Designed Wealth Management and Wolfond Financial on leveraging untapped markets for comprehensive wealth solutions
This article was produced in partnership with Designed Wealth Management
Designed Wealth Management has recently welcomed Wolfond Financial into its fold. This partnership not only signifies a pivotal moment for both entities but also highlights Designed Wealth Management’s strategic approach to embracing underserved markets and challenging industry norms. Wolfond Financial is bringing over $800 million in assets under administration (AUA) to Designed.
While most of the industry's giants chase after high-profile advisors and multimillion-dollar branches in metropolitan centers, Designed is taking a different route. “Our competitors are really going after the downtown Toronto and Vancouver corner offices,” says Michael Konopaski, co-founder of Designed Wealth Management. Instead, Designed focuses on all communities including smaller communities, such as Regina and Saskatoon, recognizing the untapped wealth and talent residing outside the spotlight of Canada's major cities.
This approach is not just about expanding the firm's footprint; it's a strategic move to serve markets that have traditionally been overlooked. “We are now going up against our very biggest competitors,” Konopaski states, underscoring the firm's readiness for the challenge and to bring top-tier financial advice to regions that have been neglected by other dealers.
The allure of a unique model in a grid-locked industry
Offering a flat-fee, Designed Wealth Management’s compensation model is a rarity in Canada. For Jordan Snitzler, partner and financial advisor at Wolfond, the transition to Designed was marked by an exceptional level of support and responsiveness, underscoring the firm's commitment to facilitating a smooth and efficient changeover for advisors. Snitzler highlights the professionalism, speed, and problem-solving prowess of the Designed Wealth Management team, emphasizing their ability to adapt processes to meet advisors' unique needs without compromising compliance or efficiency.
“Within probably three weeks of meeting Michael Konopaski at a conference, we had signed the documents and just chose Designed over four or five other competitors to go to,” says Snitzler.
President and CEO of CH Financial, Jeremy Clark’s journey to the firm, fueled by a long-standing connection with the Konopaski family and a serendipitous meeting with Michael Konopaski, underscores a shared vision for a different kind of financial advisory—one that values flexibility, technology, and, above all, client relationships.
Seamless transition, unparalleled support
The partnership between Designed Wealth Management and Wolfond Financial is built on a shared philosophy that prioritizes the interests of clients above all else. “Most of our competitors identify their target market as a portfolio manager with $200 million. Our target market is an advisor that puts the client first at all levels of assets,” Konopaski emphasizes. This principle guides the firm's operations, from its technology choices to its compensation models, ensuring that advisors can offer the best possible service to their clients without the constraints often imposed by profit-centric business models.
As Snitzler highlights, “These guys [at Designed] are remarkably nimble, adept at distinguishing effective strategies from the ineffective, and are keen on adaptation while strictly adhering to compliance rules and regulations. What I particularly admire is their organic growth mindset.”
“Unlike others, they’re not out there doing cheesy sales pitches or gimmicky sales tactics. Their approach is more about mutual compatibility; they aren't just looking to recruit any advisor who shows interest. Instead, there's a discerning process in place to ensure a prospective advisor aligns with their corporate culture and values.”
A philosophy of client-first advisory
Konopaski identifies three key reasons as to why investment advisors and portfolio managers are keen to work with Designed.
He says, “Our technology matches or surpasses that of our most sophisticated competitors, ensuring we stay at the forefront of innovation. Secondly, our compensation model is designed to be more advantageous for advisors,” he details.
“The third aspect, though less tangible, is our core belief system and values, which resonate deeply with those who are well-established in their careers. We cater to higher aspirations beyond basic needs, recognizing that fulfilling work at this stage is about achieving Maslow's highest tier of self-actualization.”
Without a lot of dealer interference, advisors are geared towards excellence in client service, requiring a broad product range and the freedom to engage through modern channels like podcasts and social media.
Unlike most of Designed Wealth Management’s competitors, who impose strict brand protection policies, the independent dealer adopts a more liberal approach. As long as advisors adhere to regulatory standards, they are able to express their professional individuality.
“I also loved how they weren't so rigid in their processes, anything we came to them with, they almost instantly found a way to compliment it or incorporate it into their company,” Snitzler says.
A culture of ownership and long-term vision
Another one of the standout features of Designed Wealth Management is its genuine offer for advisory groups to own equity in the company, Clark stresses, “A lot of firms will dangle that in front of you, but offer only non-substantial forms like phantom equity, Designed makes real ownership possible. We've all purchased equity in the company, underscoring a commitment that's relatively rare in the industry.”
“Moreover, the leaders have a vision that's focused on the long haul. There's no intention of a quick sale; rather, the aim is to build something enduring. This long-term perspective aligns with our desire to create a legacy, distinguishing Designed in the market.”
