Government-owned firm opens first out of province office, announces plans for future expansion
Last week ATB Wealth opened their first office outside the province of Alberta, in Kelowna B.C. The move represents a major step for the wealth management firm, which already has over 200 advisors, 97,000 clients, and $25.6 billion in AUM in Alberta. The firm is a subsidiary of ATB financial, itself a crown corporation wholly owned by the province of Alberta.
Silvi Malinowski, ATB Wealth’s AVP of National Growth, told WP some of why the firm has expanded to Kelowna. She explained what ATB Wealth’s future plans for expansion are, and what advisors across the country can take from this provincial crown corporation moving into new markets.
“We expanded because we believe everyone deserves access to financial planning as a way to improve their lives,” Malinowski says. “This is the first step to support Canadians the way we have supported Albertans.”
The Kelowna office is just the first stage in ATB Wealth’s growth beyond Alberta. Malinowski shared that the firm is also in the process of opening a new office in Saskatoon, Sask. and is currently in the process of finding the lead advisor for that office.
While Malinowski says that the firm’s short-term expansion plans are focused on British Columbia and Saskatchewan, she notes that many ATB Wealth clients have already moved out of province and continue to be served by their Alberta-based advisors.
She extolled the virtues of ATB’s owner — the province of Alberta — praising a high degree of independence their advisors are given by the crown corporation. At the same time, she emphasized the support and backing that their sole shareholder provides. She says that advisors in B.C., Saskatchewan and any other province ATB Wealth might expand into shouldn’t feel afraid of competing with a crown corporation.
“I think there's a lot of share of wallet out there that we're all competing for,” Malinowski says. “We're not looking to target anything specific other than to ensure that Canadians have access to holistic planning, that would be the forefront for us. In terms of competitor pressures, it's just ensuring that your clients are getting the best experience possible. And I think there are a lot of Canadians in need of holistic planning advice, and we continue to look at servicing those needs.”
She noted that ATB Wealth is not targeting a particular client set at the moment. The firm offers a digital platform for younger and less-wealthy clients, as well as advisor services for more affluent clients, and private investment counsel for high net worth and ultra high net worth clients.
Growing a physical presence is one aspect of ATB wealth’s expansion goals, but their sister firm ATB Investment Management is also expanding their lineup of “compass portfolios.” They are reaching out to more advisors across the country to promote these portfolios.
With their expansion comes hiring. The Kelowna team is set for now, but Malinowski notes that ATB Wealth is still looking for talent in their forthcoming Saskatoon office. As they consider their next stages of expansion Malinowski is advocating for her firm as a place advisors may want to come to work.
“We're excited to be out there. We're excited to be a part of our communities across Canada, we're excited to continue providing holistic advice to clients,” Malinowski says. “And if [advisors] are looking for a great place to work, ATB is definitely a top employer.”
