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Ahead of new SRO, MFDA names council members – Investment Executive

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The new council members have been appointed to two-year terms, but it’s expected that the MFDA’s councils will be replaced by 10 hearing committees in the new SRO structure, which is due to take effect by the end of the year.

Once that new structure is adopted, the members of the MFDA regional councils will automatically become members of the new SRO’s hearing committees “to ensure continuity of enforcement proceedings,” the MFDA said in a notice to the industry.

The Atlantic Regional Council is chaired by Jason Downey of Investors Group Wealth Management, and its vice chair is Joshua Martin from Cooperators Financial Investment Services. It also includes Darrell Bing of PEAK Investment Services Inc. and Réjean Deprés of National Bank Investments Inc.

The Central Regional Council is chaired by Linda Anderson of PFSL Investments Canada Ltd., with Eugene Park from Frontier Capital Funds Inc. as the vice chair.

The other members of the council are: Robert Christianson and Craig Woolford from Quadrus Investment Services Ltd., Canada Life; Michael-Murray Coulter, Investia Financial Services Inc.; Bianca Dupuis, National Bank Investments; Patrick Galarneau, Desjardins Financial Security Investments Inc.; Cheryl Hamilton, Hub Capital Inc.; Cas Litwin, IPC Investment Corp.; Samuel Mah, TD Investment Services Inc.; Vasant Pachapurkar and Jeff Page, Investors Group Financial Services Inc.; Melody Potter, Monarch Wealth Corp.; Colleen Waring, PEAK; and Robert White, Tradex Management Inc.

The chair of the Prairie Regional Council is James Samanta from Investia. The vice chair is Patricia Rigsby, BMO Investments Inc.

The Prairie council also includes: Richard Bergeron, HUB Capital Inc.; Diane Jaspers, Sun Life Financial Investments (Canada) Inc.; Cathy Kelly and Shameel Thakrar from Investors Group Financial; Birju Shah, Canadian Western Financial Ltd.; and Annette Stephens and Greg Wiebe, Quadrus.

The Pacific Regional Council is chaired by Darlene Barker, Desjardins Financial, with Susan Monk from PEAK as vice chair. Its other members are: Nova Aitchison, Desjardins Financial; Elizabeth Chichka, Quadrus; Darryl Gossen, Investors Group Financial; and Tammi Walsh and Jared Webb from Fernhill Financial Corp.

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Credit Suisse Nabs Truist's Wolfgram for Tech Investment Banking – BNN

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(Bloomberg) — Credit Suisse Group AG hired Rick Wolfgram as a managing director within its technology investment-banking group.

Wolfgram, who’s based in San Francisco, will report to Brian Gudofsky, the Swiss lender’s global head of technology investment banking, according to a memo to staff seen by Bloomberg News. A spokesman confirmed the memo’s contents, declining to comment further. 

Wolfgram was most recently a managing director at Truist Financial Corp., where he led internet and digital media investment banking. He’s worked on transactions including initial public offerings for Coursera Inc., DoubleVerify Holdings Inc., NerdWallet Inc., Udemy Inc. and Snap Inc., as well as a high-yield offering for Cars.com Inc., Gudofsky said in his memo. Wolfgram joined Truist in 2012 after working at ThinkEquity. 

Earlier this month, David Miller, Credit Suisse’s global head of investment banking and capital markets, said the Zurich-based firm plans to hire roughly 40 managing directors as part of its broader effort to rebuild. 

©2022 Bloomberg L.P.

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As Markets Tumble, Financial Advisors Rethink Growth Prospects, Finds Natixis Investment Managers 2022 Survey of Financial Professionals

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  • Canadian financial advisors look for double-digit growth in their business, primarily driven by new assets from new clients.
  • Vast majority of client assets are now in model portfolios as focus of wealth management business transitions from portfolio management to holistic financial planning.
  • Advisors see generational wealth transfer as crucial to business success, but only one-third prioritize next-generation heirs as new business targets.

 

BOSTON–(BUSINESS WIRE)–Financial advisors are looking to increase client assets under management (AUM) by 5% (median) this year, and with little of that likely to come from market performance, they are counting primarily on new assets from new clients to grow their business, according to findings from Natixis Investment Managers (IM) 2022 Survey of Financial Professionals, published today.

 

Natixis IM surveyed 150 financial advisors across Canada, as part of a larger global survey of 2,700 financial professionals. The Canadian findings presented here provide insight about advisors’ growth strategies, the challenges they face, and how they are adapting their business to changes in the market.

