Wealthy clients are focusing more on health and philanthropy, and are scaling back on luxury purchases, says wealth managers. Check out more coverage and tips from the 2011 Annual Wealth Management Conference in Toronto.
High-net-worth investors have changed priorities after the financial meltdown
“I think karmically,” says Michael Kay, a CFP based in Livingston, New Jersey. “I do pro bono work, referred by friends or members of the clergy, for people who need financial advice but have an inability to pay. We’re in a helping profession and if we can help someone gain stability and financial direction, we will.” Kay does just that, even though his investable asset minimum is $750,000.
A few months ago, two respected money management firms — one bank-owned brokerage and one discretionary investment counsel — made compelling pitches to an ultra-conservative Toronto couple on how they would manage the couple’s $2 million non-registered portfolio.
Sheila Avari, Web Editor – Canadian Capital, will be reporting live from the 2011 Annual Wealth Management Conference in Toronto, Tuesday, May 3 and Wednesday, May 4, 2011. To stay competitive in a rapidly changing and dynamic environment, wealth managers, advisors and their firms must develop skills and solutions to successfully attract and serve clients. […]
A few months ago, two respected money management firms — one bank-owned brokerage and one discretionary investment counsel — made compelling pitches to an ultra-conservative Toronto couple on how they would manage the couple’s $2 million non-registered portfolio.
VenGrowth is still on the market. At a fairness hearing last Friday in Toronto both the court and the Ontario Securities Commission rejected Covington Fund’s bid for the firm, largely due to poor disclosure practices, forcing the boards of both companies to terminate the acquisition agreement. The decision is a boon for David Levi, president […]
Covington Fund’s bid for VenGrowth was center-stage at the firm’s AGM last week, commanding 73% of the “yes” vote. But David Levi, president of competing bidder, GrowthWorks, says he isn’t giving up. “It’s not over yet, by a long shot,” says Levi, who urged shareholders to vote “no” on the Covington deal. “There was an […]
Jack often talks about his stepdaughter. In the Richmond Hill, Ontario, long-term care facility where he lives, residents often chat about their families, but Jack’s repetitive stories focus on his suspicions—he thinks his stepdaughter is slowly withdrawing his money from their joint bank account. Familiar with his accusations, his nurses chalk the tales up to […]
(March 23, 2004) With this year’s federal budget the first one delivered by Ralph Goodale, some nerves were expected from the new finance minister. Few spending initiatives and income tax breaks and a focus on fiscal restraint — especially during an election year — were also expected. No surprises there, according to several financial services […]