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Projections published by Statista show that, by the end of 2024, assets under management (AUM) by Canada’s wealth management firms will amount to a staggering US$1.95 trillion, almost equal to the country’s annual GDP of US$2.1 trillion.
A compound annual growth rate (CAGR) of 0.52 percent is predicted from 2024 to 2028, resulting in the market volume reaching US$1.986 trillion. These huge sums make it even more crucial for Canada’s wealth management firms to ensure their employees are supported and enabled to perform at the top of their game.
Data also shows that 99 percent of firms are either micro (with one to four employees) or small (with five to 99 employees), which indicates that any disruption to employee satisfaction will have a material impact on their business.
To determine the best wealth management firms, Wealth Professional Canada invited employers from across the nation to highlight their offerings and practices in enhancing the employee experience.
Following that, WPC surveyed hundreds of workers to evaluate their workplace on the following metrics:
benefits
culture
development
incentives
After tallying the votes, the WPC team named seven private wealth management firms as the Top Employers of 2024.
Hays Specialist Recruitment Canada works with wealth management firms to find candidates. President Travis O’Rourke believes the top firms set themselves apart in a fundamental way.
“The simple answer is money,” he says. “At entry-level wealth management, you have to have a high base salary, especially for people who are living in major cities where the cost of living is high. The talent tends to surround big markets.”
According to a report from Randstad, a global recruiting and staffing agency, a competitive salary-and-benefits package is, unsurprisingly, a top factor for 71 percent of Canadians. Work-life balance is valued almost as highly, with 69 percent of respondents rating it an important aspect of their job.
This echoes WPC’s survey where employee respondents gave the following scores: “I am satisfied with the flexible work options offered by my organization” with 4.4 out of 5, and “I am satisfied with the culture of my workplace” with 4.4.
A report published by Statistics Canada in January 2024 shows:
The percentage of Canadians usually working from home has risen sharply since the mid-2010s, increasing from 7.1 percent in May 2016 to 24.3 percent in May 2021. It was 20.1 percent in May 2023.
Thirty-nine percent of Canadian jobs could be performed at home, with the finance and insurance industry having the highest number at 85.3 percent.
While work-life balance is important, there are other major considerations.
“Working from home, or flexibility, is very important to many people, but if you want to get to the top of the organization, you’re not going to get there if that’s important to you,” comments O’Rourke, who also believes incorporating a full benefit package is not enough on its own.
“Organizations that are standing out are providing very large expense accounts or the ability to expense significant values,” he adds. “Providing gym membership and support for physical and mental health can be very important. Premier benefits packages that go beyond the traditional dental and medical is a good way to stand out.
“There are other perks, such as allowing people to travel business class rather than economy or staying at the Marriott or Four Seasons,” he says.
“It’s huge for retaining talent, because if you’re making lots of money, your health is covered, your family has the same kind of package. You’re flying business class, you’re staying at the Four Seasons and then if a recruiter like me calls you, life sounds pretty good, so it’s a risk to leave that behind.”
A commitment to responsible investment strategies and fostering a winning culture has earned plaudits for the firm.
Avenue Living is a vertically integrated real-estate owner and operator with over $6 billion in AUM. The firm acquires, repositions, and actively manages real estate assets across Canada and the US, including:
multi-family residential
self-storage
farmland
commercial assets
Avenue Living’s ethos of “investing in the everyday” drives its asset management strategy and positions the firm as a responsible steward of capital.
Centurion is a leading asset management company that offers investors a growing portfolio of:
private investment products
corporate financing
mortgage financing
multi-residential apartments
student housing communities
The firm had an over $7 billion AUM in November 2023, which highlights its tremendous growth over the past decade.
“When I started with the company 12 years ago, we had maybe 50 employees and about $350 million in assets under management, and we were only operating in Ontario,” says vice president of human capital, Laura Salvatore. “Since then, we’ve expanded as we have close to 400 employees, and we are all across Canada.”
Global X has a rich history as being one of the first exchange-traded fund (ETF) providers in Canada. Today, it’s the fourth largest among an increasingly crowded field of more than 40, as its AUM is $34 billion across over 125 ETFs.
In 2011, the firm was acquired by South Korean company Mirae Asset Global Investments, one of the world’s largest asset managers, which manages more than CAD$800 billion in assets across 19 countries and markets. Since its acquisition, the company has grown rapidly, with assets increasing ninefold since 2011.
