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Each week, Investment Executive summarizes notable moves across the financial industry.

  • The BPS Wealth Management team — led by senior wealth advisors and portfolio managers Tom Porteous and Eric Southam, as well as wealth advisor and portfolio manager Jay Fitch — has joined CG Wealth Management in Vancouver. They come from CIBC Wood Gundy and oversee $1.4 billion in client assets for more than 250 families, specializing in high-net-worth individuals, trusts and foundations. The new group comprises eight members, with a mix of wealth associates and assistants working alongside the three leaders. Porteous and Southam have each been in the industry for several decades, while Fitch joined the investment industry in 2007. The advisory team said in an emailed statement that they chose CG Wealth for its “holistic approach to financial planning” and “advanced technology platform,” both of which would allow for personalized, integrated service. Matt Cicci, head of private wealth at the firm, said of the new advisors, “This move highlights the growing momentum at CG,” which is being chosen by “large, sophisticated practices” for its technology plus its culture. The latest news out of Canaccord Genuity Group Inc. was its agreement to buy Brooks Macdonald Asset Management (International) Ltd., adding to its international operations. Results in the latest quarter ended June 30 showed that the firm’s global wealth management operations had record quarterly revenue of $215.9 million (an increase of 13.0% on a year-over-year basis), while total client assets in Canaccord’s global wealth management business grew to $105.8 billion — an 8.8% increase from the same period last year.
  • Senior portfolio managers Omar Shaikh and Don Tsung, along with their associate Maham Tariq, have moved to Raymond James Ltd.’s corporate office in Toronto, coming from Echelon Wealth Partners (also based in Toronto). Shaikh had been with Echelon for nearly 11 years, while Tsung worked at the firm for eight, and they both began their careers with ScotiaMcLeod. Their team works with individuals and families, as well as corporations and professionals.
  • The Gustafson Lienau Advisory Group has joined National Bank Financial Wealth Management in its Calgary office, coming from Richardson Wealth. The team includes: Brad Gustafson, senior wealth advisor and portfolio manager; Cameron Lienau, wealth advisor and associate portfolio manager; Brittlyn Nickel, operations manager; Jeremy Stibbard, senior analyst, wealth management; and Augustine Braima, associate. Gustafson brings more than 25 years of financial planning experience, while Lienau joined the industry in 2017.
  • Ben Troiani, portfolio manager and senior wealth advisor, has brought the Troiani Wealth Management team to Richardson Wealth, working out of Burlington, Ont., from Scotia Wealth Management. The team also includes senior associates Andrée Crocker and Joe Tirone, plus assistant Lisa DiMaria. In an online announcement, Richardson Wealth said it now has 15 teams located in Southwestern Ontario. Troiani has been in the industry for more than 30 years, while his associates have 22 and 17 years of experience, respectively. Their specialty is serving multi-generational families, the firm’s statement said.
  • Edward Jones has opened its first branch office in Fredericton, New Brunswick, led by financial advisor Nadia Barry Fuglstad. She has more than 10 years of experience in the industry, the past two of which were spent with Edward Jones. Barry Fuglstad said in an online announcement that she’s looking to work with “experienced advisors” who are familiar with serving the local community, amid the generational shift that’s seeing advisors aging out of the business. The firm called this new branch its “first woman-led branch” in the area.
  • Michael Nitz has been named regional vice-president of the Thunder Bay Northwest region office with IG Wealth Management, effective on Monday (Sept. 16). He was most recently a district vice-president with Toronto-Dominion Bank, and he’s worked in the industry for two decades.
  • Portfolio manager Adam Rivers has joined Designed Wealth Management, moving from Raymond James Investment Counsel Ltd. He’s worked across multiple firms since 2006.
  • Last week, Kelly Gorman was named the new CEO of the Financial Advisors Association of Canada (Advocis), effective Sept. 23. She’ll take the helm at a critical time in the association’s 118-year history as it works to rebuild its finances following a struggle with liquidity. Gorman will be responsible for strategy and supporting Advocis’ mission to provide education, advocacy and professional development, a release said. Read the full story.

If you know of other people moves in the financial industry and/or would like us to consider your announcement, email Katie Keir at katie@newcom.ca.