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The number of financial advisors across Canada is on a steep upward trajectory that began back in 2018. Data shows the number in 2024 stands at 28,250, an increase of 7.1 percent on the previous year, which itself was a rise of 8.3 percent compared to 2022’s figure. The total is predicted to be 34,420 advisors by 2030.
This trend gives even greater prominence to Wealth Professional’s Rising Stars of 2024, all under 40, who continue to breathe fresh life into the industry, with a self-driven approach to obtain the best outcome for clients amid increased competition.
There are also greater opportunities for those top advisors as AUM in the Canadian financial advisory market is anticipated to value US$1.92 trillion by the end of 2024, rising to US$1.95 trillion by 2028.
But only those who go above and beyond are making a name for themselves.
“To see this job as a job that you have to clock in and clock out, do the minimum necessary CE credits, and get a couple designations and see how much money you make, that’s where a mass majority of advisors are,” says Josh Olfert, founder of Haven Wealth Management. “What leads to the quality of a great advisor is somebody who sees this as something way beyond and way more meaningful than just a job.”
Establishing the successful processes from the start of their careers has been the key for WPC’s Rising Stars.
Sharing her thoughts on how younger advisors can hit the ground running, Kelly Ho, partner at DLD Financial Group, says, “They should be on the path of getting the appropriate professional designations to legitimize themselves in the industry and also in their communities and letting people know what they do, because there’s a gap in terms of financial literacy for Canadians.”
She also stresses the advantage of them leaning into their relative inexperience. “It comes down to knowing what their own peer group is into.”
Ho also highlights how younger advisors “usually know a little bit more about technological advances and social media, and what works and what doesn’t”.
The Rising Stars’ impressive achievements are even more remarkable due to the multitude of underlying challenges highlighted in the 2024 EY Global Wealth Management Industry Report:
standing out in the age of personalization
elevating and redefining relationship management
delivering client-centric advice at scale
creating synergies with modular offerings
outperforming on organic growth
building future-proof technology and data infrastructure
Successful younger advisors have adapted and developed to become more comprehensive professionals.
“There’s been a shift toward holistic financial planning,” reveals Ho. “The industry used to be very product focused in getting the largest AUM, and there’s still a place for that, but it needs to be done within the context of a comprehensive financial plan, so that people understand why they own what they own, and how does it actually work within the context of their plan.”
Olfert explains how young wealth professionals have to be more customer focused.
“It’s going to be a rude awakening for a lot of older advisors, as you have companies like Questrade and Wealthsimple coming in and presenting lower fees, and they’re going to steal advisors’ lunch,” he warns. “The days of meeting an investment minimum will be gone, and we’re starting to see that shift.”
He continues, “They’re going to have to meet the clients where they are, as it’s going to become more client-centric rather than advisor-centric going forward.”
Firm: Howe Harrell & Associates
Location: Winnipeg, AB
Age: 29
Growing the fee-based division providing services for high-earning millennials and children/heirs of the firm’s legacy clients is Menon’s calling card. He also manages branding, digital marketing, and growth strategy.
After graduating from the University of Manitoba with a Bachelor of Commerce degree, Menon worked as a management consultant.
“The best advice I got was to look at someone who is 10 years ahead of you and to ask, is that where you want to be? The answer was no.”
This led to a move to Spain for 18 months before undertaking a marketing internship role at Howe Harrell & Associates, rising to associate partner in 2021.
Menon focuses on serving self-employed high-achieving individuals aged between 28 and 45.
“I’ve never been shy to ask a client, who I’ve helped, if one of their colleagues would enlist my services,” he reveals. “It has helped me a lot with the number of referrals and the organic marketing that I’ve had through the years. Particularly, I understand what lawyers go through because their career progression is similar to management consultancy.”
Menon also works at his alma mater as an instructor.
“I teach the students financial planning concepts in an easily digestible way. It has also helped me teach financial literacy to clients and made me a better advisor,” he says.
Menon goes above and beyond for his clients.
“I try to position myself as the quarterback of my client’s financial life. I meet with them and their accountants on a regular basis and having that team working toward a common goal is so valuable,” he comments.
Firm: Sound Wealth Financial
Location: Parry Sound, ON
Age: 39
Succeeding her mother, who she regards as her mentor, Stevenson became the principal at her family-owned firm in 2024.
