I entered the financial services industry in 1979 and I worked for a large International insurance company. I quickly realized that the company expected me to go forth and find people to buy their products as opposed to me providing the best solutions for the people who I was talking to. Then a couple years later I started a small firm with 3 other partners in order to provide a broader selection of products and services in order to better serve the best interests of our clients. We sold our firm to a larger independent firm that had a national presence that we felt would allow us to better serve our clients with superior technology as well as the additional advantages that came with the economies of scale of a much larger firm. However that firm was purchased by a large Canadian mutual fund company whose philosophies regarding best interests of the client were not consistent with my own. I then moved to another independent financial services company that promised the benefits of autonomy regarding investments solutions that were best for our clients; however, they too developed their own in-house proprietary products that advisors were strongly encouraged to recommend to their clients. That firm was later purchased by a large Canadian bank that also aggressively promoted their own in-house proprietary products over other companies’ products.
Through that period I witnessed significant conflicts of interest between investors and financial services providers. Some companies believed that the profitability of the company was more important than the best interests of their clients. Advisors were shunned, and in some cases, ostracized if they did not promote or sell the in-house products of the company which were more profitable for the company but not necessarily the most suitable solution for the client.
I decided that the best business model available for an advisor who wanted to truly provide conflict-free recommendations and solutions was to be completely independent of all banks, insurance companies, mutual fund companies or any other investment firm that manufactured and distributed their own proprietary (in-house) products. I decided that I would source out best in-class Portfolio Managers with proven track records who would be held to the highest standards currently available in Canada regarding their education and experience.
Through these independent Portfolio Managers, I am able to provide financial solutions that my experience and research tell me are most important to High Net Worth Individuals including providing a clear understanding of risk tolerance, complete transparency of fees, strong investment performance and a keen desire and ability to understand the concerns and needs of these High Net Worth Individuals.
Most importantly, I can reduce the costs that my clients pay for professional wealth management which can significantly increase their returns. My office is not at Portage and Main in one of the most expensive skyscrapers in Winnipeg and I do not occupy the corner office (but I used to). Many of the advisors in the firms located in the high rent district have to meet certain production levels established by their employers or their compensation is cut or worse, they are fired. I occupy a modest office on the outskirts of the downtown area where my clients can drive up and park next to the building for free. I run a low overhead operation which means that I can bring professional advice to my clients from some of the most respected Independent Investment Counsel Portfolio Managers without having to charge and arm and a leg.
That is why I created Evolution Private Wealth Management Solutions.
Courses of study that I have completed:
- Chartered Life Underwriter
- Chartered Financial Planner
- Chartered Financial Consultant
- Registered Financial Planner
- Labour Sponsored Investment Funds Course
- Certified Financial Planner
- One Wellington Consultant
- Canadian Securities Course
- Conduct and Practices Handbook
- Wealth Management Essentials
Courses of study that I am currently enrolled in:
- Certified Executor Advisor