As the Canadian financial landscape undergoes significant changes, wealth advisors are searching for new ways to transform their businesses and stay ahead of their clients’ needs. Three experts discuss how National Bank Financial Wealth Management (NBFWM) provides a supportive environment where they can thrive, and a culture that values entrepreneurship, innovation, and client-centricity.

The experts

• Faizan Dhanani, Vice-president and Regional Manager, NBFWM
• Angela Hamilton, Wealth Advisor, NBFWM
• Mark Dumanowski, Senior Wealth Advisor and Portfolio Manager, NBFWM
  

Q. What is your vision for the future of wealth management over the next five years?

Mark Dumanowski: Our role as wealth advisors is becoming more dynamic and multifaceted, requiring a responsibility greater than just managing our clients’ money.

Faizan Dhanani: Traditionally seen as portfolio managers, wealth advisors are evolving into wealth coaches.

MD: We often become part of our clients’ families — and included in the important milestones of their lives. This level of trust allows us to build an open dialogue that lets them express their needs or concerns.

FD: As we’re on the eve of the greatest generational transfer, wealth advisors will certainly have a deeper role to play in family dynamics, especially as we see more blended families requiring complex wealth and estate management.

AI is also going to have a big impact on our business. Firms that embrace technology and provide robust support structures for their advisors will be best positioned to meet clients’ needs. Time is the single most important factor for advisor teams. The less time spent in managing administration, the more time advisors can reallocate directly toward their clients.

Finally, advisors have built businesses over many decades and want to be careful in how they transition those businesses. They want to ensure the trust built with clients is seamlessly passed on to the next generation.

“Our role as wealth advisors is becoming more dynamic and multifaceted, requiring a responsibility greater than just managing our clients’ money”.

Q. What is essential to stay ahead in this rapidly evolving context?

MD: Strong, diverse teams are essential for the growth and sustainability of the wealth management industry. We must surround ourselves with experts outside of our field to offer clients a more holistic, family-type approach.

Angela Hamilton: This is where NBFWM offers a competitive advantage. We’re supported by a big bank and can count on the expertise of various professionals, such as notaries, lawyers, or accountants.

MD: We’re seeing more clients wanting to educate their children and include them in the wealth management conversation. The best way we can do this is by connecting them with someone who’s closer to their age. This is something that’s close to my heart; one of my sons recently joined our team, and my daughter is in the process of joining us. Having younger wealth advisors join your team helps diversify perspectives and enriches your ways of doing business.

Q. What innovative project have you implemented with the support of NBFWM to better meet clients’ needs?

AH: Women represent 50% of the population. Yet, in 2014, we were amongst the first to include women in wealth conversations.

That came from a personal experience: meeting women on the golf course and understanding their concerns. We had the idea to speak to women about finances through seminars. At that time, we were breaking a taboo and working to simplify the use of financial jargon so they could be included. Knowledge is power, and it brings freedom and peace of mind.

And it’s something NBFWM understood early on. They’ve been a committed leader in the space for women investors. They’re actively encouraging women to join the industry through a Women Mentorship program and celebrating wealth advisors with their annual Women’s Symposium.

Q. What attracted you to join NBFWM?

MD: A few years ago, we were looking for a change. When you know how you want to run your business, it can be irritating to be unaligned with management. So, we started looking at different financial institutions, and, NBFWM, looking to expand its presence in the West, was on our radar. We felt an immediate connection. We understood that partnering with NBFWM would empower us to make our own choices and we’d benefit from their support so we could help our clients.

Q. What resources at NBFWM assist you to evolve your business?

AH: We’re backed by strong technology, expert teams, and a culture that values our entrepreneurial spirit. We have the privilege to work closely with our leadership team —  and Senior Vice-president and National Manager for Ontario, Jennifer Plenert — which is unparalleled. We’re surrounded by genuine care and collaboration. Having this type of support is key in expanding our businesses.

Q. What advice would you give to advisors considering a change?

FD: If there’s one thing to remember, it’s that your voice matters here. And I don’t just mean “we hear you”; we’re actively listening. That’s reflected through the different councils we’ve put in place to continuously improve our ways of doing business.

If you want to have a relationship with your clients, you’ll have the systems in place to do so. You’ll be encouraged and supported to make impactful decisions with the potential to change the future of wealth management — and have the strength of the bank behind you. It’s the best of both worlds.

