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Credentials, professionalism, and curiosity on how to continually evolve their service offering and advice with clients’ best interest in mind are the characteristics of what it means to be a top financial advisor in Canada in 2024. This includes knowledge of sustainable investing, access to diverse asset classes such as alternatives, the impact of technology and AI, geopolitical tensions, and more.
Margaret Franklin, president and CEO of the CFA Institute, says, “Today, the role of a financial advisor starts with understanding client needs and, of course, involves deep knowledge of all aspects of financial decision-making; it’s a combination of soft skills and technical expertise.”
And she continues, “Therefore, the leading financial advisors of today are not only working to understand their clients’ personal preferences and long-term goals, but also continuously educating themselves on the trends impacting the markets, and, as a consequence, their portfolios and assets.
Wealth Professional conducted its third annual search for 5-Star Advisors in British Columbia, Alberta, Saskatchewan, and Manitoba.
To encapsulate all that’s needed to be a standout performer, our goal was to answer one question: Who are the best advisors in Western Canada when it comes to acting in their clients’ interests?
Experts agree this is shown by providing unconflicted advice, along with expert value-added insights around areas such as financial planning, trusts/estates, and other complex matters, plus the ability to provide and quarterback smart referrals for specialized accounting/legal/investment advice where needed. Credentials, knowledge, and professionalism all matter.
WPC’s survey data recorded 97 percent of respondents who felt their advisor has gone above and beyond their duty.
Respondents also shared their views on how advisors have acted in their best interests. One shared a personal note on how her advisor was there during a time of personal turmoil.
“During my husband’s recent illness, he checked in regularly to see how he was doing and to offer support and assistance in any form. He is compassionate well beyond what would be expected.”
Other clients expressed an appreciation of being guided on other financial matters and regarded it as invaluable. A respondent spoke admirably of being sent to a lawyer to have their will drawn up, while another praised being given assistance on tax filings and business questions. Connection was the most commonly cited reason for advisors going above and beyond.
“He works hard to make relationships feel genuine by getting to know clients on a more intimate level,” noted a respondent.
While another added, “He understands my thinking about my finances within my investment portfolio, considers my financial requests thoughtfully, consistently providing good advice based on my situation.”
EY’s Global Wealth Research Report 2023 found that Canadian investors are nearly twice as likely as their American counterparts to switch wealth management providers over the next three years. That number doubles if their existing advisors don’t share the same values.
“This complicated landscape is giving way to new opportunities for wealth managers who are ready and able to position themselves as trusted advisors in the face of ongoing volatility,” the report said. This highlights the need for advisors to instill a client-centred approach.
EY surveyed wealth management clients across 27 geographies, including 500 from Canada. Five key trends emerged:
Canadians feel the process of managing investment and wealth needs is becoming increasingly complex. This is amplified among younger demographics and those who already feel financially unprepared to meet goals. Eighteen percent more Canadians than their global peers say the retirement planning process has increased in complexity since 2021.
Feel less financially prepared than other global respondents. Increases have been observed among those already experiencing greater levels of complexity managing their investments and wealth. Twenty five percent more Canadian respondents who report higher levels of complexity are also financially unprepared compared to their global peers.
Turning to more defensive strategies to meet their financial goals. Clients increasingly see a need to protect wealth and investment returns while facilitating adequate income.
Clients are increasingly open to switching wealth management service providers. They are less likely to move for technological/digital capabilities relative to their global peers, especially among Gen X investors. Twice as likely to switch if their advisor doesn’t share their values.
Most still prefer in-person interactions for a range of services. Although clients show a willingness to engage in more virtual collaborations, more than half of the participants would rather carry out account openings in person or through digital collaborations like video chat.
WPC’s 5-Star Advisors in Western Canada understand their industry and have built deep connections with clients.
Peter Kollias, senior investment advisor and portfolio manager at Cresco Wealth Management - Wellington-Altus Private Wealth in Calgary, says, “We put a lot of focus and attention on putting clients first and making sure we keep to our word into integrity of who we are and what we want to be.”
Being on the same wavelength with clients means transparency and an acceptance that not everything will run smoothly all the time.“We’re not perfect, but anytime there is an issue, we own it and immediately resolve it with clients,” he explains, “We aim to make sure that our clients are respected and heard, and we’re responsive to anticipating their needs.”
