on the original subscription price (or $0.03333 per unit per month or $0.40 per unit per annum). Middlefield Capital Corporation, the advisor, will provide investment management advice to the Fund. SSR LLC, an investment research firm based in Stamford, Connecticut, will act as an industry advisor to Middlefield and in such capacity will provide ongoing analysis regarding digital consumer themes.

CONTENT, STREAMING & CONNECTIVITY ISSUERS Akamai Technologies Inc Alliance Data Systems Corp Arista Networks Inc AT&T Inc Autodesk Inc Automatic Data Processing Inc BCE Inc Broadcom Inc Broadridge Financial Solutions Inc Cadence Design Systems Inc CenturyLink Inc Corning Inc Electronic Arts Inc F5 Networks Inc FleetCor Technologies Inc Gartner Inc Global Payments Inc HP Inc Intel Corp Intuit Inc IPG Photonics Corp Jack Henry & Associates Inc


Juniper Networks Inc Madison Square Garden Co/The Manchester United Plc Motorola Solutions Inc NetApp Inc Netflix Inc Paychex Inc QUALCOMM Inc Rogers Communication, Inc. Seagate Technology PLC Shaw Communication, Inc. Synopsys Inc TELUS Corp Texas Instruments Inc T-Mobile US Inc Total System Services Inc Verizon Communications Inc Walt Disney Co/The Western Digital Corp Western Union Co/The Xerox Corp


CYBERSECURITY, SOCIAL NETWORKS & E-COMMERCE ISSUERS Alibaba Group Holding Ltd Amazon.com Inc Bank of Nova Scotia/The Cisco Systems Inc Citrix Systems Inc Dream Industrial REIT Facebook Inc Fortinet Inc Granite REIT Hewlett Packard Enterprise Co Loblaw Cos Ltd Macy’s Inc Microsoft Corp National Bank of Canada


Oracle Corp Royal Bank of Canada Shopify Inc Snap Inc Summit Industrial Income REIT Symantec Corp Tencent Holdings Ltd Toronto-Dominion Bank/The Twitter Inc Visa Inc Walmart Inc Williams-Sonoma Inc WPT Industrial REIT


DIGITAL HEALTH & OTHER ISSUERS Ag Growth International Inc Alaris Royalty Corp Alimentation Couche-Tard Inc Apple Inc ARC Resources Ltd Barrick Gold Corp Bonavista Energy Corp Bristol-Myers Squibb Co Brookfield Renewable Partners LP Cardinal Health Inc CI Financial Corp Cineplex Inc Crescent Point Energy Corp CVS Health Corp Edwards Lifesciences Corp

(L to R) JEREMY BRASSEUR, Managing Director, Corporate Finance, DEAN ORRICO, President and


Extendicare Inc EXE Fiserv Inc FISV Franco-Nevada Corp FNV Great-West Lifeco Inc GWO International Business Machines Corp IBM iShares Core S&P 500 Index ETF XSP iShares S&P/TSX Capped IT Index ETF XIT Kraft Heinz Co/The KHC Manulife Financial Corp MFC Mosaic Co/The MOS Power Financial Corp PWF RioCan Real Estate Investment Trust REI.UN SNC-Lavalin Group Inc SNC Sun Life Financial Inc SLF Walgreens Boots Alliance Inc WBA


Chief Investment Officer and ROB LAUZON, Managing Director and Deputy Chief Investment Officer

To learn more about Digital Consumer Dividend Fund, speak with your financial advisor or contact us at: 1-888-890-1868 invest@middlefield.com www.middlefield.com

Middlefield Limited 812 Memorial Drive NW Calgary, Alberta T2N 3C8

First Canadian Place 58th Floor, P.O. Box 192 Toronto, Ontario M5X 1A6

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the syndicate of agents using the contact information for such agent. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

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

Since Goldma n sta rted the Toronto chapter of HFC in 2004, the cha rity has gained considera ble tra ction a nd now hosts a n a nnu al gala a nd fu ndraiser

$51 million Amount HFC has granted to date to prevent and treat child abuse


Number of people who attended HFC’s most recent gala


Years Goldman has been part of HFC’s global board

A HELPING HAND Corey Goldman’s work in financial communications runs parallel to his demanding sideline gig with a children’s charity


VOLUNTEERING WAS already second nature for Corey Goldman – the founder of Goldman Communications has been donating his time since he was 11 – when he met Rob Davis, the founder of Hedge Funds Care [HFC]. Goldman found himself moved by the former teacher’s stories of witnessing outward signs of struggle on the children in his class. “He could see abuse or neglect, but there was only so much he could do; he vowed that he would figure out a way to help – he told me all of this

over drinks. I said, ‘That’s amazing – how do I get involved?’” HFC has since changed its name to Help For Children in recognition of its expansion beyond hedge fund providers. It has also gained a significant profile in Toronto that’s a long way from its first gala fundraiser, where Goldman had to move plants and tables in order to make the room appear more crowded. And for Goldman, the year-round efforts are worth it: “It’s rewarding to genuinely make a difference.”


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WHO WE ARE: The CMI MIC is an Ontario based corporation funding mortgages in mainly urban centers across Canada. CMI’s roots began in mortgage brokering and, over many years, we have expanded our offerings to include opportunities for private investors take part in real estate lending. The CMI MIC provides investors the opportunity to invest in a pool of well analyzed and diversified mortgages secured by real estate with an annual target return of 8-9% net to our investors.







8.98 8.94


HOW DO WE INVEST? The CMI MIC is an investment vehicle focused solely on high quality mortgage investments. Investors’ capital is diversified amongst a pool of mortgages that are underwritten to ensure safety of capital while providing a monthly high yielding dividend to the investors. 2018-10







1 (888) 465-4350

2019-01 2019-02 2019-03 2019-04



(FUNDSERV CODE: CLI 100) This document is for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained within this document. This overview is only a summary of information provided to interested parties, and does not constitute an offering to sell or the solicitation of offers to purchase the transactions. The information contained in the summary was obtained from sources that the CMI Group of Companies believes to be reliable, but it does not guarantee the accuracy or completeness of such information. Potential investors should conduct their own due-diligence before investing.

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Best risk-adjusted returns over the last 5 years.* Not bad, Eh? 60% less

expensive than the average Canadian Equity F-Series Fund.**

Improve client outcomes with less risk and lower fees. With the best risk-adjusted returns over the last 5 years*, BMO Low Volatility Canadian Equity ETF gives your clients a low cost solution to stay invested through the market’s highs and lows. Available in Mutual Fund and ETF options. To learn more, visit bmo.com\gam\ca BMO Global Asset Management is a brand name that comprises BMO Asset Management Inc., BMO Investments Inc., BMO Asset Management U.S. and BMO’s specialized investment management firms. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager and separate legal entity from the Bank of Montreal. Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. ®BMO (M-bar roundel symbol) is a registered trademark of Bank of Montreal. *Source: Morningstar Direct. As at March, 31 2019. BMO Low Volatiltiy Canadian Equity ETF (ZLB) Best Sharpe Ratio in Canadian Equity Category over 5 years. ** Source: Morningstar Direct. As at March, 31 2019. Based on estimated Management Expense Ratio (MER) of BMO Low Volatility Canadian Equity ETF Fund Series F of 0.39% versus Average Canadian Equity F-Series Fund. MER of 1.02%. (04/19-0859)

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