Raymond James
While Raymond James is an American investment firm, it has expanded globally and now has offices in Canada: Vancouver, Toronto, and Montreal. They also have over 8,700 advisors worldwide.
At Raymond James, they don’t just focus on the now; they help you build your portfolios to benefit you in the future as well. This is evident in their motto, “Life Well Planned.” No matter what your goals are, they can help you achieve them.
One of the reasons Raymond James is among the most recommended investment firms is its high customer satisfaction score. Between this and their over $1 trillion in assets under management, they are not only among the most recommended in Canada but also worldwide.
Edward Jones
Edward Jones is another American wealth management firm. Unlike Raymond James, which has been around since 1962, Edward Jones started in 1922. Their Canadian head office is located in Ontario. Globally, they have over 20,000 advisors and 49,000 associates throughout the US and Canada. They have over 15,000 branches in North America.
When it comes to customer satisfaction, Edward Jones also ranks pretty high on the list. They also manage USD $1.3 trillion in assets. The main reason so many people choose to work with them is that they focus on more than just making money. They pride themselves on holding face-to-face meetings, learning what the client wants, and helping them make that a reality.
RBC Dominion Securities
RBC Dominion Securities has been around since 1901. They offer not only financial planning services but also trusted financial advice and wealth management solutions. They are Canada’s leading full-service investment and wealth management firm. They are backed by the Royal Bank of Canada, one of Canada’s leading financial institutions and part of the top 5 banks.
When you work with Dominion Securities, you not only work on your investment profile, but they also help with wealth management. This includes:
- Estate planning
- Tax planning
- Charitable giving
- Business owner planning
- Business succession planning
- Retirement income planning
The great thing about this wealth management firm is that your financial advisor works with you personally to help you build your financial future.
TD Wealth Private Investment Advice
TD is not only one of the top 5 banks in Canada but also offers private wealth management services. They can help you do things like:
- Look at your current financial situation
- Identify potential risks and solutions for them
- Evaluate your current situation, and see if it meets your needs
They offer wealth planning, investment management, tax strategies and estate and trust services.
IA Private Wealth
IA Private Wealth is another highly recommended wealth management firm. They are known for offering tailored wealth management solutions. Nationwide has over 500 independent advisor teams nationwide.
The IA Private Wealth services include:
- Investments
- Retirement planning
- Education planning
- Tax planning
- Business succession planning
- Estate planning
- RRSP, TFSA, RESP and other non-registered accounts
- Advisory accounts
- Discretionary accounts
They don’t just help high-net-worth investors either. They offer a wide range of investment options tailored to your needs.
IG Wealth Management
Another one of the best wealth management companies worth talking about is IG Wealth Management. They offer personalized wealth management services and human advice. They have world-class asset managers, and they are known for going over all of the what-ifs to get you the answers to any situation.
Another great thing about IG Wealth Management is that they offer a variety of services, including:
- Cash management
- Retirement planning
- Investment Planning
- Mortgage Solutions
- Estate planning
- Tax planning
- Insurance
- Financial products
They also have tons of resources on their website to help you get started.
BMO Private Wealth (BMO Nesbitt Burns)
You may have heard of the Bank of Montreal as one of Canada’s top 5 banks, but you may not know about BMO Private Wealth. They don’t just offer wealth-planning services, either. They also offer banking services from Canada’s best private bank. These private banking services can be organized along with your wealth management and investment banking.
With BMO Private Wealth and BMO Private Banking, there are plenty of the best financial advisors and wealth advisors to help you meet your financial goals because of their due diligence. Whether you are planning for retirement or just looking for valuable advice, there is someone to help you.
National Bank Financial
If you are looking for long-term investment advice, private banking services, investment solutions, direct brokerage, trust solutions or private investments, then National Bank Financial can help you. These are some of the reasons that people choose National Bank for their personal banking and wealth management needs.
Another reason people choose National Bank is its complete transparency. They have access to a variety of services that can break down your finances and assess them for a better view of your financial situation. They also have a creative approach,h and their financial advisors and wealth advisors take your needs into account when creating wealth management strategies to help you achieve your financial goals.
Scotia Wealth Management
Another of the top 5 banks offering wealth management services is Scotia Bank. They do things a little differently than other wealth management teams and have a team of investment professionals that will help you address the entirety of your financial life. They not only help you figure out how to best manage and invest your money, but also help set up future generations.
The Largest Wealth Management Firm in Canada
There are quite a few different wealth management firms in Canada. The largest Canadian money manager is Sun Life Financial Inc., which currently manages over $1.247 trillion in global assets. Asset management isn’t all they offer, either; they also offer insurance.
