Experienced and entrepreneurial, Dan Noonan says he is relishing unrestricted product choice and non-bureaucratic environment
Moving to an independent dealer has given one advisor food for his entrepreneurial soul.
Dan Noonan, who has more than 20 years’ experience in the finance profession, was seeking a non-bureaucratic environment that provided clients with unbiased advice and unrestricted product choice.
The Burlington, Ontario-based Noonan has found that new home at advisor-owned Harbourfront Wealth Management, a company he described as a “breath of fresh air” for the industry.
He said: “I take my fiduciary responsibilities seriously, so philosophical alignment with a dealer who has a focus on the best interests of clients, while being agile and nimble was paramount.
“I needed access to innovative product solutions currently unavailable at mainstream dealers. For example, a couple of years ago, Harbourfront’s sister company launched Canada’s first multi-strategy, multi-provider private debt pool. It is completely objective as it’s entirely sub-advised through institutional relationships and will provide my clients a consistent high yield, without the volatility of the bond market.
“After having assessed several independent firms, we finally found the right balance with Harbourfront Wealth. To ensure continuity of client-centricity, it was vital the new firm was advisor-owned. This way I have a seat at the table and can help shape the organization along with the existing advisor partners.”
Harbourfront’s structure allows advisors a stake in the business and is an approach they believe appeals to ambitious, forward-thinking professionals. It means advisors effectively own two businesses – their practice and Harbourfront – with the latter including annual dividend distributions.
Noonan added: “It was important to join a boutique firm that is focused on attracting an elite group of advisors, who desired to be at the forefront of the industry so their clients could benefit from a leading-edge offering.
“We advisors are the revenue-drivers, meanwhile most dealers don’t provide value for the share of revenue they take. By owning the company in addition to my practice, I effectively own two businesses. As a partner I receive annual dividends and grow my equity ownership in the dealer itself.”
Noonan is eager to avoid slipping into the comfort zone and believes joining a forward-thinking company will help elevate his practice to the next level.
He said: “For clients to truly prosper, our industry needs more change-makers and action-takers. I believe Harbourfront empowers top advisors to accomplish both. Unrestricted product choices and unbiased advice are the cornerstones to longevity and success in this business.”
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