This article appears in the March 2021 issue of Advisor’s Edge
Early in the pandemic, an aphorism from the last financial crisis gained new life and was soon being applied to problems from business supply chains to reshaping major economies.
“Never allow a good crisis to go to waste,” said Barack Obama’s then chief of staff, Rahm Emanuel, in 2009. He repeated the line in March 2020, and others have followed.
Advisory firms, asset managers and regulators have all been examining their responses to pandemic lockdowns that upended traditional business practices. Many are finding silver linings in how they quickly executed changes that might otherwise have taken years.
One of the top investment advisory firms in Canada has opened its doors in Prince Albert with a local resident at the helm.
Cole Kachur, Vice President and Portfolio Manager of Wellington-Altus Private Wealth and head of the Kachur Wealth Group opened a secondary office in the Gateway City to take advantage of the opportunities within the market he was born and raised in.
“From a wealth management perspective, Prince Albert is very underserviced and there are a lot of investors paying significantly too much in fees for below average returns and service,” Kachur said. “Over the past decade, my team and I have received nation-wide recognition for the outstanding work we do for our clients. I’m excited to expand our presence in PA and to provide industry leading advice to the great people of Prince Albert and area.”
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The uncertainty hanging over Richardson Wealth Ltd. in recent years has resulted in stagnant growth and advisor departures, senior leaders at the brokerage admit. But with last fall’s shareholder dispute settled, ownership restructured and a new name on the door, executives say the independent firm formerly known as Richardson GMP Ltd. is setting a clear strategy and is ready to grow.
“This new clarity, this new alignment of [shareholder] interests, is the end of our [advisor] turnover, I would say, and the beginning of a significant growth phase,” said Andrew Marsh, president and CEO of Richardson Wealth in Toronto.