One thing that has made Sun Life so large is that they don’t just offer insurance and asset management for individuals; they also offer these services to corporations. They have different subsidiaries that offer these as well. The one used for asset management is SLC Management.
Wealth Management Companies in Ontario
While many of the investment companies in the financial services industry we have discussed are based in the United States and other parts of the world, some are based right here in Canada. Specifically, they are based in Toronto. This isn’t entirely surprising because Toronto is a hub for technology and investment.
Cumberland Private Wealth
Cumberland Private Wealth has several offices across Canada, but it is based in Toronto. They are an independent, private wealth investment firm that provides independent research, investment management, and portfolio management services. They also have certified financial planners. Their business is based on protecting their clients’ capital while pursuing their financial goals.
Frontwater Capital
Frontwater Capital is another independent firm that is based in Toronto. Before 2016, they limited themselves to affluent and high-net-worth clients, but now they are accepting new clients. What they do is a little different from that of some other firms, including full-service brokerages.
They take investment concepts and strategies typically used only by large financial institutions and make them available to other investors. This helps set them apart in the private wealth management community and aligns with their goal of achieving financial goals with tailored strategies.
High View Financial Corporation
High View is classified as a boutique portfolio management firm. They pride themselves on developing sustainable wealth management solutions. Their expertise is used to develop a strategy tailored to your specific needs and deliver the results you are looking for.
Unlike other wealth management firms, High View is family-focused. They are also education-forward, meaning that they will provide you with all of the education that you need to make sound financial decisions for yourself and for your family. They offer unbiased advice and realistic investment guidance. You don’t need a lot of capital with High View, but they can help you make the most of your money.ent guidance. You don’t need a lot of capital with High View, but they can help you make the most of your money.
Newport Private Wealth, Inc.
What sets Newport Private Wealth apart is that it is led by a team that has helped build some of the most successful financial companies in the country. It was originally founded to provide Canadians with a better wealth management experience than what was already available. Their business model was built around putting their clients’ perspectives first. This is one of the reasons that so many Canadians invest with them.
With Newport, there isn’t exactly a minimum investment amount, but they do specify that their services are better suited to those with at least $1 million in investments. The management strategy will then be built around you to provide less risk and volatility than other investment portfolios.
They also provide complex wealth management for clients with assets that require greater expertise. With that, though, they have some of the best wealth managers and investment advisors available for you to work with.
PWL Wealth Management, Inc.
PWL Wealth Management is a boutique investment firm with multiple locations in Ontario, including one in Toronto. They were founded in 1996 to provide Canadian families with a better, more personalized experience when managing their wealth. They make taking control of your financial future simple and personal by making the goals you thought were impossible within reach.
While they do offer portfolio management to help you make the most of your money, they also offer financial planning. These services help you retire when you want, provide for your family, and maintain the quality of life you want. They also provide different strategies and scenarios to help you make the most informed decisions.
Largest Mutual Fund Companies in Canada
In Canada, there are quite a few different mutual fund companies. These companies are part of what mutual funds are, so that each company will have many different mutual funds. Let’s take a look at some of the largest ones.
- Fidelity Investments
- AGF Management
- NBI Global Equity Fund
- Canoe Global Equity Fund
- RBC Canadian Equity Income Fund
- CIBC logo
- Empire Life Investments
Largest Asset Managers in the World
Asset Managers are essentially investment companies that manage people’s money and provide financial planning services. There are many asset managers worldwide, so here are some of the largest. These include:
- Blackrock
- Vanguard
- State Street
These names might seem familiar because their stocks are among the most popular in the world.
Best Fiduciary Wealth Management Firms
In terms of wealth management firms in Canada, there’s really no shortage. There are many places where you can invest your money. Here are just a few:
- iA Private Wealth
- BMO Nesbitt Burns
- CI Assante Wealth Management
- National Bank Financial
- IG Wealth Management
- Raymond James
- Edward Jones
- Toronto Dominion Bank
- Nicola Wealth
- RBC Dominion Securities Inc
- Harbourfront Wealth Management
- Blue Harbour Financial
What Credentials Should a Wealth Manager Have?
When you’re looking for a wealth manager in Canada, you’re looking for someone who holds multiple different designations, including:
- Certified International Wealth Manager
- Certified Financial Planner designation
- Chartered Investment Manager
- Chartered Financial Analyst (CFA Charterholder)
- Chartered Life Underwriter
- Canadian Securities Course
- Wealth Management Essentials
- Regulatory Registration
What is the Actual Cost of 1% in Fees?
