A 36-year-old practice carries nearly 300 households onto an independent platform
Steward Group Advisory Inc. began operating as an independent portfolio management firm in Cambridge, Ontario, running on the Purpose Advisor Solutions platform.
The joint announcement issued by Steward Group and Purpose Advisor Solutions said the firm is a registered portfolio manager in Ontario that serves entrepreneurs, business owners and families across Southwestern Ontario.
The new firm carries forward the team and client relationships of a wealth management practice that previously operated within a CIRO investment dealer, the announcement said, without naming the dealer.
Steward Group's own website identifies its advisors as operating under iA Private Wealth Inc.
Steward Group serves nearly 300 households and applies no investment minimums, per the company description attached to the release, and has applied for registration in New Brunswick, Nova Scotia and British Columbia.
Megan Rooney, chief executive officer of Steward Group in Cambridge, Ontario, said in the release the firm was built to offer advice "in their best interests."
She said going independent lets the firm sit down with clients, understand what they're trying to build, and put a plan behind it, with more control over how it builds portfolios and serves clients.
Rooney also said in the release that Advisor Solutions provides the infrastructure for the firm's transition to independence, letting her team focus on clients instead of "the mechanics of transactions through multiple departments and systems."
Rob Knight, founder and senior advisor of Steward Group, started the practice more than 36 years ago and built its reputation serving “millionaire-next-door” retail clients, business owners, entrepreneurs, and multi-generational families in rural and suburban Southwestern Ontario.
Knight takes the role of chair of Steward Group Advisory Inc.
Steward Group selected Advisor Solutions to supply the operating platform, taking on the technology and day-to-day infrastructure.
Financial terms of the arrangement were not disclosed.
Jeff Gans, chief customer officer of Purpose Advisor Solutions, said in the same release that Steward Group is the kind of specialized advisory practice the platform is designed to support.
He said Rooney and her team have built a practice with "a planning-first philosophy."
Purpose Advisor Solutions Inc. is a subsidiary of Purpose Unlimited and provides client and practice management technology to independent portfolio management and financial advisory businesses in Canada.
The firm won WealthTech Service Provider of the Year at the Wealth Professional Awards in 2023.
Jeff Gans, then chief executive officer of the firm, told Wealth Professional after the win that the Toronto-based business held about $5bn in assets, 10 large teams on its platform, 175 referring advisors and 70 employees.
