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December 19, 2019


Thursday December 19

Today we learned that all of Canada’s securities regulators will ban deferred sales charges, except Ontario. The CSA also announced that paying trailer fees to discount brokers will be outlawed, and Ontario’s joining on that front. The expectation is that the rules will bring greater transparency, while the OSC mulls alternatives to an outright ban on deferred sales charges.

Richardson GMP is growing again and aiming for the lofty goal of $50 billion AUM. Richardson GMP’s CEO told WP that their new mission to become a “pure play” wealth manager is taking shape, hiring a larger advisory team and building a recruitment pipeline in 2020 to capitalize on their momentum.

Gene Kim, PM and Private Wealth Manager at the Summit Private Wealth group is joining the chorus of voices making a case for alternative investing. He thinks the odds of a recession are rising, and with things looking tough on fixed-income, there’s a call for an uncorrelated asset class. Alternatives are Kim’s answer.

Wednesday, December 18

Capital Group released its outlook for 2020, offering "upgrade" advice on stocks and bonds. It also assessed the impact it thinks the US election will have on the markets and investors' portfolios.

Meanwhile, a former advisor with Sun Life Financial has been fined $12,500 for a raft of form violations, although the company was also in the news for more positive reasons, committing $1 billion to the acquisition of a global investment manager that specializes in infrastructure.

Tuesday, December 17

Grant White from iA Securities took to the pages of WP to share his insights. Today he talked team building and pointed out where advisors can do a better job of building their teams.

Ian Riach, a senior portfolio manager at Franklin Templeton, thinks the Canadian economy is vulnerable to structural challenges that could have lasting effects. He’s concerned over rising inventories and falling capital expenditure, as well as an overreliance on Canadian consumers who, themselves, are burdened by debt.

Croesus, makers of an advisor facing FinTech platform have expanded deeper into the portfolio manager space. The Montreal company has acquired a platform called iBalance that offers PMs a daily rebalancing function and a chance to more easily manage the complexity inherent in their work.

WP also carried word from the MFDA of an ex-advisor who allegedly took almost $200,000 from his clients. He was also alleged to have borrowed around $10,000 from another client as well as using pre-signed account forms.

Monday, December 16

Montreal-based fintech Hardbacon announced a new partnership with National Bank Direct Brokerage. They say the agreement will drive down fees in the Canadian online brokerage industry while accelerating Hardbacon’s growth.

John Wilson, co-CEO of Ninepoint Partners, thinks that the conversation has moved around alternatives, and it’s time to start reimagining the role they can play in a portfolio. He told WP about how alternatives can provide the non-correlated solution so many investors want.

One investment strategist is keeping his thoughts on the shores of the Black Sea. Leon Wilfan was watching Sochi last week for the unheralded news of a massive trade deal between Russia and China that will see a huge pipeline built from Siberia to the largest market in Asia-Pacific. He told WP that there’s only one company poised to benefit.

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