WELLINGTON-ALTUS BUYING TRIVEST WEALTH COUNSEL AS CONSOLIDATION IN PRIVATE WEALTH ADVISING RAMPS UP

Aiming to solve pressures of increased regulation combined with growing need for financial counselling

Independent wealth advisory Wellington-Altus is buying TriVest Wealth Counsel Ltd., a Calgary-based investment management firm, with plans to establish a beachhead for consolidation of the market segment in which it operates. Winnipeg-based Wellington-Altus, which has $8.5 billion in assets under administration, has already established itself as a consolidator in a larger segment of the wealth management market overseen by the Investment Industry Regulatory Organization of Canada. This has included picking up teams and their books of business from some of the country’s largest banks. The smaller segment TriVest belongs to — investment counsel portfolio managers, or ICPMs — are provincially regulated by securities commissions.

Click here to read the full article originally featured in the Financial Post on December 11, 2019.