Firm names new leader who will take over a company in a strong position
RF Capital will have a new leader in the fall, as Kish Kapoor steps down from his role as president and CEO at one of Canada’s largest wealth management firms.
The company, which operates as Richardson Wealth, says that Kapoor will leave as of October 1, 2024, having completed a successful transition plan for the business and put in place a new growth plan.
"With the Company having completed its transformation, and with the strengthened foundations and strategy for growth now in place, the time has come to make way for a new leader who will take the business forward,” Kapoor said.
The firm’s quarterly results that were published this week reveals revenue of $91.2 million in the second quarter of 2024, up 3% as compared to the prior year. The increase in revenue was driven by 4% growth in AUA amid equity market performance and strong recruitment which offset advisor attrition. Advisor teams managing more than $970 million joined the firm in its latest quarter.
RF Capital has also announced preliminary record month-end AUA of $38.3 billion for July 2024. That means a $1.2 billion or 3.0% increase from June and $3.1 billion or 8.6% since year-end 2023.
New CEO
The company’s strong position is good news for Kapoor’s successor, who has been confirmed as chief operating officer Dave Kelly who joined the firm in January with 25 years of industry experience including head of Gluskin Sheff, and senior VP and head of wealth management and financial planning at TD Bank.
“When I hired Dave, I knew his deep understanding of our business, his focus on execution, and his strategic insight would make him perfectly suited to lead our firm toward our goals of being the leading independent wealth management firm in the country and the destination of choice for Canada's top advisors and their clients,” said Kapoor.
Kelly added: "I'm honoured to have the opportunity to lead this outstanding organization forward, building on the tremendous hard work done by Kish and the team to transform the Company and ready it for even more success and growth. Since joining the Company in January, what I have seen has only served to drive home what I already knew – that this is a talented team and a great platform, and that we can accomplish incredible things as the leading independent wealth management firm in Canada."
RF Capital has another senior leadership change as CFO Tim Wilson departs for another opportunity in the industry. Recruitment for his successor is underway.
"I would also like to say thank you on behalf of everyone at the Company to Tim Wilson, whose leadership, sage advice and hard work have been a vital part of all we have accomplished in recent years. We all wish Tim the very best as he departs to take on an exciting new role in the financial services sector,” commented Kapoor.
Don Wright, Chairman of the RF Capital Board, paid tribute to the outgoing leaders.
“On behalf of the Board, and everyone at our Company, I want to express our tremendous gratitude to Kish for his tireless work and dedication. He has led the transformation of our business to ready it for further growth, created a stronger and more entrepreneurial culture, brought unmatched enthusiasm and energy to the job, and recruited his successor. We also want to thank Tim for all he has done and wish him every success in his new role,” he said, also backing Kelly as “the right choice” to lead the continued growth of the company.
