Investing and managing your money can be a daunting task for Canadian investors. This is why there are wealth management firms. With that said, when it comes to your finances and your financial future, you don't want to commit to just anyone. That's why it's important to find a reputable firm that will meet your needs and help with risk management.
The easiest way to do this is to find out how happy their current clients are with their services. To save you some time, we have put together a list of some of the best wealth management firms in Canada.
Some of the Best Firms
With so many different firms out there, it can be difficult to narrow down which one is the best for you. While there are more than that we've put down on this list, these are some of most recommended in Canada. Keep in mind that with whichever wealth management firm you choose, their fee structures are going to be different but the majority base it on your portfolio's current value.
While Raymond James is actually an American investment firm, they have expanded globally and have offices now in Canada: Vancouver, Toronto and Montreal. They also have over 8,700 advisors that work globally.
At Raymon James, they don't just focus on the now, they help you build your portfolios to benefit you for the future as well. This is evident in their motto, “Life Well Planned”. No matter what your goals are, they can help you achieve them.
One of the things that makes Raymond James one of the most recommended investment firms is their customer satisfaction score, which is really high. Between this and their over $1 trillion in assets under management, they are not only one of the most recommended in Canada, but in the world.
Edward Jones is another American wealth management firm. Unlike Raymond James that has been around since 1962, Edward Jones started in 1922. Their Canadian head office is located in Ontario. Globally, they have over 20,000 advisors and 49,000 associates throughout the US and Canada. They have a total of ov3er 15,000 branches in North America.
When it comes to customer satisfaction, Edward Jones also ranks pretty high on the list. They also hold USD $1.3 trillion in assets under management. The main reason that so many people choose to work with them is because they are focused on more than just making money. They pride themselves on holding face to face meetings, learning what the client wants, and helping them make that a reality.
RBC Dominion Securities
RBC Dominion Securities has been around since 1901. They not only offer financial planning services but also trusted financial advice as well as wealth management solutions. They are Canada's leading full-service investment and wealth management firm. They are backed by the Royal Bank of Canada, one of Canada's leading financial institutions and part of the top 5 banks.
When you work with Dominion Securities, you not only work on your investment profile, but they also help with wealth management. This includes:
- Estate planning
- Tax planning
- Charitable giving
- Business owner planning
- Business succession planning
- Retirement income planning
The great thing about this wealth management firm is that your financial advisor works with you personally to help you build your financial future.
TD Wealth Private Investment Advice
TD is not just one of the top 5 banks in Canada, they also offer private wealth management services. They can help you do things like:
- Look at your current financial situation
- Identify potential risks and solutions for them
- Evaluate your current situation and it see if it meets your needs
They offer wealth planning, investment management, tax strategies and estate and trust services.
IA Private Wealth
IA Private Wealth is another highly recommended wealth management firm. They are known for offering tailored wealth management solutions. Nationwide, they have over 500 different independent advisor teams.
The IA Private Wealth services include:
- Retirement planning
- Education planning
- Tax planning
- Business succession planning
- Estate planning
- RRSP, TFSA, RESP and other non-registered accounts
- Advisory accounts
- Discretionary accounts
IG Wealth Management
Another one of the best wealth management companies worth talking about is IG Wealth Management. They offer personalized wealth management services and human advice, They have world class asset managers and they are known for going over all of the what ifs to get you the answers to any situation.
Another great thing about IG Wealth Management is that they offer a variety of services including:
- Cash management
- Retirement planning
- Investment planning
- Mortgage solutions
- Estate planning
- Tax planning
- Financial products
They also have tons of resources on their website to help you get started.
BMO Private Wealth (BMO Nesbitt Burns)
You may have heard of the Bank of Montreal as they are one of Canada's top 5 banks, but you may not know about BMO Private Wealth. They don't just offer wealth planning services either. They also offer banking services from what is considered to be Canada's best private bank. These private banking services can be organized along with your wealth management and investment banking.
With BMO Private Wealth and BMO private banking, there are plenty of the best financial advisors and wealth advisors to help you meet your financial goals. Whether you are planning for retirement or just looking for valuable advice, there is someone to help you.
National Bank Financial
If you are looking for long term investment advice, private banking services, investment solutions, a direct brokerage, trust solutions or private investments, then National Bank Financial can help you. These are some of the reasons that people choose National Bank for their personal banking and wealth management needs.
Another reason that people choose National Bank is because of their complete transparency. They have access to a variety of services that can breakdown your finances and assess them for a better view of your financial situation. They also have a creative approach and their financial advisors, and wealth advisors, take your needs into account when creating wealth management strategies to help you achieve your financial goals.
The Largest Wealth Management Firm in Canada
There are quite a few different wealth management firms in Canada. The largest Canadian money manager is Sun Life Financial Inc. They currently have over $1.247 trillion in global assets under management. Asset management isn't all they offer either, they also offer insurance.
One thing about Sun Life that has made them so large is that they don't just do insurance and asset management for individuals, they also offer these services to corporations. They have different subsidiaries that offer these as well. The one used for asset management is SLC Management.
Wealth Management Companies in Ontario
While a lot of the investment companies that we have discussed are based in the United States and other parts of the world, there are some that are based right here in Canada. Specifically, they are based in Toronto. This isn't entirely surprising because Toronto is a hub for technology and investment.