In May 2024, the company rebranded from its original name, Horizons ETFs, to Global X, in alignment with the international brand owned by Mirae Asset.
Industry expert O’Rourke explains that workplace culture varies across the wealth management sector.
“The cutthroat, dog-eat-dog, aggressive sales floor culture is what most people would expect, but the reality is you see a work-hard-and-play-hard type of culture,” he comments.
“It can be far more laid back, especially with Gen Z coming on board. But then you’ve got managing directors who say, ‘It’s always worked like this, it still works like this now, and I’m not changing it,’ and that culture exists in many places.”
Avenue Living has opted to follow a more contemporary model with a collegial culture.
“We have fostered an environment where people are eager to collaborate, take calculated risks, and drive results for our residents, customers, and investors,” says chief communications and marketing officer, Tammy Cho
The firm underscores the importance of attracting employees who adapt to market environment and external factors.
“Our employees have grit, tenacity, and a willingness to learn. Not only do we offer meaningful and challenging work to ensure team members feel a sense of purpose and belonging, but we consistently reward our top performers with recognition and career advancement,” she says.
The bedrock of Centurion’s culture lies in the acronym, RISE, which stands for:
Respect
Integrity
Simplicity
Excellence
“We want to make sure that everyone feels respected in the workplace,” adds Salvatore.
“We have an open-door policy, not a lot of hierarchy or red tape, which allows us to be very agile. We have an advantage over our competitors because we can move so quickly, make decisions and implement changes so quickly. That’s how we’ve been able to be so successful, and that’s what our employees appreciate about us.”
Global X’s rich culture is emboldened by its ‘3Ps’ introduced by president and CEO Rohit Mehta in April 2023. These are:
performance-driven culture
power of data
product innovation
“Our culture of high performance ensures every team member is motivated and aligned with our objectives,” says head of people and culture, Jane Vucevic. “Leveraging data analytics allows us to make informed decisions and optimize our operations. This agility enables us to stay ahead of the competition and tailor strategies to meet evolving needs. We want to deliver exceptional investment experiences and innovative products for Canadians, by Canadians.”
Avenue Living offers a robust program and a variety of comprehensive plans that include:
coverage for medical, dental, and vision care
life insurance
RRSP matching
Like a successful sports team, the firm invests in employee training and skills development.
“We take pride in having both depth and breadth of experience across our cross-functional and adaptive workforce,” says Cho.
The company frequently subsidizes employee learning in the following areas:
continuing education courses across a variety of trades and disciplines
certifications and designations
executive MBAs
leadership training programs
executive coaching and mentorship
specialized training with external parties
“Investing in the growth and development of our people is a cornerstone of our retention strategy. We provide structured career path development, skills development, and targeted group training sessions,” shares Cho.
“We carefully research innovative partners to train our teams, push our boundaries, and continuously improve. For example, we previously engaged with a global training institute to enhance our service framework and ensure our field teams provide an exceptional customer experience with every interaction.
“This year, we are partnering with an award-winning, science-based training program and focusing on the impact of transformational leadership to propel our performance-based culture.”
Whereas Centurion focuses on improving health and wellness among employees through technological and holistic initiatives such as:
mental health aid
financial education
physical wellness challenges
“We relaunched our learning and development program, Centurion Learning Academy, this year. Prior to that, we had a smaller platform. Now, it’s larger, giving employees access to thousands of courses they can complete on their own time,” comments Salvatore.
“Every quarter, we have a wellness challenge that’s entirely voluntary, but employees can sign up and they get a chance to win the latest fitness technology. We have walking, healthy eating, and mindfulness challenges, to try to get employees to focus on their well-being.”
On top of health and dental coverage, a new healthcare spending account has been introduced.
“If it’s important for you, you can go for massages regularly from a physio and an osteopath. You can take this healthcare spending account and direct it toward exactly what services you and your family need. Employees have the autonomy to direct those funds for themselves,” she says.
The firm also offers hybrid work, enabling employees to work from home two days a week.
Global X leverages its benefits program to educate and upskill employees, which garners continued success, while ensuring their mental and physical well-being is improving.
“We offer an employer-paid comprehensive program that is reviewed against industry standards periodically to ensure our offerings remain competitive,” reveals Vucevic.