Over the next three years, financial advisors are targeting a median annualized growth rate in AUM of 15% and 10 new clients per year. While the long bull market helped turbo charge asset growth over the past ten years, advisors aren’t counting on double-digit returns over the long term. Rather, the survey suggests that advisors are looking to catch a tailwind from the vast amount of money in motion, including rollover retirement assets and the transfer of significant generational wealth. Many may be hard-pressed to hit their targets unless they also adapt their business practices and assumptions.

The survey found:

  • Client acquisition is the most difficult way for advisors to go about growing their business. When asked which business growth strategy is most challenging, they were two times more likely to say winning new assets from new clients (45%) than gaining more assets from existing clients (20%). Nearly one in three (29%) say retaining clients is most challenging.
  • 65% of advisors say that establishing relationships with clients’ next-generation heirs is the most important factor for the growth of their business, yet 50% say it’s difficult to make progress at it since it takes so much time.
  • 59% say that demonstrating their value beyond portfolio construction is one of the most important factors for their success, but 42% say it’s challenging because of the time needed to deliver a broader range of advice and services.

“Advisors have to expand their capacity to grow their business while meeting the needs of new and existing clients,” said David Giunta, President and Chief Executive Officer for the U.S. at Natixis Investment Managers. “Advisory relationships are no longer defined by transactions in an investment portfolio, but rather by a deeper understanding of clients’ financial needs and the services they feel add the most value for the money. Technology and product innovation are helping advisors deliver the consistent investment experience clients expect while supporting the transition of their business to a broader focus on financial planning.”

Modeling the business for new clients

One key way advisors are expanding their capacity on the planning side is by using model portfolios on the investing side. On average, 84% of client assets under management are in model portfolios, including 47% of assets in models that advisors build themselves, 29% in models built and managed by their firm, and 23% from third-party asset managers.

The survey found:

  • 83% of financial advisors find that financial planning services are what clients whose assets are in model portfolios value most about the relationship, followed by tax management (60%), financial education and engagement with family members (51%), and trust and estate planning services (50%).
  • Among the small percentage (16%) of advisors who don’t use model portfolios, half (54%) say that personally building clients’ investment portfolios is essential to their value proposition.

“The actively-managed, risk-adjusted performance features inherent in model portfolios make them particularly compelling in the current market environment,” said Marina Gross, Co-Head of Natixis Investment Managers Solutions. “Our portfolio consulting practice shows that core moderate-risk model portfolios consistently deliver higher risk-adjusted returns with less volatility than the broad market, enabling advisors to focus more time on long-term goals, than short-term performance.”

The survey found the most effective ways financial advisors are incorporating model portfolios into their practice are by:

  • Transitioning assets on a case-by-case basis, depending on each client’s willingness (65%)
  • Focusing on new assets from new clients (39%)
  • Transitioning client assets in phases, eventually moving the entire client base into model portfolios over time (34%)

About one in three advisors (29%) have found it effective to focus their use of model portfolios on retirement drawdown clients, while one in four (25%) say it was best to take the plunge and move their entire book of business into model portfolios all at once. Few have found it particularly effective to reserve their use of model portfolios for clients who represent less revenue potential, including clients with lower balances (15%) and younger clients (12%).

Prospecting efforts come into focus

In their search for new clients, financial advisors are looking in all the usual places, with most (77%) considering the life stages of their prospects. Almost all advisors (98%) say that pre-retirees, or people between the ages of 50 and 60, are their top priority, while 64% focus on prospects who are at or just entering retirement. Seven in ten (70%) prioritize older accumulators, or people between the ages of 35 and 50 who are in their peak earning years and likely in need of comprehensive financial services to address multiple financial goals such as saving for retirement, funding education, and managing debt.

Given the market environment and generational transfer of wealth underway, advisors may be missing opportunities to reach the oldest and youngest group of potential clients.

  • Only 33% of financial advisors are focused on post-retirees, many of who are drawing down versus accumulating assets but who still need robust financial planning and advice to protect, use and pass on their assets.
  • 34% place a high priority on prospecting for clients between the ages of 18 and 35, members of Generations Y and Z, who represent the fastest-growing segments of Canada’s population1.

Beyond age segmentation, advisors are tailoring their business offering and business development strategies to appeal to specific high-valued groups. When asked which segments they are prioritizing for client acquisition and retention, the survey found that, again, advisors might be overlooking opportunities to meet the distinct needs of certain segments, namely women and the LGBT+ community. Moreover, relatively few are targeting next-generation heirs despite their importance to the success of their business.

