Purpose Unlimited Inc. is acquiring Steadyhand Investment Management Ltd. and Steadyhand Investment Funds Inc., the firm said in a release on Monday.<\/p>\n

The transaction, which is subject to regulatory and unitholder approval, will increase Purpose\u2019s total assets to more than $30 billion, the release said, and will combine Steadyhand\u2019s personalized client service with Purpose\u2019s technology platform and wealth management capabilities.<\/p>\n

Steadyhand, which has offices in Vancouver and Toronto and focuses on low-fee mutual funds and outcome-based investing, was founded in 2006 and has more than $1.3 billion in assets across 3,900 investors, the release said.<\/p>\n

Chair and co-founder \u201cTom Bradley and the Steadyhand team share our passion for exceptional client service and goal-based investing, and we\u2019re excited to bring their team on board to accelerate our vision to empower more people to take control of their financial futures and build lasting success,\u201d said Som Seif, CEO and founder of Purpose, in the release.<\/p>\n

The partnership \u201crepresents a significant step forward in our mission to provide Canadians with a better investing outcome and a simpler, more personalized client experience,\u201d the Steadyhand website says<\/a>.<\/p>\n

In a blog pos<\/a>t, Bradley said Purpose shares his firm\u2019s commitment to providing advice to all Canadians.<\/p>\n

\u201cMost other firms are focused on clients with millions of dollars,\u201d Bradley wrote. \u201cPurpose shares our passion for offering Canadians an alternative to traditional bank branches or advisors who may not fully understand their needs and service expectations.\u201d<\/p>\n

Steadyhand also provides clients with continuity in the professionals who serve them, Bradley said in an interview.<\/p>\n

In the blog post, he wrote that Purpose will provide enhanced investment management, including access to retirement products and improved online tools. It will also allow Steadyhand to focus on client service and advice and address the succession challenge that \u201chovers over every small independent firm.\u201d<\/p>\n

“With Purpose we get the technology” to improve client service, Bradley said when interviewed. As far as succession, “I’m going to see through the transition,” he said.<\/p>\n

Client reaction has been bittersweet in some cases. “They’ve come to know our team and how responsive we are,” Bradley said, and clients won’t lose that under the acquisition. Still, some are “sad we’re going to a new era,” he said.<\/p>\n

Jeff Gans, chief client officer with Purpose and president and CEO of Advisor Solutions by Purpose, said the firm expects to onboard all 20 Steadyhand staff. Steadyhand brings \u201can amazing team of talented individuals who really care about helping end consumers achieve their goals,\u201d he said.<\/p>\n

Gans said he sees opportunity to enhance Steadyhand\u2019s client portal and client tools, although Steadyhand clients will see \u201ca very consistent experience,\u201d and Steadyhand\u2019s model portfolios will continue to be \u201cthe core of the value proposition.\u201d<\/p>\n

Gans said wealth-based relationships with \u201cdeep\u201d planning and advisor support will be core to Purpose\u2019s business going forward. This acquisition \u201cbuilds on our thesis and belief that advice-based relationships are essential,\u201d Gans said. \u201cWe\u2019re building out platforms to deliver that advice and those relationships through advisors to end clients.\u201d<\/p>\n

Steadyhand will amalgamate with Purpose Investments, which will manage Steadyhand\u2019s funds and portfolios, the release said, and Steadyhand Investment Funds Inc. will operate as a subsidiary of Purpose.<\/p>\n","protected":false},"excerpt":{"rendered":"

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