Fraser Sutherland says move from bank firm key to the next ten years of his career
Fraser Sutherland’s decision to move his $1 billion AUA advisory practice from CIBC Wood Gundy to Canaccord Genuity Wealth Management made waves last week as the second billion plus dollar practice in nearly as many months to make the exact same firm switch. It’s a move that CG, and many other independents, might have celebrated as representing how far their value proposition for advisors and clients has come. For Sutherland, though, the move was all about the best way to advance his career and serve his clients.
Sutherland, Senior Investment Advisor and Senior Portfolio Manager of the Sutherland Investment Group in Ottawa, explained that he saw this move as the way to set up the next ten years of his career. With a book composed largely of entrepreneurs and business owners, Sutherland says that Canaccord offered him a platform to service these clients’ complex needs in myriad ways. He needs that platform, he says, to capture opportunities in a rapidly changing country.
“There is so much business succession going on in Canada and globally, and working with a firm that is a fully integrated solely focused on capital markets and wealth management was really attractive to me,” Sutherland says. “We want to support these business owners through the coming wave of succession, to be a landing place to help them manage their capital in the right environment.”
Sutherland argues that despite the wider range of services that a bank firm would technically have in house, an independent firm like CG can suit clients better. He notes that those clients are still immensely bankable, and his move away from Wood Gundy would have no impact on their ability to access additional financial services from any institution. In fact, there are more options available to Sutherland and many of his clients now, namely in the realm of investment product and the far wider shelf that an independent firm can access.
As for why he chose Canaccord, Sutherland claims that a cultural fit was foremost in his mind. He says that CG offered him “an entrepreneurial culture that was focused solely on wealth.” He saw management asking questions about the client experience, how to make that better, how to provide better planning, how to provide better market access.
He saw, as well, a firm that seems to be getting ahead of changes to client expectations. He sees clients turning to their advisors to help with the intergenerational wealth transfer asking for services beyond just investment management. At CG Sutherland says he found investments in the estate and tax planning supports, as well as avenues to build and maintain external partnerships with lawyers and other professionals who can help execute on his clients’ needs.
Without discussing specific details, Sutherland says that CG also offered him a transition plan that would allow him to support his team effectively. He says that his new firm also gives his four associates a platform to grow and advance their own careers from. Canaccord also offered Sutherland the capacity to be directly US licensed as well as integrated capital markets presence in the UK and Australia. For some of Sutherland’s clients who are looking to sell their businesses, the global connections CG offers can serve to furnish introductions and opportunities.
Tech tools played a role in his decision, too, as did the fact that CG is publicly listed. Sutherland says that the firm’s transparency to investors was a major factor influencing his decision to choose Canaccord over another independent dealer. The final factor, for Sutherland, was the fact that the firm is opening a new physical office in Ottawa, something that he views as a commitment to the region and the community.
For all the advantages and incentives baked into the transition, Sutherland drove home that his single biggest consideration was client service. He says that firms who want to attract and retain practices like his need to demonstrate a commitment to making that service excellent.
“It really does come down to the best client experience, I think anyone that is making a move, we all really care about our clients, we all work so hard to earn their trust and represent them in the marketplace. We want to be with an institution that has a focus on those same things,” Sutherland says. “At Canaccord, I’ve seen such a focus on the client experience across the board. They have, in my mind, done a fantastic job of creating a firm that’s focused on the client.”