The survey found:

  • 83% of advisors are focused on professionals, such as lawyers, doctors, and corporate executives and nearly as many (75%) are targeting business owners
  • 75% are focused on HENRYs (High Earners, Not Rich Yet)
  • 35% prioritize next-generation heirs
  • 29% are concentrating on the needs of women
  • 4% are focused on the LGBTQ community

Natixis Investment Manager’s global report on the findings of its 2022 survey of Financial Advisors can be found here.

1 Statistics Canada, Census of Population, 2021, reported in A generational portrait of Canada’s aging population from the 2021 Census, released April 27, 2022.

Methodology

Natixis Investment Managers surveyed 150 financial advisors across Canada, as part of a larger global survey of 2,700 financial professionals in 16 countries. Data were gathered in March and April 2022 by the research firm CoreData with additional analysis conducted by the Natixis Center for Investor Insights.

About the Natixis Center for Investor Insight

The Natixis Center for Investor Insight is a global research initiative focused on the critical issues shaping today’s investment landscape. The Center examines sentiment and behavior, market outlooks and trends, and risk perceptions of institutional investors, financial professionals and individuals around the world. Our goal is to fuel a more substantive discussion of issues with a 360° view of markets and insightful analysis of investment trends.

About Natixis Investment Managers

Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 20 active managers. Ranked among the world’s largest asset managers1 with more than $1.3 trillion assets under management2 (€1.2 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals.

Headquartered in Paris and Boston, Natixis Investment Managers is part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks. Natixis Investment Managers’ affiliated investment management firms include AEW; AlphaSimplex Group; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; Harris Associates; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seeyond; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions and Natixis Advisors, LLC. Not all offerings are available in all jurisdictions. For additional information, please visit Natixis Investment Managers’ website at im.natixis.com | LinkedIn: linkedin.com/company/natixis-investment-managers.

Natixis Investment Managers’ distribution and service groups include Natixis Distribution, LLC, a limited purpose broker-dealer and the distributor of various U.S. registered investment companies for which advisory services are provided by affiliated firms of Natixis Investment Managers, Natixis Investment Managers S.A. (Luxembourg), Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia.

1 Cerulli Quantitative Update: Global Markets 2021 ranked Natixis Investment Managers as the 15th largest asset manager in the world based on assets under management as of December 31, 2020.2 Assets under management (“AUM”) of current affiliated entities measured as of March 31, 2022 are $1,320.6 billion (€1,187.6 billion). AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.3 A brand of DNCA Finance.

This material is provided for informational purposes only and should not be construed as investment advice. There can be no assurance that developments will transpire as forecasted.

The data shown represents the opinion of those surveyed, and may change based on market and other conditions. It should not be construed as investment advice.

All investing involves risk, including the risk of loss. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

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Guardian Capital acquires majority of Ontario investment counselling firm – Investment Executive

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The deal announced June 27 also expands the geographic footprint of Guardian’s private wealth segment, which currently has offices in Toronto, Calgary and Vancouver.

Once the deal closes, current Rae & Lipskie management will retain a 40% stake. “All employees are expected to stay,” the Guardian spokesperson said.

Chairman and CEO Ken Rae (who founded the firm as Kenneth Rae Investment Counsel Inc., in 1988) is selling his ownership stake to Guardian “but remaining in a leadership role for the foreseeable future,” the Guardian spokesperson said.

Rae began his career with Canada Permanent Trust in Toronto. In 1968, he moved to Waterloo and worked for Mutual Life and Dominion Life before founding Advantage Investment Counsel in 1985, which he sold.

President and chief operating officer Brian Lipskie (who began his career with Wood Gundy in 1985 before joining Ken Rae in 1989) will retain a “significant” ownership interest and continue to lead the business. A group of senior staff and portfolio managers will also acquire shares in the company.

Rae & Lipskie “is deeply embedded in the Kitchener/Waterloo community, so while the majority of their base is made up of private clients, it also includes foundation and endowments,” the spokesperson said.

Guardian is “always considering such opportunities, and as we learned of this opportunity regarding a business with the strong industry reputation of Rae & Lipskie, we reached out,” the spokesperson added.

“With leaders Brian Lipskie and Ken Rae interested in succession planning, they were highly amenable to the option to secure the future of their businesses by partnering with us.”

The transaction is expected to close in the third quarter.

With files from Melissa Shin

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