She says, “We offer segregated funds, but 80 percent of our clients use mutual funds. In this generation, we have clients who want to make as much money as humanly possible, but don’t want to take any risks. We want to ensure they have a nest egg in a money market or a high-interest savings account, so if they do need something short-term, we have it.”
Sound Wealth is an all-female firm, something that Stevenson has encouraged.
“We tend to focus on women. That doesn’t mean we exclude men, but my client base is younger families between the ages of 20 and 60,” she reveals. “Twenty percent of my clients come from social media, while 80 percent are referrals. When I took the reins, we didn’t have a good website or any social media, so that’s been a big driver.”
Stevenson employs the personal touch at Sound Wealth.
“We try to understand our clients and make sure they fully trust us. That’s why our referral rate is so high. Our clients feel like we’re their financial family,” she comments. “Even something as simple as sending a birthday card to a client means so much. It’s about having that connection with our clients. Also, the fact that I’m born and raised here means a lot to people.”
Firm: Unified Advisory Group, Assante Financial Management
Location: Markham, ON
Age: 29
“We don’t necessarily have a minimum AUM, and a lot of the time they don’t have a large portfolio because they’ve been pouring their heart and soul into investing in their business and we’re flexible in helping them.”
That’s the attitude Battistelli brings to his clients and targeting business owners has proven a successful tactic.
“There’s so much more complexity, so the impact you can have is tenfold, and it’s incredible the difference you can make in their lives,” he says.
After graduating from Carleton University in Ottawa, Battistelli wanted to get into consultancy before falling in love with the industry.
“The financial side always appealed to me, but it wasn’t until I started meeting clients and realized the impact you can have on people, it really sealed the deal for me.”
Having a positive impact on clients’ lives is a passion for Battistelli.
He explains, “A client told me I saved their marriage after I helped them get organized and put together their financial plan. The attitude we have is paying off because we have gone from a team of two to 11, and we were named in the President’s List with FP Canada.”
Firm: Skyline Wealth Management
Location: Milton, ON
Age: 37
Working closely with high-net-worth individuals and institutional clients, national team lead Bukhari leverages his background in sales coaching to train and develop colleagues. He also represents the firm in conducting group presentations, webinars and speaking engagements, and helps with recruiting.
Bukhari played a role in launching a distribution channel in January 2023.
“Our products have been recognized by one of the big five banks and three very large reputable independent firms. I’m very proud of that, because there’s a lot of heavy lifting that goes with that,” he says.
He believes there is huge potential for the industry with young people joining.
“Gen Z can bring a fresh perspective and challenge the status quo. As a firm, it will help us stay fresh in an ever-evolving landscape,” he adds. “A lot of individuals reach out to me through LinkedIn who are looking to join the industry and want to learn. It’s giving back to the younger generation because I had some great mentors myself coming up.”
Firm: IPC Securities
Location: Pickering, ON
Age: 37
“Find a fat guy like me and learn everything from him until the day he dies,” were some words of wisdom given to Asadoorian. It came from his family’s financial advisor after deciding to leave behind his initial career as a chartered accountant.
“I met with a recruiter who was looking to turn accountants into financial advisors. He told me if I got $1–3 million AUM in my first year, I’d be alright. I thought that was a challenge,” shares Asadoorian.
To make the switch, he worked with his family’s advisor who became a mentor.
“He took me under his wing for two-and-a-half years, which I’m eternally grateful for, and then I bought 85 percent of his book of business. As a young person coming into this industry, you think it’s all about the book smarts and the knowledge that you need to acquire, but while that is important, it’s more important to ensure people feel comfortable and heard,” he says.
Since taking took over on his own, Asadoorian led IPC to grow by 40 percent.
“A lot of my growth comes from marketing, social media, and referrals. If you do a good job for people, and you care, they’re going to tell their friends. Most of our growth has come through referrals,” he says. “A lot of millennials look at the financial advisor community and see the 60-year-old age bracket, and that can be intimidating for them. The younger generation are good at saving, but they want to manage their own money, and they can be underinsured as a result.”
Asadoorian is an advocate of an interactive approach.
“What sets me apart is my communication. The number one reason people leave their advisor is because there’s a lack of it. I want to educate my clients.”
Firm: Cresco Wealth Management, Wellington-Altus Private Wealth
Location: Grande Prairie, AB
Age: 35
Now a serial award winner, Friesen got his second gong in 2024 after being named a WPC 5-Star Advisor (Western Canada). His success is built around:
portfolio management
financial and estate planning
client service
behavioural management
And he’s proud to wear his heart on his sleeve. “My wins are helping people. The financial world is a convoluted world of uncertainty, especially for people who are transitioning to retirement. I can’t think of anything better than giving people a sense of happiness and comfort and making a difference in their lives,” he says.
