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Whether it’s investing, tax planning or how to manage an advisory practice, financial advisors are always open and eager to hear insights and strategies from their peers. That information takes on special significance when those sharing it are recognized as the best in their business.
For the second year in a row, The Globe and and Mail in partnership with SHOOK Research produced the Canada’s Top Wealth Advisors ranking to acknowledge the most effective advisors in the country. Furthermore, an expanded Canada’s Top Wealth Advisors: Best in Province ranking was introduced for the first time to identify the most successful advisors in the country, by region.
Here are 10 articles in which advisors from both the 2021 and 2022 rankings shared their tactics with colleagues and investors alike:
Globe Advisor asked some of the advisors on the inaugural Canada’s Top Wealth Advisors ranking how they were positioning clients’ portfolios for this year, and which sectors, themes and specific stocks they were looking at to deliver alpha. Jay Smith of CIBC Wood Gundy in Toronto, David LePoidevin at Canaccord Genuity Wealth Management in Vancouver, and Guy Côté with National Bank Financial Wealth Management in Montreal contributed their strategies.
David LePoidevin of Canaccord Genuity Wealth Management, who was recognized as the No. 1 advisor in the second annual top wealth advisors ranking, has made a career out of going against the grain of traditional money management. He recently told Globe Advisor why his most exciting trade right now is reset, fixed-floating preferred shares.
Investors faced heightened market uncertainty during this past year’s registered retirement savings plan (RRSP) contribution season, but there are different strategies they can take when putting new money to work. Nicolas Schulman of National Bank Financial Wealth Management, Rob McClelland at Assante Capital Management Ltd. and Rob Tétrault with Canaccord Genuity Wealth Management provided their investment outlooks and RRSP strategies before the March 1 contribution deadline.
Rising interest rates, surging inflation and recession fears have pummelled stock markets this year and spooked investors. Technology stocks have been roiled amid higher interest rates, while energy plays – the recent market darlings – have sold off on worries about an economic slowdown. Despite the volatility, three veteran top wealth advisors are seeing buying opportunities but disagree on whether to hold Canadian banks’ stocks.
Advisor fees are often top of mind for clients in times of volatile markets and economic downturns. But some top wealth advisors say that’s not the case because their clients know and value what they’re paying for, which goes well beyond investment performance. “We are not questioned in a down market because we have a value proposition that clients know and understand,” says Catherine Laurin at BMO Nesbitt Burns Inc. in Montreal.
Starting out in any established industry can be difficult when you’re new to the game, but there are strategies that advisors can use to get a head start – especially when they come from those who are recognized for excellence in the field. The three advisors who topped the inaugural ranking of Canada’s Top Wealth Advisors say those who are just starting their careers should make great service the priority.
Advisors are dealing with growing concerns among clients that another recession may be around the corner – an event that could erode the value of their portfolios and potentially delay some retirement dreams. An-Lap Vo-Dignard and Jennifer Tozser of National Bank Financial Wealth Management and Cam Currie at Canaccord Genuity Wealth Management shared what they’re telling clients about the threat of another recession and how they’re rejigging portfolios to try to lessen the blow.
Reasonable housing prices, low taxes and good jobs are fuelling migration to Alberta from other provinces. Angus Watt with National Bank Financial Wealth Management in Edmonton, David Popowich at CIBC Wood Gundy in Calgary and Trixie Rowein of Raymond James Ltd. in Edmonton gave their views on how they’re capitalizing on this new client boom and helping newcomers to the province navigate its peculiar economic cycles.
Taxes are one of life’s certainties, even if many Canadians would rather not think about them – particularly when it comes to their investments. Yet, taxation is always top of mind for some advisors on the top wealth advisors – best in province ranking because it affects just about every aspect of clients’ investment portfolios and wealth management plans. “It’s integral to what we’re doing for clients, especially those in higher tax brackets,” says Eric Muir at Raymond James in Vancouver.
Black wealth managers remain underrepresented in the financial services industry; and while there’s been progress in recruiting and supporting the career development of advisors from that community, more can be done. That’s the message from Mark Miller at TD Wealth Private Investment Advice and Andrew McDonald at CIBC Wood Gundy in Toronto – the only two Black advisors in the inaugural ranking of top wealth advisors of 150 financial professionals.
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