AMBITIOUS ADVISORY FIRM IN NEW ACQUISITION

Wellington-Altus is buying Calgary-based TriVest Wealth Counsel Ltd. and making its first foray into the investment counsel portfolio manager (ICPM) side of the Canadian wealth management industry.

Wellington-Altus, an independent advisory firm based in Winnipeg, has been consolidating a segment of the wealth management industry, though largely focused on IIROC businesses. They already hold $8.5 billion AUA and last month acquired Cresco Wealth Management and its $800 million AUM from Scotia Wealth Management. In acquiring TriVest, Wellington-Altus has entered the ICPM space, regulated by provincial securities commissions. It’s a business where PMs are often business owners with their own fiduciary duty to clients.

Click here to read the full article originally featured in Wealth Professional Magazine on December 11, 2019.