Rather than following a cookie-cutter model, he adapts to client demands. “Some are more open to speculative assets, but some are retired and have no interest. People have different appetites. I don’t have a one-size-fits-all approach.”
Firm: Avenue Living
Location: Calgary, AB
Age: 34
As managing partner for the equity capital market, Millard has been a key architect behind the company surpassing $6 billion AUM.
Overseeing all aspects related to equity capital markets, his role encompasses:
fund creation and modelling
capital raising
investor relations
fund operations
corporate finance
national accounts
A significant facet of Millard’s role is spearheading growth and expansion, creating new funds, and expanding Avenue Living’s operations and brand recognition across Canada and internationally. This includes representing the firm in the wealth management space, and through various channels such as marketing campaigns, podcasts, and industry conferences.
“I run a sales team that runs across different territories and states. We operate across the entire spectrum, but it’s geared toward a high-net-worth family,” he says.
“We are the stewards of billions of dollars’ worth of capital. Part of that is somebody’s retirement savings or their kids’ income for school. We want to partner with them, and we view it as a long-term decision. We’re a family-orientated firm and want to portray that.”
Millard credits his success to empathy and curiosity. “You have to put yourself in their shoes and understand what they are looking for. It’s about understanding someone else’s point of view.”
Firm: Assante Financial Management, Saltwinds Financial
Location: Halifax, NS
Age: 39
Eager to be the captain of his own shop, MacDonald left his job as a financial advisor at a bank and began his own practice.
“We provide our clients with specialized advice and services in our areas of expertise,” he says.
Saltwinds Financial targets a wide demographic.
“We work with some younger professionals that larger institutions say aren’t big enough yet. That’s been a niche market for us,” explains MacDonald. “I also sit on the Halifax Estate Planning Council, so I meet a wide range of professionals, which opens my network.”
And he adds, “It’s a mix of old school and new growth methods. We are starting a YouTube channel and that will expand our reach.”
MacDonald also works with business owners, looking for different options.
“A lot of times, they are so busy working on their own company that they don’t have time to look over the finances. Or they go to the bank and put money in accounts that aren’t that beneficial,” he says. “However, we can turn that around with a comprehensive financial plan and put their money back into the right investments.”
Underlining how determined he and his team are to deliver for clients, MacDonald continues, “It’s about that truly independent advice and not letting noise from a dealer get in the way. Meeting our clients’ individual needs gives us a competitive advantage as we tweak our offerings based on their investment philosophy.”
Firm: Currie, Hughes & Associates, IG Private Wealth Management
Location: Charlottetown, PEI
Age: 39
Being named a Rising Star gives Currie even greater leverage to take advantage of what he sees as a golden chance.
“There’s a huge opportunity coming down the pipeline. We’re in the greatest wealth transfer in history. The average age in practice is between 59 and 62, so there’s going to be a great transition,” he says.
Currie ensures his team delivers detailed planning.
“We focus on young professionals and business owners. I believe having a team is so important. The industry has changed rapidly over the past three years, and the solo advisor just doesn’t work anymore for high-net-worth clients.”
And he continues, “Everything is more complex, and you need to have the systems and structures in place to specialize and offer niche markets.”
Currie believes one fundamental aspect is ensuring a fine balance between risk and return.
“We build diversified portfolios for our clients that are professionally managed by some of the largest pension fund managers in the world. We take educated risks with our clients. If your money is going to be long-term, it needs to be in a portfolio where it beats inflation,” he says.
To uncover the most promising young professionals in the Canadian wealth management industry, Wealth Professional undertook a rigorous marketing and survey process, leveraging its connections to thousands of advisors across the country. Starting in July, companies were given the opportunity to nominate professionals for consideration based on their performance and achievements over the past 12 months.
To be eligible, nominees had to be age 40 or younger (as of October 31, 2024) and working in a role that relates to, interacts with, or impacts the wealth management industry. When reviewing the nominations, WPC concentrated on those who have committed to a career in the industry and clearly hold a passion for wealth management.
To maintain a focus on new talent, only nominees who hadn’t been previously recognized as a Rising Star (or a Young Gun) were considered. After reviewing all the nominations, the WPC team whittled down the list to 40 deserving winners.