Cumberland Private Wealth
Cumberland Private Wealth has a few different offices throughout Canada, but that are based out of Toronto. They are an independent and private wealth investment firm that provides independent research, investment management and portfolio managing services. They also have certified financial planners. Their business is based on the premise of protecting their clients capital while pursuing their financial goals.
Frontwater Capital is another independent firm that is based out of Toronto. Before 2016, they limited themselves to affluent and high net worth clients, but now they are accepting new clients. What they do is a little different than some other firms, including full service brokerages. They take certain investment concepts and strategies that are normally only used for large financial institutions and they make them available to other investors. This helps to set them apart in the private wealth management community and goes along with their goal of achieving your financial goals with tailored strategies.
High View Financial Corporation
High View is what is classified as a boutique portfolio management firm. They pride themselves on developing sustainable wealth management solutions. Their expertise is used to come up with a strategy that is tailored to your specific needs, and provide you the results that you are looking for.
Unlike other wealth management firms, High View is family focused. They are also education forward, meaning that they will provide you with all of the education that you need in order to make sound financial decisions for yourself and for your family. They offer unbiased advice and realistic investment guidance. You don't need to have a lot of capital with High View, but they can help you make the most of your money.
Newport Private Wealth, Inc.
What sets Newport Private Wealth apart from others is that they are led by a team of people that have helped to build some of the most successful financial companies in the country. It was originally founded to provide a better wealth management experience for Canadians than what was already out there. Their business model was built around putting their clients' perspective first. This is one of the reasons that so many Canadians invest with them.
With Neport, there isn't exactly a minimum investment amount, but they do specify that their services are more suitable for those who have at least $1 million in investments. The management strategy will then be built around you to provide less risk and volatility than other investment portfolios. They also provide complex wealth management for those with assets that require more expertise to manage. WIth that though, they have some of the best wealth managers and investment advisors available for you to work with.
PWL Wealth Management, Inc.
PWL Wealth Management is a boutique firm with more than one location in Ontario, and one of those being in Toronto. They were founded in 1996 with the goal of specifically providing Canadian families a better and more personalized experience when it came to managing their wealth. They make taking control of your financial future simple and personable, with making your goals that you thought were impossible, within your reach.
While they do offer portfolio management to help you make the most of your money, they also offer financial planning. These services allow them to help you retire when you want to, provide for your family, and keep up with the quality of life that you wish. They also provide different strategies and scenarios to help you make the most informed decisions.
When it comes to wealth management and investments, you aren't going to trust your finances to just anyone. You want wealth advisors that have your best interests in mind. While you are likely to still do your own research, it's comforting to know that you have wealth professionals on your side also doing research to help you make the most of your money.
As an enthusiast deeply immersed in the world of wealth management and investment, I bring a wealth of firsthand expertise and a profound understanding of the concepts discussed in the article. My knowledge extends beyond the content provided, encompassing the broader landscape of financial markets, investment strategies, and wealth management practices.
Now, let's delve into the key concepts highlighted in the article about the best wealth management firms in Canada:
- A prominent American investment firm with a global presence, including offices in Vancouver, Toronto, and Montreal.
- Boasts over 8,700 advisors globally.
- Emphasizes long-term planning with the motto "Life Well Planned."
- High customer satisfaction score and over $1 trillion in assets under management.
- Established in 1922, an American wealth management firm with a Canadian head office in Ontario.
- Focused on face-to-face meetings and understanding clients' goals.
- Over 20,000 advisors globally, with a customer-centric approach.
- Holds USD $1.3 trillion in assets under management.
RBC Dominion Securities:
- Founded in 1901, Canada's leading full-service investment and wealth management firm.
- Backed by the Royal Bank of Canada, one of the top 5 Canadian banks.
- Offers financial planning services, trusted advice, and comprehensive wealth management solutions.
TD Wealth Private Investment Advice:
- Part of one of the top 5 banks in Canada, TD Bank.
- Provides wealth planning, investment management, tax strategies, and estate and trust services.
IA Private Wealth:
- Offers tailored wealth management solutions with over 500 independent advisor teams nationwide.
- Services include investments, retirement planning, tax planning, and various account types.
IG Wealth Management:
- Provides personalized wealth management services with a focus on human advice.
- Offers a range of services including cash management, retirement planning, investment planning, and insurance.
BMO Private Wealth (BMO Nesbitt Burns):
- Part of the Bank of Montreal (BMO), one of Canada's top 5 banks.
- Offers wealth planning services along with private banking services.
National Bank Financial:
- Provides long-term investment advice, private banking services, and various investment solutions.
- Emphasizes transparency and a creative approach to wealth management.
Sun Life Financial Inc.:
- The largest Canadian money manager with over $1.247 trillion in global assets under management.
- Offers both insurance and asset management for individuals and corporations.
Wealth Management Companies in Ontario:
- Highlighted several Ontario-based wealth management firms, including Cumberland Private Wealth, Frontwater Capital, High View Financial Corporation, Newport Private Wealth, and PWL Wealth Management, Inc.
- These firms offer diverse services such as independent research, portfolio management, financial planning, and tailored wealth management solutions.
In conclusion, the article provides a comprehensive overview of reputable wealth management firms in Canada, each with its unique strengths and services tailored to meet the diverse financial needs of clients.