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Investment dealers’ recruitment efforts go virtual

Before COVID-19 hit, some of Canada’s largest independent investment dealers had been recruiting financial advisors actively and aggressively. Although the onset of the pandemic has had little impact on the level of this activity, how firms are recruiting advisors – and, in some cases, whom they’re targeting – has been affected significantly.

Traditionally, most firms’ advisor recruitment efforts include an in-person presentation in a boardroom, dinner at a high-end restaurant and a firm handshake to seal the deal. But firms have had to find alternatives with physical distancing in force in varying degrees across the country.

“This [situation] does force us to move left or right and dodge a little bit,” says Charlie Spiring, co-founder, chairman and senior investment advisor at Wellington-Altus Private Wealth Inc. in Winnipeg. However, he adds, “What we’re finding now is that the whole industry is uncovering a lot of firms’ weaknesses … We’ve [already] had two advisors move over to us right in the middle of the storm.”

Click here to read the full story originally published on The Globe and Mail on April 28 2020.

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The information contained herein has been provided for information purposes only. The information does not provide financial, legal, tax or investment advice. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Wealth Inc. (WAPW) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPW assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. WAPW is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

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