Independent investment dealer joins forces with unified managed account platform, says it puts firm at 'front of the pack'
Canaccord Genuity Group has announced the “game-changing” addition of a leading unified managed account platform to its Canadian wealth management armoury.
The independent brokerage has partnered with Envestnet Inc, which administers about $3 trillion of assets, predominantly in the US. The deal gives Canaccord’s investment advisors and portfolio managers full access to Envestnet’s Enterprise Portal and enables a holistic view of each client’s unique investment picture. It also provides a wide variety of tools designed to help reduce time spent on administrative tasks, increasing their ability to build tailored solutions for clients.
Canaccord believes its advisors will benefit from enhanced account management tools, robust performance reporting and a unified managed account (UMA) structure that provides a consolidated view of multiple discretionary accounts. The firm’s clients, meanwhile, will have access to an intuitive tool designed for better engagement with their advisors.
Stuart Raftus, president of Canaccord Genuity Wealth Management (Canada), told WP the partnership represented a “meaningful” investment for the firm. Talks with prospective firms began last year, with Envestnet soon emerging as the standout candidate.
Implementation is already under way and Raftus said it was vital that the independent remained at the cutting edge of technology to continue attracting the country’s best advisors. He said one national bank in Canada already uses some of the platform’s capabilities, while Envestnet is the provider of choice to 43 of the 50 largest wealth management and brokerage firms in the U.S.
Raftus said: “We’ll be taking on all of the platform's capabilities. This is intended to change the experience for portfolio managers internally in how they're able to execute on their portfolios and how they're able to handle administrative issues for clients.
“From the client point of view, it fundamentally changes the client reporting and through the UMA, it gives a much more consolidated and meaningful monthly or quarterly statement. It’s a game-changer from that perspective and it gives us an edge in a part of the industry that, for the past number of years, has been tough to be out in front. We think this solidly puts us in front of the pack.”
Raftus added that it’s the ideal complement for Canaccord’s bespoke advisory service and positions it at the “intersection of high-tech and high-touch wealth management”.
He said: “We are leveraging best-in-class technology to provide more sophisticated and seamless solutions for our clients. In a fast-evolving industry, we are committed to equipping our advisors with the best tools to drive their business forward and service their clients.”