CANFIN FINANCIAL GROUP
Years as a financial advisor: 10
Certifications: CPA, CGA, CFP, RRC
One of the more experienced Young Guns on this year’s list, Joshua Bacchus has a decade in the advisory business to his name. He has observed a great deal of change over that period, not all of it positive. Specifically, he believes the shift toward fee-based practices hasn’t done younger advisors any favours, which is why many struggle to make their mark and choose to leave the profession.
“Prior to the changes with DSCs, an advisor could help a smaller client grow over the years while the advisor grew as well,” he says. “But as DSCs fade away, it makes it tougher for a younger advisor to be successful without having a substantial book of business.”
Unless you have the resources to buy a book of business from another advisor, building a book takes time and a lot of effort, which creates a high barrier of entry for those starting out.
Bacchus has been able to overcome some of these challenges through the dedicated support structure at his firm, which was essential to his early development as a financial planner.
“Canfin Financial Group provided detailed workshops, presentations and one-on-one consulting with experts in the industry,” he says. “That showed me everything I have implemented in my practice today.”
Now Bacchus is the one providing the guidance to young advisors. Working in the advisor care department at Canfin, he trains new advisors on various aspects of financial planning, including taxes, budgeting and investment strategy, either one-on-one or through workshops where he presents to more than 150 advisors at a time.