How much you pay when you have a wealth manager depends on whether you have percentage fee tiers or flat fee planning. It also depends on whether you have other fees, like assets under management fees. That said, no matter how your fee structure works, 1% in fees will cost the same amount.
The first cost we should consider is the annual cost. For this, a 1% fee equals $1,000 per year for every $100,000 invested. If you look at that as a long-term cost, over 25 to 30 years, it can add up to 25% to 28% of your total lifetime investment returns.
Checking to See if an Advisor is Registered
In Canada, it’s pretty simple to see if an advisor is registered. All you have to do is go to the Are They Registered? Look up through the National Registration Search that the Canadian Securities Administrators provide. You can also do a registration category check for both the firm and the individual wealth manager.
How to Transfer Between Firms?
If you’re looking into transferring your investment account to another wealth management firm, it’s actually going to be simpler than you may think. It can take 10 to 15 business days, and the new firm will complete it. Before you complete the transfer, though, it’s important to inquire about account transfer fees and any other fees that you may incur.
Filing a Complaint
Before you start the complaint process, it’s important to know your client’s rules and how the complaint resolution process works. You’ll start by sending a letter to the firm’s management or compliance department, and not the provincial securities commission. You’ll want to attach any evidence you may have, and wait up to 90 days for a response.
If the firm rejects the complaint, the next step is to escalate it to OBSI (Ombudsman for Banking Services and Investments) or CIRO (Canadian Investment Regulatory Organization). After that’s done, you can report it to the provincial securities commission.
Are Robo-Advisors Cheaper Than Firms?
Before choosing a management firm, you should review the trailing commission disclosure. This will give you a breakdown of the fees and what is given to the advisor or the dealer. That said, thanks to the embedded commission ban, you don’t have to worry about deferred sales charges. You should also consider the difference between hourly financial planning and other fee-based plans.
Whether you choose a robo-advisor or a wealth management firm, you’re still going to get CRM2 reporting since it’s a securities regulation, as well as the mandatory suitability obligation. There are distinct differences between the two:
Robo-advisors: These usually charge an annual management fee of anywhere from 0.25% to 0.50% of your invested assets. When it’s all said and done, though, your total cost is usually between 0.30% and 0.95% annually. It’s better for do-it-yourself investing with self-directed brokerages for those with pure technical ability and comfort using a leading-edge digital stack.
Wealth Management Firms: With wealth management firms, you get custom human services, including the option of a discretionary portfolio manager and the option of passive versus active management. You’re also going to have lower after-fee returns with fees ranging from 0.75% to 1.50%. It’s the more popular option for those seeking private equity allocation, access to alternative investments, and charitable donation strategies.
Commission-Based Advisors Vs. Fee-Based Advisors
If you go with a wealth management firm, there are two types of advisors that you have to choose from. These are commission-based investors and fee-based investors. The main difference is that fee-based advisors charge for advice, while commission-based advisors earn money when they sell specific products, such as index fund portfolios.
For those looking to get into responsible investing, there are many other things you also want to consider, including:
- Performance reporting standards
- Benchmark comparisons
- Individual pension plans
- Advisor turnover
- How the overall firm conducts business
- The advisory consultative culture
- Referral arrangements, disclosures, and collecting referral fees
- The wealth management firm’s culture
- Who the financial senior partners are
- If they utilize technology appropriately
- ESG mandates
While firms with both of these advisors can find good money managers with innovative and creative ways to help those looking for private equity management, snowbird tax planning, and even help cross-border US clients.
Tax-Loss Harvesting and Other Tax Strategies
Even when you’re working with the leading wealth management firms, it’s important to know what to do when tax time rolls around. Tax-loss harvesting is the most popular and involves using your capital losses to offset your capital gains, using the superficial loss rule, and carrying forward or back any unused losses.
Wealth Management for Business Owners and Corporations
For corporate investment accounts, wealth management can be very beneficial. It can help with:
- Corporate Tax Optimization
- Compensation Structuring
- Succession and Exit Planning
- Retirement and Benefit Planning
- Risk and Asset Protection
You can use separate firms or those that also offer family office services.
What are your options if you have less than $100,000?
No matter how much money you’re looking to get managed, the one you choose is going to make a meaningful and tangible difference. The defined value proposition can help you decide, but your options will be limited if you don’t have much wealth. Some of your best options include:
- Wealthsimple
- JustWealth
- Nest Wealth
- Questwealth Portfolios
If you already invest with another brokerage, then you want to look for one that offers in-kind transfers. That said, some large firms will accept you with that size of investment.
