“We have a model that Richardson GMP has been built on for the last 10 years, and it has always been focussed on addressing the cost structure of a business, which is that scale is not just the number of bodies,” he said. “We believe that scale is the most assets with the fewest and highest quality, most professional advisors.”
So, how does Marsh react to critics, who see this latest move as simply a shuffle of advisors and a way of weeding out the wheat from the chaff. “What we’ve done is sent a message internally and externally that we’ve got a disciplined business model that we’re not willing to compromise on,” he said.
With the loss of almost two dozen independent firms in Canada over the last two years, what does the future hold for boutique wealth management firms, through Marsh’s eyes?
“(RGMP believes) that Canada needs to have more strong independents, that clients deserve more choice than just dealing with bank firms and the strength of an independent landscape is very important,” said Marsh.
“The beauty of being an independent firm … is that I hope it reminds people of the fantastic cultures that existed at boutique firms … The return of the boutique culture is something that I’d love to see.”
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