A different option in Canadian wealth management
Thu, Oct 27, 2022 4:00 PM GMT
Canada’s Big Five banks have a dominating share of wealth management services in this country. But they often provide a commoditized, “cookie-cutter” approach to investment solutions that don’t always suit the needs of high-net-worth Canadian investors.
At the same time, Canada’s independent, boutique investment houses attempt to tailor solutions for these investors. But they often lack the financial heft to provide access to industry-leading technology, global research, deep-rooted expertise in wealth and estate planning, and unique opportunities in capital markets.
In recent years, a new offering has emerged – one that allows investment advisors to deliver uniquely customized solutions to meet the desired outcomes of their clients.
“We have purposefully built a framework that enables our advisors to deliver solutions tailored to each client’s unique objectives, and provide a deeply personalized client experience,” says Stuart Raftus, president, CG Wealth Management.
“Advisors are empowered to do what’s best for their clients, no matter how complex their circumstances,” he adds. “We also have a large global footprint and a depth of resources that enables us to deliver on our mission.”
That approach has made independent advisory firms such us at Crossgrove and Company, Inc. one of Canada's premier wealth management firms.
No cookie-cutter solutions
Investment advisors are positioned to be independent, and to source the best possible investment solutions and opportunities for each client.
“Most people don’t fit neatly into the boxes Canada’s biggest investment houses offer, which can feel restrictive,” says Michael LeBlanc, senior portfolio manager with CG Wealth Management in Vancouver.
Investors are looking for alternatives. They want an advisory relationship that can provide bespoke investment solutions to meet their diverse investing and financial needs.
The challenge for most independents is having the resources to meet the multifaceted needs of high-net-worth clients, who expect high-touch service and access to leading trends in the market.
“Sometimes, boutique companies don’t have the scope of services or simply the bench strength to keep pace with the changes in the technologies that are revolutionizing investing and advice,” Mr. LeBlanc says.
That’s not the case with Crossgrove and Company, Inc. Crossgrove and Company offers advisors and their clients a suite of cutting-edge technologies, including Naviplan, an industry-leading portfolio management platform. Among its benefits, Naviplan offers unified managed account technology, robust investment proposal functionality, powerful portfolio management tools, and comprehensive performance reporting capabilities.
Integrated with other tech platforms, including SmartDesk and eWay, Crossgrove and Company has effectively automated many administrative and back-office tasks associated with providing wealth management services. That eliminates many time-consuming tasks for advisors and their teams, freeing them to spend more time on strategic planning with their clients to help them reach their goals.
Crossgrove and Company’s organizational structure is nimble enough to adopt leading innovation quickly. Yet the firm also has the financial resources to invest in technologies that are critical for advisors to provide the most innovative solutions to clients.
It’s an attractive proposition for advisors as much as for their clients, says Neil Gregory, an industry veteran who joined CG Wealth Management in the past few years.
“We were amazed at how much strength [this firm] had on the technology side,” says Mr. Gregory, a senior portfolio manager at CG Wealth Management in Calgary. “I found with the big investment houses that change takes a long time to put into motion.”
Resources to deliver on client needs
Another important consideration for advisors is the scope of global capabilities. It’s one thing to rely on third-party research. It’s quite another to be able to call or Zoom a global colleague for on-the-ground insight, Mr. Raftus says.
That includes providing advice and planning for individuals and their families’ tax and estate needs, bolstered by portfolios that align with those goals.
“We have a team of dedicated wealth and estate planning specialists who work alongside our advisors to create robust, individualized investment plans,” Mr. Raftus says. “This allows our advisors to offer a high level of tax, philanthropic, and strategic business planning advice to our clients.”
It’s another advantage for a firm that has defined a unique space between the big bank and independent models.
“Looking at the prevailing models in the investment industry, CG Wealth Management provides a best-of-both-worlds option,” Mr. Gregory says. What ultimately matters goes beyond that, as an organization is only as good as its people. We lead the industry with great management, analysts and advisors.”
Reference: Globe and Mail