Alfred Lee, who helped build BMO ETFs, sees vast potential in the Canadian independent space and says there is a "real buzz" at his new firm
This article was produced in partnership with Q Wealth Partners.
Alfred Lee has got his business-building mojo back and can’t wait to throw his energies and investment acumen into what he believes is the next “growth engine of the market” – the independent fiduciary advisor space.
Lee announced this week he was joining advisor-owned Q Wealth Partners as deputy chief investment officer from BMO Global Asset Management, where he played a central role in building BMO ETFs from zero to a $100+ billion operation. The addition of such a recognised talent represents a coup for the independent wealth management firm and a significant milestone in their expansion. CEO Jared Rabinowitz hailed Lee as a “keystone figure” of the firm’s vision over the next 10 years.
Lee spent 14 years at BMO GAM managing $50 billion in assets across various strategies, including fixed income, equity beta, factor-based, sector and thematic ETFs. He also has extensive experience in product development, portfolio management, and client-focused solutions.
His new role will involve working closely with Q Wealth’s CIO Larry Berman, enhancing the core asset solutions platform at firm, and supporting the firm’s registered advisors to create custom pooled solutions and tailored portfolios aligned with what their clients need.
Lee told WP the move had reignited the feeling of excitement and potential he last got when he started at BMO.
“I come from the ETF industry where I, along with a team of individuals, helped build one of the biggest ETF franchises in Canada,” he said. “That began 14 years ago. Looking back then, there was so much excitement in the ETF industry and all this growth expectation, and when I look at the [RIA-style model] in Canada, I get the same kind of feeling. There’s so much buzz about it.”
The RIA business in the US has exploded and the independent space in Canada, while growing, is on the precipice of a similar rush thanks to two incoming tailwinds: interest from US private equity firms, and CIRO’s more welcoming stance on advisor incorporation. But even once committed to going it alone, the process can be daunting for advisors who don’t have a business background or the infrastructure in place. Q Wealth provides turnkey solutions for advisors to step out on their own while still having the firm’s support.
Lee said joining Q Wealth was not just a golden opportunity to him to be a part of this growth story, but also a meeting of minds. “We’re a great firm and [the move] really ties in well with my own personal philosophies - putting the clients first and doing what's right by the client,” he said. “We have a great platform, great infrastructure, great tech, great culture, and the growth that Q Wealth has been seeing over the last year and a half has really been turning up the curve of the hockey stick, so it's a really exciting place to be.”
He added: “It’s important to align yourself with good people and it’s very important in our industry to do what's right for clients. That was a big philosophy that we had at BMO ETFs and Q Wealth has the same kind of view.”
While relishing his new challenge and looking forward to building out Q’s investment capabilities, Lee looked back fondly on his time at BMO ETFs and how the team became “one of the major success stories of Bay Street.” It’s a well-oiled machine now, however, and Lee was tempted by the chance to once again be a key figure in shaping a firm while also being a stakeholder in the business.
“Q Wealth has started to attract a lot of advisors and portfolio managers at this point. There's a tremendous amount of buzz and it really gives me the same kind of feelings as when we first started at BMO 14 years ago.”
