Firm: BMO Nesbitt Burns
Location: Calgary, AB
Year established: 1986
Employees: 5
AUM: $200+ million
Target clients: Anyone who needs guidance
Kingsford and Associates, part of BMO Nesbitt Burns, is one of the more unique teams in the Canadian wealth management space. The Calgary-based team is made up entirely of women, something that has created a singular opportunity, says vice-president and senior investment advisor Thalia Kingsford.
“There are many great women-led teams, but I wanted an all-woman team because I think women have a special skill set,” she says. “The ability to talk and listen to clients, women do well naturally. We listen for cues in a conversation. Women can identify what someone is worried about or asking for and have a transparent and honest conversation. We have diverse and sophisticated financial capabilities behind us with a large company like BMO, but I think it takes basic skills: listening, building trust and asking the right questions.”
After establishing a solid reputation from her community involvement, Kingsford started the practice on her own in 1986. As it grew, so did her team. She now works with two other associate portfolio managers who have been with her for more than a decade. “I think we have created a special place,” she says. “We work hard and enjoy our group collaboration.”
For Kingsford, evolving into a team came out of necessity. “When I built my team, it was because I had more business than I could cover with the level of quality that was my standard,” she says. “I added people who were smarter than me but had a similar philosophy. As the business grew, so did the team in order to service more clients. The thing that also makes us unique is we all have different credentials, so we are experts in multiple areas.”
Financial planning is at the core of Kingsford and Associates’ service. The team’s other portfolio managers, Stacy Soutière and Cheryl Smith, both have financial planning designations.
“It’s a big thing for us,” Kingsford says. “BMO has resources we can draw on, but if we can generate a great plan within the team, we feel it is an advantage. By drawing up financial plans ourselves, based on our belief that we know the clients best, we can tailor the plan for their unique situation. We go beyond just the standard questions. That second degree of questions really makes a difference.”
In addition to the financial planning designation, Soutière holds an MBA and the Family Enterprise Advisor (FEA) designation, a credential that focuses on advising families who are moving assets between generations. Cheryl Smith has a US securities licence, which allows her to accept clients who have US accounts. The team is rounded out by Anna Gilliland, a career financial administrator, and the newest member, Meghan Hilderman.
The team’s approach is conservative, led by a determination to educate clients. They aim to create a comfortable environment that explains the rationale behind recommendations.
“We have many women clients who have come from a situation where they were less comfortable,” Kingsford says. “It can be difficult and challenging for women when it comes to managing wealth. Even if they are eager to learn market strategy and prudent financial management, they often have been just ‘told’ what they should do. That’s not our style – we focus on building their understanding.
“Our clients are making decisions guided by our advice. We explain the rationale for the composition of their investment portfolio and make recommendations. We find this empowers our clients and develops loyalty. We take the time to listen very carefully. What is the client really asking for, and how much risk is acceptable? Then we can present a portfolio that is suitable for them, and we can help them understand why.”
That approach is something Kingsford feels will continue to pay off as more wealth comes into the hands of women.
“Women are very special investors,” she says. “We know they will be in control of a large amount of assets within the next decade, and advisors need tactics to handle that. BMO itself is launching numerous initiatives to work with this major change in control of wealth, but we already have a history of attracting women clients because we listen, understand and empower them. And the more we understand, the better and more effectively we can help.”
While Kingsford and Associates has found its niche, the team still faces plenty of challenges. Bringing new clients up to speed with the same level of service offered to existing clients is an ongoing effort. The COVID-19 pandemic has also changed things considerably.
“It has been a challenge for our team because we used to be in one room collaborating, and now we are working from home, isolated in our individual houses,” Kingsford says. “We try to have a daily meeting to get up to date on everything we are doing.”
Being based in Calgary has presented additional challenges. Not only have Albertans been affected by a declining price of oil, job losses and severely reduced budgets, but they share the fear of the unknown impact of COVID-19 and its growing health risks.
Still, these are all challenges Kingsford and Associates is prepared to handle. Moving forward, Kingsford realizes that she will retire at some point, but she hopes that what she has created will endure. “My goal is for our practice to continue with this group of women doing the best they can to educate clients and maintain all that I think has made us special: building on the natural strengths of women.”
