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Wealth advisory planner, founder and director
CUP WEALTH MANAGEMENT
Years in the industry:
The way money works has fascinated Nicholas Cup from an early age, so it’s not too surprising that’s how he now makes a living.
Running his own business, Cup Wealth Management, at the ripe old age of 24 points to an individual with a lot of drive – and Cup doesn’t mince words when it comes to some of the problems within his profession.
“Right now, I believe the industry is filled with a lot of snake oil salesmen,” he says. “You can become a fully licensed advisor by not having a criminal record and passing a few multiple-choice tests. Can I become a doctor taking some month-long crash course and passing a few multiple-choice tests? Can I become a lawyer this way? An accountant?”
Strong words, but they’re not the only ones he has for an industry that is struggling to attract younger advisors. “If you look at the stats and [business] failure rates for new advisors, it’s a huge turn-off,” he says. “Do you think a profession with a 90% failure rate looks attractive?”
It’s an unfortunate trend, because as Canada’s wealth makes its way into the hands of millennials, the wealth management business needs to reflect that. Cup is a good example of this, and being able to adapt and move with the times is a central plank of his practice. “I think in the next five to 10 years, traditional broker/dealers will either have to completely change their business models or face extinction,” he says. “I see a huge opportunity for robos to step in and shake things up. I don’t think the robos will revolutionize investment management – I think they will revolutionize the broker/dealer industry.”
Cup welcomes the shift toward robo-advisors; in fact, offering digital platforms is already a key way he differentiates himself from his competitors. “I don’t know what all the fuss is about with robos stealing our jobs – I genuinely think they complement us,” he says.
“In fact, I see them as huge partners and key players to my success in the future.”
Cup Wealth Management
165 Lloyd Manor road Toronto ON M9B 5K4 Canada