Grow your business nbfwm.ca/career

National Bank Financial – Wealth Management (NBFWM) continues to gain traction among advisors and clients alike. And there are quite a few reasons for this, including support from all levels of leadership and seamless technology. Both make for a better client and advisor experience.

Senior Wealth Advisors and Portfolio Managers Sean Durkin and Amy Dietz-Graham of The Durkin Dietz Group at NBFWM explain why they made the transition two years ago.

Q: What makes NBFWM different from other brokerages?

Sean Durkin: We try to keep our eyes open in terms of what our competitors are doing. We didn’t have a lot of familiarity with NBFWM, so we went through a due diligence process. As we progressed, we came to appreciate the intersection they had between a special client experience and a special advisor experience. Often, you’re focused on only one, and it comes at the expense of the other. But we found NBFWM actually did both very well.

Amy Dietz-Graham: We also found the culture to be collaborative and supportive from all levels. Leadership is very accessible. That’s why there’s that balance between client and advisor experience. They understand what clients are feeling, how they’re using systems, how they’re interacting, and what services they’re looking for, while also following up with advisors to make sure our lives aren’t more complicated. It’s about making things more simplified so we can spend more time working with clients.

SD: The communication is quite frequent as well. It’s not something that happens once a year. The dialogue is ongoing, and it’s a refreshing approach in how to manage a business.

Q: What was the onboarding process like?

ADG: The onboarding team was alongside us every step of the way as we learned new systems or had any questions. We had a dedicated transfer team making sure things were moving at a good pace. We had another team focused on documentation once we submitted information. And we had another team focused on training our associates on the different systems. We were able to lean on the teams to get us through that busy period. Everything was seamless for both the advisory team and our clients.

SD: Often, a transition like this can take the better part of a year. But we were able to do the bulk of it within the span of a few weeks because the technology is leading edge. Q: Can you further detail the technology?

ADG: It’s easy for the advisor to use, and the output for the client is well put together. The financial planning system was built in-house with the client mindset. Clients can easily view and understand reports.

It’s about how they approach the solutions versus just throwing more spreadsheets at us. For example, when KYP evolved, they had a system in place that was user-friendly so we could get that task done in an organized fashion.

And the technology has been a massive time savings for us. For example, at tax time, it would take me evenings and weekends and months to go through tax and organizing things. But I’m now able to do that within a week during regular business hours. And it was user-friendly for our clients to log in and navigate. It reduced the number of times they had to call us because they couldn’t find something or needed to reset passwords.

Q: How has your business changed since joining NBFWM?

ADG: It has allowed us to reengage with our clients in a more meaningful way. Instead of fussing through administrative tasks, we’re spending more time talking to clients — we’re doing Microsoft Team live events; we’ve put podcasts together — especially high-net-worth individuals, they’re busy in their day-to-day lives, so we want to be available in whatever way it makes sense for them to communicate with us.

SD: Over the years we have been able to expand our practice in a predictable and consistent manner. Working here, leveraging the technology and support we now have available, we feel our ability to grow can be achieved more effectively and efficiently than ever.

Q: What would you say to other advisors looking for a change?

ADG: Do your due diligence and find the right fit for you. Keep an open mind. We were pleasantly surprised to see the client and advisor experience woven through everything we touch day to day.

SD: It’s rare to find an organization that embraces the entrepreneurial spirit of the advisor and supports you with the strength and ability of a large, Big Six bank. But NBFWM has done exactly that.

Looking for a change? Make the move: nbfwm.ca/career

PAID CONTENT

National Bank Financial – Wealth Management (NBFWM) continues to reach new heights of growth. And one of the keys to its success is that the brokerage offers advisors the best of both worlds — the ability to be an independent entrepreneur, while being backed by a national firm. Edward Svetek, Senior Wealth Advisor & Portfolio Manager at NBFWM, discusses why he made the transition in 2018.

And we made the right choice. The support we received when we transferred made it an easy transition. Obviously, it’s a hard thing to do. But they brought in people from Montreal and Toronto to help us with our paperwork. And management was, and still is, very supportive.

Q. How does NBFWM differ from your previous brokerage?

ES: There’s very consistent management. They care about you growing your business. They want you to be entrepreneurial. They ask how they can help. We even get calls from Jonathan Durocher, the president of NBFWM, to see how we’re doing and if we need anything.

