As the newly appointed pres-ident of RBC Phillips Hager & North Investment Counsel Inc., Vijay Parmar expects to see synergies grow as two of the most respected brand names in the Canadian financial services business come together as a unified company.

Parmar, a former branch manager and vice president with RBC Dominion Securities Inc. in Vancouver, is now heading what has become the largest private-client investment-counselling firm in Canada, created when Royal Bank of Canada took over Vancouver-based Phillips Hager & North Investment Management Ltd. last year. Prior to the acquisition, PH&N was a well known and respected independent money-management firm with strong institutional and private-client arms, as well as a budding family of mutual funds.

The merger between PH&N’s private-client business with RBC’s investment-counselling arm has led to the creation of Parmar’s new baby, which has assets under management of almost $15 billion. RBC PH&N’s focus is high net-worth private clients with assets of $1 million or more. The company also serves corporations, institutional clients, foundations and not-for-profit organizations.

“Both Royal Bank and PH&N have a lot of name recognition and respect, and it’s nice to see them come together,” says Parmar, who believes investors are reassured by trusted names in turbulent times. “That’s why we’ve kept both names. Our goal now is to heighten recognition and develop the brand.”

The combined entity has 13 offices across the country, from Victoria to St. John’s, manned by a total of 60 investment advi-sors and portfolio counsellors, along with 80 support staff. Parmar says RBC PH&N is in the process of expanding and adding to the number of advisors in each office.

“A good investment advisor has a firm understanding of capital markets and is a good listener,” he says, describing the type of candidates the firm is seeking. “They can bring together all the resources that make up wealth management and access various professionals when it helps to meet the needs of the client. Experience and understanding are essential — this is a people-to-people business. It’s also about trust and integrity.”

Although Parmar’s most recent job was in the brokerage business, he previously worked as a manager with the University of British Columbia’s financial services department. He has also been an entrepreneur, running a small business in the pharmaceutical/medical supplies industry. In addition to holding a variety of financial and investment industry designations, including the Canadian investment manager and the certified financial planner, he is also a chartered accountant.

“I’ve always had an interest in capital markets,” Parmar says. “What attracted me to the investment business was the potential for client contact and helping individuals. It’s a dynamic and exciting world, and it’s rewarding to connect with people and help them meet their needs.”

One of the things that most excites Parmar about the newly combined entity of RBC PH&N is the ability to meet clients’ investment needs through multi-manager diversification. The firm has an award-winning money-management business that combines the in-house equities and fixed-income expertise of PH&N’s former investment team with that of RBC Asset Management Inc. , under the leadership of chief investment officer Dan Chornous and using the new banner of RBC Global Asset Management.

In addition, RBC PH&N has access to the expertise of nine leading subadvisors for U.S. equities and international and alternative strategies. Among the subadvisors in the global arena is Jennifer Witterick, head of Toronto-based Sky Investment Counsel Inc. These subadvisors are reviewed continually, and replaced or supplemented when needed. This approach offers retail clients the diversification, team dynamic and pedigree of management that are typically the exclusive domain of institutional clients, Parmar says: “There’s a lot of collaboration and synergies between the two investment groups.”

Clients also have access to RBC Wealth Management Inc. ’s full suite of resources, which includes experts in insurance, estate planning, charitable giving, business succession, law and taxation. RBC PH&N advisors can also call on the parent bank’s commercial- and private-banking expertise .

“High net-worth clients want to deal with professionals who can meet all their needs under one roof,” Parmar says. “If clients are looking for a buyer for their business, for example, they could connect to our commercial-banking division and get the proper advice. There’s a huge opportunity for clients to benefit from the various resources that RBC has to offer, be it banking or otherwise.”

@page_break@Parmar adds that if a client is a business owner looking to cash out, it’s critical to understand the implications of the sale of the business in terms of the impact on taxes and other family members — and the sale could also affect investment and insurance strategies.

Another point of differentiation at RBC PH&N, he says, is the close communication among advisors throughout the branch network who interface with clients and the portfolio managers who oversee the pooled funds and other client portfolios.

“If the manager has bought or sold a particular security, our advisors could talk directly to the manager about the reasons behind the change,” Parmar says. “There’s open communication, both in terms of ad hoc inquiries and regular daily conference calls, so that our advisors are able to provide detailed information to clients. The close relationship between our advisors and the asset management team is a hallmark of our business, and one of our competitive advantages.”

RBC PH&N’s clients have access to a broad selection of pooled funds offering exposure to Canadian and international equities and fixed-income. They also have a choice of products that are hedged against currency risk and those that invest with socially responsible investment criteria. The SRI funds are run in collaboration with Toronto-based research firm Jantzi Research Inc.

Clients’ portfolios can be customized, and clients can choose a segregated account if the pools do not suit them. For example, a client might want to avoid particular stocks if he or she already has a heavy sector exposure through an employee stock purchase plan. Overall, Parma says, the RBC PH&N approach tends to be risk-averse and conservative, with overall emphasis on fixed-income holdings and, on the equities side, a focus on blue-chip stocks.

“The past 12 to 18 months have been a wake-up call,” Parmar says. “Equities are not always on an upward trend. They will outperform in the long run, but there will be hiccups. Our job is to help clients withstand and weather the storms.”

Parmar is excited about the growth potential of the private-client business; a growing number of people are graduating from traditional retail fund products to more sophisticated wealth-management solutions.

“Clients are looking for guidance,” he says. “You can put a product in front of a client, but if there’s no guidance on how it fits, you’re not helping the client. That’s why investment counselling has a bright future. We analyze client needs, we look at their risk profile and we properly implement a diversified asset mix that suits the individual’s situation. We never forget that people are trusting us with their life’s earnings.”

Parmar will be spending his first year on the job in his hometown of Vancouver, but after that, he will be making the move to Toronto with his wife and nine-year-old son.

In his spare time, Parmar enjoys partaking in his favourite outdoor activities of golf, tennis, running and biking — of which, he says, he is a “jack of all trades and master of none.” IE