Cardinal Point will merge with GMG Private Counsel, enhancing services for professional athletes
Cardinal Point Wealth Management, an independent cross-border wealth management firm with offices in the United States and Canada, has announced a forthcoming combination with GMG Private Counsel ULC, a member of the GAVIN Hockey Wealth Specialists group (GAVIN).
Scheduled for around June 1, this merger aims to enhance financial planning, wealth management, investment, and related services for active and retired professional athletes through Cardinal Point.
Additionally, GAVIN Wealth & Wellness ULC (GAVIN Wealth), also under GAVIN, will be renamed Cardinal Point Athlete Advisors as part of this transaction.
Both Cardinal Point’s professional athlete management team and GAVIN Wealth currently provide multifamily office and related services to this specialised clientele.
Stew Gavin, chairperson and co-founder of GAVIN Hockey Wealth Specialists, expressed enthusiasm about the merger, noting, “For more than twenty years, we have been committed to continuously enhancing our customer experience and improving financial outcomes for our clients.
“This transaction will bring more tax expertise and broader investment capabilities to our clients, while deepening our leadership in the hockey market,” he continued.
Grant Skinner of Cardinal Point commented on the evolving and increasingly complex business affairs of professional athletes, both during and post their careers. “I am thrilled that our clients will benefit from the combined experience of our two firms,” he stated.
Founders of each legacy business have been advising active and retired players in the hockey community since the 1990s.
Upon completion of this transaction, Cardinal Point is expected to service approximately 200 active and retired professional hockey players.
Cardinal Point Athlete Advisors' clients will also have access to CARDINAL POINT's portfolio management team, which is anticipated to oversee almost $2.9bn of private client assets post-transaction.
The leadership team for Cardinal Point Athlete Advisors will include Matthew Bacchiochi, currently president and co-founder of GAVIN, as managing director, Chris Slawson, vice president at GAVIN, and Tyler Skinner, director who manages Cardinal Point’s professional athlete management team.
“By combining these two firms, we will possess specialized skills, the proper structure, and systems, and expanded resources to expand and enhance our services to our clients. We have a steadfast focus on developing and nurturing quality relationships and improving the well-being of professional athletes and their families. This union is purposefully designed to help our clients achieve their goals,” stated Bacchiochi.