Again, it’s all about the technology here. During COVID, we could work from home. It was easy with the way the technology is set up and the programs they have in place, including Croesus (to manage client portfolios), Advice Suite (to manage financial and estate planning), and CRM (to keep organized). My previous firm didn’t have that technology.

The training department is also very good. They help you build your team and enhance your ability to use the technology better to run your business. And the estate planning department is top-notch for clients. They spend a lot of quality time with our clients and the output is very helpful.

Q. How has your business grown since joining NBFWM?

ES: We’ve increased our business 10% to 15% each year since we moved. And that’s even during COVID. It’s because we’re able to offer a full financial plan to clients. We look at all their money and goals and give them a road map to follow to achieve what they want. We’ve also built relationships with the bank, including various branches, and the commercial side of the business to get new clients.

Q. How does NBFWM provide the best of both worlds, in that you can be an entrepreneur that’s backed by a national company?

ES: There are five people on my team, including my partner, Mitch Robinson, and me. And while we have access to upper management to answer any questions or guide us, they let you run your business. We have different people we can turn to in the company to help us in portfolio management, on the trading side, on the bond side, or even for structured notes, for instance. We can pick up the phone and call them. But they let you be an entrepreneur and grow your own business.

And there’s no selling of proprietary products, which is the biggest thing that’s important to me. I don’t have to buy National Bank products for my clients just because I’m an NBFWM advisor. This gives me the ability to build my practice the way I see fit for my clients.

Q. How have your clients reacted to the transition? 

ES: It was seamless for them. And we continue to get a lot of referrals from our clients because of the job we do for them, and how we take care of them. We have a lot of multigenerational families whose investments we manage, and then we get referrals for their friends, too.

Q. What would you say to advisors looking for a change? 

ES: Everybody who wants a change should definitely look at National Bank Financial – Wealth Management because it’s a premium brokerage that allows you to be an entrepreneur. They’ll let you independently run your business but help you when you need it.

Looking for a change?  Make the move: nbfwm.ca/career

With an incredible support system, National Bank Financial – Wealth Management (NBFWM) is the kind of firm that helps advisors through all aspects of their careers. As a wealth advisor and portfolio manager, Rana Lee of Ternion Wealth Management, at NBFWM, was looking for a brokerage that shared her vision, and would help her attain her career goals without sacrificing her time with family. She explains why she made the transition to NBFWM in 2019.

Q: Why did you decide NBFWM was the perfect fit?

Rana Lee: NBFWM provided the support we were looking for in our succession planning. The management team showed confidence and embraced our plans. It came down to the way they thought about the future and possibilities, and their views were very progressive.

When I look back three years ago, the change has been dramatic. Now, I’m the lead advisor and I’ve taken on a full book of clients. I run the entire business solely on my own—of course, with the support of my associate.

Q. What was your onboarding experience like?

RL: The idea of transitioning an entire book of clients is daunting. But NBFWM provided the necessary resources and staff that were entirely dedicated to just us. They worked hand in hand with us for a year, night and day for the first couple of months and until every last account transferred over. Then, that same onboarding team continued to support us as long as we needed. They streamlined the process, and tried to make it simple and efficient.

Q. How does NBFWM differ from where you worked before? 

RL: The culture is a standout. Everyone is vibrant, passionate, and open, and looking for ways to connect with one another. The corporate structure is flat. You feel like there’s no hierarchy. You could approach upper management and receive the same level of support and genuine interest. They’ll make time to listen to you. They’ll reach out to you. They’ll check in on you. And they’ll say, “If you’re not finding the support you’re looking for from me, everyone is accessible to you.”

Another big difference is technology. All the advisors and associates are set up to be mobile and work remotely from the get-go. At my other firm, it was quite a process to get remote access, and it was only available to advisors. So NBFWM was ahead in their technology. When COVID hit, it was instantaneous. We were able to adjust seamlessly.

We also have a best practices team that connects with you to help find efficiencies. We have a dedicated marketing department that assisted me with my branding and marketing ideas. They are a great support to have, especially as I took over the business and looked to develop my own identity.  

Q: Why the name Ternion Wealth Management? 

