Jump to winners | Jump to methodology
What matters most to Canadians when it comes to their finances is receiving personalized attention and having their wishes listened to.
Wealth Professional celebrates Ontario’s best financial advisors who refuse to compromise in their pursuit of addressing and actioning clients’ wishes. An often-overlooked way to do this is for an advisor to develop extensive knowledge and expertise in a niche sector that relates to the fundamentals of a client’s financial plan.
Two of WP’s 5-Star Advisors of 2024 show how being specialized hands them a significant advantage to deliver superior service levels.
Blue Oceans Private Wealth
It’s no mean feat to clock up 40 years in such a competitive industry, but the standout factor is how Little has achieved it on his own terms.
He recalls how in his first job in Toronto, he received a blunt demand to find 10 new clients in two weeks or be fired – a near impossible task. However, with a will-to-win attitude, he did what was required, and then quit two weeks later due to a refusal to operate in such an environment.
“What it taught me was that in this industry, success comes from surviving and that means you put clients’ interests ahead of yours,” says Little. “I have worked with hundreds of people in this business who never made it, that were far smarter than I was, more educated, but didn’t understand that it wasn’t always about them and how much money they were going to make.”
That why Little’s firm, Blue Oceans Private Wealth, operates under controlled conditions:
100 percent client-orientated
300 clients maximum
“This office is built to make sure that whatever we can do for a client, no matter what it is, we will go to the nth degree to make sure when they go to bed at night, they don’t have to worry about the one thing I look after for them – their finances,” he explains.
Little has honed his expertise to focus on his clients’ de-accumulation in retirement, the opposite of how most advisors go about their work.
“Certainly, there’s a much higher focus on accumulating assets because that means companies are accumulating revenue,” he says. “When people are spending it, it’s a deep accumulation of assets, the de-accumulation of revenue, and they’re not interested in that.”
The firm’s reputation rests on Little and his team’s consistent ability to deliver over the decades.
He adds, “My biggest problem is I don’t have a big enough megaphone to tell a broad group of people that there’s a bunch of us in this industry that are here to help at this phase in their lives, the most critical phase. I know what’s missing and how do I know? All of my business comes from somebody else.”
Clients, often dissatisfied with the lack of personalized attention to their retirement planning, migrate to Little from larger firms and major banks.
Little recounts the example of a client who joined after reading a print interview he had done.
The client noted the points he highlighted and asked a previous advisor about them.
“The client told me that [the previous advisor] couldn’t answer them, so they wanted to see me. They’ve been a client now for probably eight years.”
In retirement planning, typical elements on someone’s de-accumulation of assets include:
selling a family home and investing the proceeds
arranging their power of attorney and working with designated relatives
wrapping up the estate of a deceased person with no will
Little was also an early adopter of flat fee investment portfolios, removing the incentive to make more if a client invested a larger sum.
“I did that to send a signal to my clients that I’m in this for them, not for me. I don’t want them to think I’m investing in something or changing an investment because I get compensated,” he comments. “I could have gone to a bank and probably made a lot more money for myself, but I don’t want anybody telling me how much I have to sell or how much revenue I need to generate.”
Those singular demands to disregard ego and personal remuneration mean that not everyone is cut out to work at Blue Oceans.
Little adds, “We’ve had many people who have come here wanting to work with me that did not survive because they did not understand that. Once again, it was about them and how much money they were going to make.”
One thing Little stresses is that while it’s his name on the award, none of his recognition or reputation would be possible without the team that provides him with a platform to showcase his expertise.
That and client appreciation are the keys to his success. “I was told by a dear friend who’s not with us anymore, ‘The better you look after your clients, the better they will look after you.’ I’ve lived a lifestyle that is accredited to my clients – they’re the ones that allow me to do what I do.”
Assante Capital Management Ltd.
Philanthropy is an underexposed area in which some of Ontario’s best financial advisors operate. It’s also where Tehranchian perfectly blends her experience, skills, and passion.
“With philanthropic tax planning, I can give back to the community and it gives me huge satisfaction to help donors leave multiple times what they would have to the different charities that I work with,” she says.
To highlight what can be done, Tehranchian hosts public presentations and information sessions.
She explains, “Many people who come have never thought about leaving a bequest to a charity. It’s an eye-opener.”
Asked to pinpoint why philanthropy isn’t a bigger focus in the industry, Tehranchian says, “One of the problems is many advisors never bring up the charitable conversation with clients as they may not have the expertise or knowledge to help along those lines.”
However, a bigger issue is that some advisors don’t broach the subject as they fear it will lead to a decrease in assets under management.
“I don’t think along those lines. I’ve helped my clients give away millions of dollars to charities and it has definitely strengthened my bond with them because we share the same values,” comments Tehranchian. “You lose some assets when they give money to charity, but you will gain assets because they have more trust in you and are likely to invest in the future.”
Due to her prowess in the philanthropy niche, Tehranchian has worked with clients and charities nationwide. Alongside running her firm, she also does fundraising and has sat on charitable boards.
“Charity work has been a big component of my own life. That’s why I understand people who are philanthropic and who want to make the world a better place, even if it’s in small increments. I can use my knowledge and expertise to help them multiply the impact of their philanthropy,” she says.
Tehranchian’s clients range from high-net-worth individuals, down to those with more modest incomes. She prides herself on offering strategies that are practical and easy for the average person to implement.
Noticeably, many of her clients are of a similar age to Techranchian and they’ve moved through life together during her over three decades in the industry.
She says, “We were all young people when we met. It’s a pleasure to have been with them through the entire cycle and see them retire comfortably and achieve all the goals that we worked on.”
Tehranchian has recruited a talented team, enabling her to dedicate her attention to specific projects. The strategy is about maximizing her skill set.
“I’m decreasing the number of clients that I service, but they have more complex situations and need more time – it’s all about rightsizing. It’s been a seamless transition because my associate advisor who’s younger works on the simpler situations. It’s good for the clients because they’re getting customized attention.”
Despite having a trusted team, it’s Tehranchian’s name above the door, so she insists on a service-first mindset. This is instilled among all employees and it’s what she regards as “the number one ingredient for a good financial advisory team”.
She explains, “I always tell them our goal is not client satisfaction. I want my clients to be elated with the service we provide.”
The team’s synergy is also boosted by tech. They use video conferencing and remote connections to drive efficiency.
“Now 95 percent of my clients want to speak on video because traffic is so bad in Toronto and a couple of my assistants work from home. I don’t force anybody to go to the office, as long as they get the work done," she says. "We're using technology that was not available even five or 10 years ago, and it’s been a liberator as it saves me time that I can put back into working for clients.”
Building her business, selecting a specialization, and crafting a reputation have all happened because Tehranchian has driven high standards along with her expertise.
“You have to set the bar high if you want to be above the ordinary, and that’s always been my goal.”
Wealth Professional conducted its third annual search for
5-Star Advisors in Canada. Our goal was to answer one question: Who are the best advisors in Ontario when it comes to acting in their clients’ interests? From a diverse cross-section of financial professionals, we got the opportunity to spotlight remarkable examples of passion, dedication, and commitment.
From January 29 to February 23, the WP team undertook a rigorous marketing and survey process, leveraging its connections to thousands of readers across the country. Readers were asked to nominate the advisors who gave them the best support based on five key criteria.
From over 200 nominations and with input from the WP editorial team, a shortlist of 32 advisors was created. The
5-Star Advisors are recognized based not on AUM but rather the quality of service provided to their clients.