This mindset is also shared by senior wealth advisor and portfolio manager Laurel Marie Hickey at iii Global Wealth – Wellington-Altus, but delivered in her own way. With over 30 years’ experience in the industry, Hickey actively engages with her team in making decisions on capital allocations of proprietary models that she manages. She is devoted to helping clients understand their risks, opportunities, and market trends.
“Our number one job is being there for our clients,” says Hickey. “We’re a team of seven, and whenever we meet clients, we always have four members of our team present to provide our clients the full experience. It is an absolute honour to do what we do.”
Constant communication has helped Victoria-based Evan Riddell of Riddell Wealth Management – Richardson Wealth, feature on the 5-Star Advisor podium again following an appearance last year.
“We curate the entire experience for a client all the way through. I see my role as to save their time. It’s about streamlining processes, so they make informed decisions,” he says.
“We’re integrated in clients’ lives, constantly supporting them doing as proactively as we can. The reason I get out of the bed in the morning is for the clients. I absolutely love what I do.”
That passionate work ethnic helps create continued business.
“It fosters growth,” he adds. “We perform good work, and clients talk about us to their friends, family, and colleagues. We work with about 80–90 families, some with four generations.”
These mindsets are also indicative of what the CFA Institute’s Franklin expects of leading professionals.
“Customer service means understanding the nuance of clients and working to find solutions that meet their needs, whether that be providing recommendations about investment solutions they may not be aware of or understanding their long-term goals and family dynamics,” he explains.
Refining what he can do for clients is another reason behind Riddell’s sparkling reputation.
“Most of our clients are 50+ looking to work with someone who’s going to help provide guidance for the very important transition to a successful retirement. Clients spend their entire lives building up a nest egg. If handled wrong, it can torpedo,” he says.
He adopts a proactive approach using a twofold process.
“The transition to retirement is too important to leave to chance or mess up. We have a robust, world-class investment management focus, ensuring we’re not only providing good, consistent returns on the investment, but managing risks.”
Hickey, who’s located in Calgary, and her firm have similarly developed a system to deliver, exploring technology to give the client more.
“We use our own, independent stock filtering services. We also like to have outside technology, especially if it creates consistency and enhances what we do for our clients,” she comments. “It also allows us to meet and connect with our clients virtually, which has been a huge driver.”
By leveraging both traditional and cutting-edge technology, Kollias retains and adds to his client base.
“We have 700 households, and we bring on anywhere between 30-50 brand new clients each year,” he reveals. “Close to 60–75 percent of new clients come through introductions from existing clients.”
Innovation is part of Cresco’s continued success with Kollias equipping himself with the ability to provide unwavering quality service, in addition to being more efficient.
“It helps provide a better experience, but it also frees up some time so that we can do what’s important for the clients, by effectively planning investment management.”
As Hickey’s clients’ needs evolve over time, she also pivots accordingly.
“They can come to us for all their wealth needs. It’s very holistic, whether it’s investments, planning, estate, insurance, and every aspect of their life. We don’t want a client to have a checklist in their mind that they haven’t shared with us,” she says.
Similarly encouraging clients to be frank is Riddell, as rigorous tax management is a speciality of his.
“It’s not only about minimizing tax today, but also over the next 20–25 years,” he comments. “And when they pass on, we provide that legacy for their loved ones, community or what’s near and dear to their heart.”
He adds, “We make sure that they’re going to be fine through their lifetime, but also that what they’re leaving behind is going to the right causes and the right individuals, without big chunks of that going in tax.”
The CFA Institute's Franklin believes the financial advisory space stands on the precipice of a sea change due to factors such as AI, changing client demographics, expanding and more complicated asset classes available to clients, and a broader complex of portfolio preferences such as climate change and sustainability.
She says, “Successful advisors will need to add value by translating client objectives – and tradeoffs – into portfolios that meet competing objectives in a way that clients can understand. In short, they will need strong technical skills combined with soft skills and will need to do this with the clients’ interests first.”
In addition, she is confident the new generation of financial advisors are primed to take the sector on.
“Gen Z advisors will be able to cater to the desires of the next generation of investors who are increasingly digital natives,” adds Franklin. “I believe there’s huge potential for the next generation within the wealth management space so long as the industry is prepared to embrace their unique desires, skills, and values.”
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 Western Canada 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.
The WPC 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 WPC editorial team, a shortlist of nine advisors from Western Canada was created. The 5-Star Advisors are recognized based not on AUM but rather the quality of service provided to their clients.