RL: I wanted to establish a brand that captured what our business is about. The definition of ternion is a set or group of three, which is represented by the three pillars of our wealth management business. Our first pillar is discretionary portfolio management. We manage Canadian portfolios, a U.S. international portfolio, and a Canadian fixed income portfolio. Our second pillar is wealth planning, where we do a deep discovery and lay out a financial road map through a plan, considering some risk management, tax efficiencies, and estate planning. Our third pillar—the most important—is trusted relationships, which are built through consistency, integrity, and results. 

Q: How would you describe how NBFWM supports female advisors? 

RL: It’s phenomenal. They’ve advocated for me, supported me, and been there for me from day one. Annually, there’s a women’s symposium that’s held by the firm for all the advisors across the country. We come together to share experiences and connect with one another, learn, and network. You feel respected, valued, and important.

Q: What would you say to other advisors looking for a change?

RL: If you’re looking for a chance to be creative and more entrepreneurial, look for a firm that embraces that. We were fortunate to take that leap of faith with NBFWM. The trust and partnership that was built is so rewarding.

And, as women, we want to ensure everything’s taken care of, as we’re stretched in multiple ways. I’ve got a teenager at home, so it was about finding a firm that would support me in all aspects. What I realized through all of this is, we were built for this. It can feel like an overwhelming task to change firms. But once you go for it, everything falls into place and you realize this was the best change for you, your clients, and your business.

Looking for a change? Learn more today at nbfwm.ca/careers.

Learn more about Ternion Wealth Management: https://www.nbfwm.ca/advisor/ternion-wealth-management.html

Q. What spurred you to move your business to NBFWM two years ago?

Greg Stevenson: We shopped around and researched almost every provider on the street. There were two things that made us move to NBFWM: the depth of services available and its less “banky” feel (even though it has the big infrastructure of a bank).

Lori Vooys: Yes, it feels small and intimate even though they are as big as other major bank brokerage arms. It’s the firm’s culture that makes it feel that way, and they have significantly more services available to us to support our clients.

GS: Also, these days, there are concerns about phishing and hacking into people’s accounts. We felt NBFWM provided us with the necessary IT resources that are required.

LV: Because NBFWM was already invested in defending bank accounts and other branches of the bank, we felt the IT spend simply by volume and depth of product would be better for our clients—and provide better security. Knowing that every method possible would be used to protect our clients and provide great cyber security was very important to us.

Q. What was your onboarding experience like, and how did your team adjust?

GS: We had the personal attention from our local staff and the management team. They were personally involved with our transfer and were working sometimes longer hours than we were. Having that emotional support was incredible. I felt they were in it with us.

LV: Our team of six, which includes advisors and support staff, are really, truly stars. They took a big job and wrestled through it. We’re proud of them.

GS: And they now have a defined benefit pension plan, amongst many other employee benefits, which has been really well received by our staff.

LV: That was something they got just because this was where we chose to be. It made them feel very valued.

GS: Finally, there was also some monetary support during the pandemic. NBFWM supplied people’s home offices with additional screens or chairs. It was money gifted to the staff, which is something extra they don’t usually get.

Q. How has your business grown since joining NBFWM?

GS: We’ve had an increase in referrals and, in the past year, our business has grown by a third.

LV: People are comfortable with the size and scale of National Bank. They feel confident being able to refer us now and know that all the aspects of their portfolios and security, and all the support pieces around them, are where they should be.

Q. How does NBFWM support you?

LV: We’ve got a great research department we have access to. We have a really superb estate planning team. We’ve got access to good financial planning tools. We’ve got access to traders whenever we need to call them. Really, anything we can think of, they’ve got a solution for.

And the firm embraces entrepreneurship. The compliance department has been fantastic in supporting us. For instance, if we need to open a trust for a client, rather than putting the client through all the paperwork first, we’ll call the compliance department to ensure the trust can be registered the way the client envisions.

Q. What resources does NBFWM provide that are unique from other brokerages?

LV: Something we didn’t expect to have much need for when we came was the banking aspect. We felt our clients were banking happily wherever they were, and we’d never ask them to move banks. But it has been quite surprising how many clients have called us and said, “Hey, you’re at a bank now. Could we talk to someone about that?” A number of them have actually moved their banking.

GS: From a training perspective, the HR portal guided us through necessary learning. But there are also tons of in-house videos to train us on different aspects of the NBFWM offering. We’ve been using some of them through Yammer (an internal social communication platform).

And through Axonify, NBFWM has adapted a gamified learning tool. I have used it for financial planning education, but numerous topics are included and it’s a great re-source to keep learning.

