Laurie Bonten of Wellington-Altus Private Wealth is part of this year's Wealth Professional Canada's Hall of Fame
Founder and senior vice-president
Wellington-Altus Private Wealth
Years as an advisor: 31
In more than three decades in the investment industry, Laurie Bonten has risen from the position of office clerk to co-founding her own firm, Wellington-Altus Private Wealth. “I started at Midland Doherty in November 1982 as an office clerk who basically did everything from being a wire operator to answering phones, cheques and deposits, deliveries – back in that time we delivered actual certificates to institutions – and helping the brokers with various duties,” Bonten recalls.
It proved to be a valuable learning experience; in 1986, Bonten became a broker at Merrill Lynch Canada. She then spent more than a decade with BMO Nesbitt Burns as an advisor before arriving at asset manager Wellington West in 2003 under the guidance of her investment mentor, Charlie Spiring. Wellington was subsequently acquired by National Bank Financial, where Bonten spent five years before returning to her roots, co-founding Wellington-Altus Private Wealth with Spiring last year.
Today, Bonten is the one doing the mentoring, in what is an increasingly challenging environment for young advisors. “When I started, it was a simple process to set someone up to start investing,” she says. “We basically bought stocks and bonds and didn’t do much else. I think all the change has been for the better, and most of the paperwork is due to heavier compliance, which I think has been the best thing for both the advisors and the clients. I have seen a few bad seeds, and it breaks my heart when clients have been taken advantage of.”
Increased regulatory pressure isn’t welcomed by most in the industry, but Bonten sees it as a necessary evil. The advisor-client relationship is built on trust, so efforts to stamp out unethical behaviour should be paramount, she says.
Another development that gives her cause for concern is the influence of the Big Six banks. “I think the biggest challenge is that the banks don’t want independent advisors and would rather manage all their clients’ money,” she says. “At a branch level, the expertise is fairly low – clients deserve more advice than they are getting. It is a complex investment world, so I know that clients need actual advisors versus robo-advisors or bank employees.”
Wellington-Altus Private Wealth
Years as an advisor: 31
In more than three decades in the investment industry, Laurie Bonten has risen from the position of office clerk to co-founding her own firm, Wellington-Altus Private Wealth. “I started at Midland Doherty in November 1982 as an office clerk who basically did everything from being a wire operator to answering phones, cheques and deposits, deliveries – back in that time we delivered actual certificates to institutions – and helping the brokers with various duties,” Bonten recalls.
It proved to be a valuable learning experience; in 1986, Bonten became a broker at Merrill Lynch Canada. She then spent more than a decade with BMO Nesbitt Burns as an advisor before arriving at asset manager Wellington West in 2003 under the guidance of her investment mentor, Charlie Spiring. Wellington was subsequently acquired by National Bank Financial, where Bonten spent five years before returning to her roots, co-founding Wellington-Altus Private Wealth with Spiring last year.
Today, Bonten is the one doing the mentoring, in what is an increasingly challenging environment for young advisors. “When I started, it was a simple process to set someone up to start investing,” she says. “We basically bought stocks and bonds and didn’t do much else. I think all the change has been for the better, and most of the paperwork is due to heavier compliance, which I think has been the best thing for both the advisors and the clients. I have seen a few bad seeds, and it breaks my heart when clients have been taken advantage of.”
Increased regulatory pressure isn’t welcomed by most in the industry, but Bonten sees it as a necessary evil. The advisor-client relationship is built on trust, so efforts to stamp out unethical behaviour should be paramount, she says.
Another development that gives her cause for concern is the influence of the Big Six banks. “I think the biggest challenge is that the banks don’t want independent advisors and would rather manage all their clients’ money,” she says. “At a branch level, the expertise is fairly low – clients deserve more advice than they are getting. It is a complex investment world, so I know that clients need actual advisors versus robo-advisors or bank employees.”
