Dave Holt and Aaron Migie are bringing a more coordinated approach to complex family finances through their partnership with Q Wealth
This article was produced in partnership with Q Wealth
Dave Holt and Aaron Migie are bringing a more coordinated approach to complex family finances through their partnership with Q Wealth
Dave Holt has always owned and operated his businesses, so it was an adjustment when a couple of corporate transitions at his previous firm left him in a position where he wasn’t feeling “entirely in control.” The ability to shape the client experience is, he says, “very important for me.”
Holt wanted the independence to make decisions for his clients, backed by the resources of a larger firm.
That search led Holt and fellow adviser Aaron Migie to Q Wealth Partners, where their Manitoba-based practice, Aleris Private Wealth, would become part of an adviser-owned partnership. The structure offered them a voice in the firm’s direction, access to broader investment capabilities and the operational support to devote more attention to their clients.
Q Wealth’s governance model gives participating advisers a say in the platform they’re building, while its portfolio management capabilities support the sophisticated, tax-aware planning that Migie and Holt believe is often missing for affluent families.
The ownership advantage
“When you own a business, you spend a lot of time with HR, operations, technology, a lot of things that aren’t client-facing,” Holt says.
Q Wealth offered an opportunity to change how those responsibilities were divided. The partnership provides operational and compliance support, allowing the Aleris team to dedicate more time to client relationships while maintaining its independent advisory approach.
Traditional corporate wealth management organizations, Holt argues, often have layers of management whose priorities are different from those of advisers.
“There’s a shared alignment because Q Wealth is really an entity that operates based on the requirements of its ownership, which are the financial advisor partners,” Holt explains.
Holt and Migie met other advisers within Q Wealth, comparing how they ran their practices and approached client relationships. The conversations offered reassurance that the partnership was being built around advisers with similar priorities, rather than simply bringing together firms looking for a financial transaction.
“This is the best arrangement I’ve seen in the Canadian market,” Migie says.
The gaps wealth can conceal
The move also reflects an opportunity Migie sees among affluent families in Manitoba. Many arrive at Aleris with accountants, lawyers and investment advisers already in place, sometimes with years of professional relationships behind them.
Our clients often have great professionals in their corner, from accountants to lawyers and other specialists,” he says. “When that advice is coordinated around a clear, long-term plan, each piece supports the others, and clients gain real confidence about where they’re headed.
One recurring weakness is the attention paid to longer-term tax consequences. A client may have ample guidance on current obligations but considerably less on future estate structures planning considerations or opportunities for tax-efficient investment placement across different accounts.
“Most of our clients have accountants who are focused on reducing their current taxes,” Migie says. “Our long-term planning complements that advice, so together we’re addressing both today’s tax bill and the client’s future tax and estate picture.”
While tax-aware investing has attracted more attention, Holt believes its importance remains underappreciated relative to the resources devoted to forecasting markets.
“I think it’s amazing that in this day and age, with the amount of tax that we pay in this country, that it’s still not prominent in the zeitgeist of financial advising,” he says.
The appeal of focusing on after-tax outcomes is partly practical. Advisers have limited control over market performance, but tax rules provide a more concrete basis for assessing the consequences of investment decisions.
“We can’t control the markets because we can’t predict the future, but we can take a more informed approach to understanding what your outcomes will be after tax,” Holt says.
Migie believes Q Wealth’s combination of portfolio management and customized planning gives Aleris greater scope to address these concerns, particularly for business owners and families managing wealth across generations.
Making room for more personal advice
Understanding a client’s circumstances involves conversations that aren’t necessarily about money. Holt often asks, “What’s bothering you right now?”
The answer might involve succession planning for a family business or concerns about children. Some matters have little direct connection to investments, but Holt considers them part of the advisory relationship.
Having Q Wealth manage more of the business infrastructure should give him greater capacity for those conversations as Aleris grows.
Migie sees opportunities to expand the practice among multigenerational families seeking portfolios tailored to their circumstances and closer coordination across their financial affairs.
“I think we’re really well set up to service multiple-generation families that have complexity,” he says.
Quintessence Wealth (Q Wealth) is a partnership that is registered as a portfolio manager, exempt market dealer and investment fund manager. The portfolio manager registration allows Q Wealth to provide investment advice to its clients. The exempt market dealer registration allows Q Wealth to engage in trading activity. These services are provided by Q Wealth through registered advising representatives and dealing representatives, respectively.
Q Wealth is a partnership that is owned by its partners, including Aleris Private Wealth. As a client of Q Wealth, you may receive services from both Q Wealth and Aleris Private Wealth. Note that individuals from Aleris Private Wealth will only provide investment advice and trading advice if they are registered as advising representatives and dealing representatives of Q Wealth, and in providing such services, they will be doing so on behalf of Q Wealth only. Aleris Private Wealth may however provide wealth management services such as financial planning, estate and retirement planning, insurance, group benefits and others.
Q Wealth Partners is a registered trade name of Quintessence Wealth, is a registered as a Portfolio Manager in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan and Yukon, an Investment Fund Manager in Newfoundland and Labrador, Ontario, and Quebec, an Exempt Market Dealer in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec, and Saskatchewan, and a Commodity Trading Manager in Ontario. The Ontario Securities Commission (OSC) is the principal regulator for Quintessence Wealth. Please visit www.qwealth.com for more information.