Q. What would you say to other advisors looking for a change?

GS: Shop around and do your due diligence of all firms. But make sure you check out NBFWM, because after doing all our due diligence, this was the best offering.

LV: Yes, we’re looking forward to a really bright future here. Our staff is happy. We’re happy. It’s fun to come to work.

Looking for a change? Learn more today

National Bank Financial – Wealth Management is one of Canada’s largest securities brokerage firms and a solid financial partner for Canadian families. Our mission is to protect our clients’ wealth from generation to generation. Clients and their families can rely on our experienced wealth management professionals for sound, personalized advice that meets their changing needs and helps them achieve their goals.

Q. Why did you join NBFWM?

John Riedl: It’s not something we did as a knee-jerk reaction. I had talked to several people at National Bank, and others in the industry. I had done thorough due diligence. It was all positive. I was surprised to find the size of the wealth management business so large. I also appreciated the coast-to-coast national strategy.

Q. What makes NBFWM stand out from other brokerages?

J.R.: The culture immediately became very clear to me that it was different. Management is completely accessible, and they clearly love the business as much as I do. I’m able to contact and talk to anybody on the phone, on a regular basis. Everybody is responsive to the needs of the practice and the clients. Despite being a large national firm, it feels more boutique, collegial, collaborative, and like family.

On the technology side, it’s leading edge. We transitioned during COVID, when many advisors were having issues with technology. But for us, once we got to NBFWM everything was working, thanks to well-integrated solutions—from the administrative side to the client side, to the portfolio management side. We saved a lot of time in terms of problem-solving.

And when it comes to research, I used to need to sift through pages of research reports that I would need to validate. But at NBFWM, the research is spectacular. There’s a lot of coverage on Canadian and global companies that I didn’t see at other firms. They’ve got a great website to access research, and it’s well organized.

Q. How are the training programs and the payout grid?

J.R.: The training is fantastic. Basically, you can just log on, schedule one-on-one time to meet with an online trainer and learn the systems at your pace. If you need more help, you just book an extra couple of sessions.

As for pay, we know NBFWM has the best payout in the industry, but it had nothing to do with our decision. I know a lot of advisors spend time looking at that, but we don’t make decisions based on how we get paid. We focus on clients and investment solutions.

Q. What was your onboarding experience like?

J.R.: It took about three months to fully transition our team and NBFWM was there, helping every step of the way. Management, including the president, was accessible the whole time.

I also remember I’d look at something and say, “Oh, that’s not the way I thought it worked,” and have a moment of panic. But there was always somebody there to listen to what I was concerned about.

As for transitioning clients, the most common question they had was getting online access to accounts because they were used to the previous firm. But NBFWM provided sample statements that we could share with clients. They also provided client-friendly tutorials, written information and website links about the firm and its history to send to clients.

Q. How has your business grown and developed since joining NBFWM?

J.R.: We’re getting more referrals than we used to and we’re growing at a faster rate.

The team is happy because we can spend more time talking to existing clients as well. One of the things I said to clients when they came over was, “We made a move because we’re recommitting ourselves to the next decade and a half in the business.” They were enthused because they know we’re not going anywhere. It strengthened our relationships.

I was also surprised how many clients wanted to talk to us about banking. I was initially dealing with those things separately because I didn’t want to commingle them. But some clients wanted products, like secure lines of credit. I was thinking, Oh, there’s no way we’re going to get this solved in the next couple of weeks. But it got solved quickly. People from the banking side of the business stepped in to help us, and even talked to clients.

Q. What would you say to other advisors looking for a change?

J.R.: There’s a belief in this business that you need to join an independent firm to be in an entrepreneurial environment. That’s not true. At NBFWM, you get that smaller, independent, entrepreneurial firm feel. Yet it’s a large Canadian financial institution that makes clients feel secure. All in all, NBFWM is a lead player in the industry, and I’m excited to be part of it. It’s a firm that focuses on its advisors so we can help deliver results for clients.

Looking for a change? Learn more today

National Bank Financial – Wealth Management is one of Canada’s largest securities brokerage firms and a solid financial partner for Canadian families. Our mission is to protect our clients’ wealth from generation to generation. Clients and their families can rely on our experienced wealth management professionals for sound, personalized advice that meets their changing needs and helps them achieve their goals.