Ken Rae of The RaeLipskie Partnership is part of this year's Wealth Professional Canada's Hall of Fame
Chairman and CEO
The RaeLipskie Partnership
Years as an advisor: 54
Among this collection of industry veterans, there are a lot of years of experience. None have had quite the career of Ken Rae, however. The Waterloo-based advisor, now chairman and CEO of the RaeLipskie Partnership, made his start in the business in 1963 as an investment assistant at Canada Permanent Trust Company in Toronto. From there, he joined the Mutual Life Insurance Company as an investment analyst, relocating to Kitchener-Waterloo.
After serving as investment director with Dominion Life Insurance Company, Rae decided to branch out on his own and set up Advantage Investment Counsel in 1985. That enterprise proved to be a success and was acquired by Michael Lee-Chin in 1987.
Rae’s entrepreneurial vigour remained, and in 1988 he founded Kenneth Rae Investment Counsel, which ultimately became Rae and Lipskie Investment Counsel after he forged a partnership with Brian Lipskie. The two men remain at the forefront of the company today, managing approximately $650 million in assets and specializing in investment management for individuals, trusts, estates, foundations and corporations, with offices in both Waterloo and Burlington, Ontario.
A former president of the Portfolio Management Association of Canada [PMAC], Rae is a strong advocate for more regulation of titles in order to ensure greater transparency in the industry. “I think the reputation of financial advisors has been watered down by the admission of a lot of salespeople being allowed to use the titles that are more specific, such as ‘investment counsellor’ and ‘portfolio manager,’” he says.
In Rae’s opinion, professional titles should be specific and founded on high educational standards. “The industry could improve its relevance by requiring more education for people who want to be in the investment business,” he says. “These titles should reflect their specialty. These would replace the broad titles of ‘financial advisor’ or ‘investment advisor.’ These titles are too general, and to me should not be used.”