That includes:
Enhanced Maternity Leave Benefits: In addition to statutory maternity leave payments, employees receive supplementary pay to ensure a more comprehensive income during their leave period.
Extensive Employee Assistance Program: Access to a comprehensive range of mental health professionals, including counsellors, therapists, psychologists, and social workers.
Discounted gym memberships: As well as an on-site gym, offering a variety of fitness classes and wellness programs, both on-site and through gym partnerships.
The firm also offers a hybrid work program with three days in the office per week.
Global X allocates three study days annually so employees can further their career and also offers the following initiatives:
Leadership Development Program
Reimbursement for External Upskilling
ETF University
New Technology Training
“We recognize the importance of professional development and continuing education. Our reimbursement program supports employees who pursue relevant courses, certifications, or degrees,” adds Vucevic.
Creating a work environment where employees feel included is a quality associated with Canada’s top employers. It extends beyond internal morale as it’s also proven to make a positive financial impact.
“There’s a lot of data out there that shows the organizations who have diverse populations are more profitable and run better,” reveals O’Rourke.
“If you’re an organization that wants to grow, be profitable, and attract the right level of talent, diversity, equity and inclusion (DE&I) must be at the front of your mind. By having unbiased recruitment, running a meritocracy, having very clear guidelines on how to get to different levels, and treating everybody the same, then you are likely to have a diverse organization.”
Avenue Living fosters a diverse culture by recognizing the importance of different perspectives via its company values, which are:
duty of care
entrepreneurial spirit
integrity
honest communication
“in it together ”
“Our founder and CEO, Anthony Giuffre, has consistently empowered our people to be challenged, engaged, and motivated to bring their best every day,” says Cho.
“This has driven our rapid growth and has bolstered our ability to attract top talent from a variety of backgrounds, including an impressive assembly of over 22 spoken languages to help us communicate effectively with our extensive customer base.”
The firm’s spirited culture extends to the broader community. It gives back through its Employer Supported Volunteerism program, which offers eight hours of paid volunteer time toward charitable causes that positively impact the communities where they operate.
The three key pillars in the program are:
children and families
healthy communities
DE&I
“We believe in giving back to the communities where we live and work,” adds Cho. “Our people want to contribute in positive ways while building stronger connections with their teammates. It feels good when we can share in different experiences such as blood donations, distributing food hampers, sorting donations, helping seniors, and organizing community clean-ups.”
Centurion has gone from strength to strength when it comes to inclusiveness, as the following accomplishments prove:
having a 14 percent increase of Black, Indigenous, and people of colour in the workforce year-on-year
women accounting for 60 percent of all promotions in 2023
a three-pronged approach eliminating potential biases in recruitment where HR professionals sort through résumés rather than hiring managers, panel interviews are conducted, and unconscious bias training is provided for hiring managers
“We want to make the recruitment process as fair and equitable as possible,” adds Salvatore.
Global X’s DE&I ethos focuses on boosting female representation and increasing its charitable efforts. The firm proudly supports not-for-profit group Women in ETFs as its executive vice president of marketing, Stephanie Wolfe, is a board member, and the group promotes:
networking
mentorship
career growth for women
“This aligns with our mission to empower and foster an inclusive environment,” says Vucevic.
Global X also partners with VersaFi, a vibrant community where women and gender-diverse individuals from all backgrounds thrive. It further accelerates gender equity through leading programs, actionable research, and sector partnerships.
Vucevic comments, “This includes educating future leaders through targeted high school and university programs, expanding a national network with networking and mentorship, offering exceptional professional development, and supporting women’s re-entry into finance with the Return to Bay Street.”
To commemorate reaching the $30 billion AUM milestone, the firm made donations to several notable charities across Canada, including:
Second Harvest
Fred Victor
La Moisson de Montréal
“In addition to these contributions, our employees actively engaged in various charitable activities to support their local communities, reflecting our collective dedication to making a positive impact.”
To find and recognize the best employers in Canada’s wealth management industry, Wealth Professional first invited organizations to participate by filling out an employer form, which asked companies to highlight their offerings and practices. Next, employees from nominated companies were asked to fill out an anonymous form evaluating their workplace on a number of metrics, including benefits, incentives, development, and culture.
To be considered, each organization had to reach a minimum number of employee responses based on its overall size. Organizations that achieved a 75 percent or greater average satisfaction rating from employees were named Top Employers for 2024.