Canaccord lines up more top advisor recruits

Independent reveals four more expected to move over by summer after Scott Starratt and team join from Richardson GMP

Canaccord lines up more top advisor recruits

Canaccord Genuity’s aggressive advisor recruitment programme remains in full swing after the firm lured Scott Starratt and his team from Richardson GMP.

Calgary-based Starratt, who has built his practice around hedge funds and alternative investments, currently manages about $140 million in client assets.

Stuart Raftus, president of Canaccord Genuity Wealth Management (Canada), told WP that Starratt is passionate and an ideal fit for the boutique wealth management firm. The addition continues Canaccord’s momentum of attracting top advisors and Raftus expects four more relatively large teams to also join in the next four months.

He said: “We use the word bespoke and we are very much about helping advisors create customized solutions for their clients. It works for everybody; it works for the advisor, for the client and ultimately for us as an organization.”

Canaccord’s Canadian wealth management arm has about $21 billion in client assets and Raftus believes more and more advisors are open to leaving large firms where there is either real or perceived pressure to sell proprietary products. In that scenario, he also questioned who the client relationship is with? The advisor or institution? It's a situation, he added, that may lead to issues when it comes to monetizing the practice upon retirement.

Starratt follows two big captures for Canaccord in Vancouver - Kathy Sager moved over from CIBC and Jerry Basran switched from RBC – and Raftus is naturally delighted they chose Canaccord as the place to grow their business.

“I think it's the culture of the firm and the willingness to create these customized solutions for clients that's really allowed us to win over the competition,” Raftus said.

“It's not really because of products or services or technologies, all of which are pretty commoditized. At the end of the day, it’s our willingness to really go out of the way to find solutions for what a client really needs. That’s why many of these top advisors are choosing us over the competition.”