With another acquisition under his belt, Richardson GMP CEO Andrew Marsh has shifted focus from acquiring to consolidating and retaining. And, it’s gone better than he expected.
Since RGMP – now one of Canada’s largest independent wealth management firms – acquired Macquarie Private Wealth, Ltd. for $132 million last September, Marsh says his firm has managed to keep on about 95 per cent of the projected staff.
He is ‘pleased’ with the progress.
“The feeling I get is that advisors are either committing to this new company or they’re at least giving it a chance over the next 12 months to prove how good a firm we are,” he told WP in a recent interview. “I will say retention has gone very well and results are better than expected.”
His feelings prevail, even after an announcement in the New Year – alongside independent firm, Dundee Goodman Private Wealth (DGPW) – that 60 advisors would jump ship to the boutique firm, a division of Dundee Securities Ltd. According to Marsh, of these 60 advisors, 100 per cent are from Macquarie, with two or three teams originally belonging to RGMP before it folded into GMP Capital in 2011.
But, why didn’t these 60 advisors make the RGMP grade? Marsh acknowledges their hard work and above-par client relations, but plain and simply explains that they did not meet RGMP's financial requirements. (continued.)