2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Milestones
2018
2019
2020
2021
2021
2022
First independent dealer with in-house marketing department
2018
First independent investment dealer to become 100% digital
2019
Added a director of advanced planning to assist advisors with large cases
2020
- Became a level 4 nominee platform
- First independent investment dealer offering liquid alternatives
2021
First independent investment dealer offering liquid alternatives
2021
First independent investment dealer partnering with an international marketing company offering turnkey solutions for advisors
2022
From immigrant to president
Maria Jose Flores is approaching her new position as president of Carte Wealth Management Inc. with the same openness and enthusiasm with which she immigrated to Canada and steadily moved up through Carte, constantly learning over the past 14 years.
“I’ve learned through experience,” she tells Wealth Professional. “If the opportunity is placed in front of me, I’m not going to say no. I’m going to take it and then figure out how it’s going to work. I don’t know if you want to call me a risk-taker. But if you tell me it’s time to jump, I will go without thinking twice and just do it.”
Flores credits her parents with launching her exciting journey. Flores, then 19, was pursuing studies in economics at university in Ecuador when her family emigrated to Canada in 2005. She completed her studies at Ryerson University and Humber College before transitioning into the financial industry as a co-op student at Carte.
She says it’s always important to remain humble, but she’s not afraid to own her accomplishments or point out that she’s always been willing to open the door when opportunity knocks. This time, she believes she’s the best person for the president’s role because “I have a good foundation as far as knowing the inside and out of the company.”
“I have the best interest at heart to make this company a success. It’s already a success and the fact that we’re being recognized by the industry means a lot to us,” says Flores. “But those are recognitions. We’re talking about growing the company, transactionally, and I think I have the respect of my colleagues and co-workers to be able to carry on this responsibility. I have also earned the trust of Kirk Purai, the founder of Carte, to do so.
“So I’m able to carry on with the same mentality as Kirk. A lot of decisions are made by the two of us in conjunction with the management team. We have built this trust, and I think 14 years is a good blend of time getting to know each other and it has made us very close. We can disagree, but at the same time, we can remain respectful.”
Flores garnered that trust as she first moved from being Carte’s co-op student to becoming one of its advisors. She remembers staying late to do paperwork, then having her branch manager reject it because she missed a box, which helped her understand advisors’ experience.
“I put my hands in a lot of things in the firm. I work with accounting. I work with new business. I work all the way to recruiting, so I know a little bit of what this firm entails,” says Flores. She also notes that accepting both the risks and rewards of embracing new opportunities has helped her gain the trust and confidence of Carte’s owner, as well as several recognitions, such as being named Wealth Professional’s Rising Star in 2020, winning the WP 5-Star Leading Women in Wealth Award in 2021, and being a finalist for the Insurance Business Canada Women of Distinction award in 2021. She also participates in several industry associations.
Flores wants not only to keep encouraging advisors, but also to grow Carte’s 200-member advisor network. In fact, it hopes to grow its total business – both the insurance and mutual fund sides – to $50 billion from $2 billion in assets under management within five years. The company is open to either becoming or acquiring an IIROC firm, so that Carte, a licensed dealer that now offers mutual funds and ETFs, can ultimately offer advisors everything they need, including stocks and bonds.
But that’s going to be another learning journey for Flores as she continues to open doors.
“When we do our search about whether we merge with an IIROC firm, we have to make sure we have the right mindset – that culturally we’re not going to have aspects affected that we have built over so many years,” she says. “But we’re open to talking to firms not just in Ontario, but in provinces like British Columbia or Alberta, that can be potentially ideal for us.”
Flores may now have Carte’s top job, but she’s not done embracing opportunities.
“All these accomplishments come after hard work and dedication, and always keeping in mind what is important – which, for us, is to continue serving our advisors, and keeping our employees happy,” says Flores. “it’s going to be a great honor to carry on in this new role.”
Spotlight
“All that experience made me understand that being an advisor is not an easy job,” she says. “You have to be very patient. You have to be flexible with your time in order to be a good advisor and someone who clients can trust. And that made me understand that sometimes we don’t have to be so harsh with advisors when we’re reviewing paperwork.”
Flores then became manager, learned to supervise, and continued to move up the corporate ladder to become Carte’s chief compliance officer, from which position she’s moved on to become president.
“A lot of people tell me, ‘You’re not the typical compliance officer. You use your mind to help advisors market themselves and put them in a situation where they can provide advice to their clients,” she says. “When I hear that feedback, it makes me feel good because I think I’m doing a little to change the perspective of how a compliance officer is perceived.”
Carte Wealth Management Inc. is an independent mutual fund dealer across Canada. Carte Risk Management Inc. is an insurance managing general agency. Carte supports its advisors to be 100% independent and to do business your way. Through key partnerships and its in-house team of experts, Carte delivers state-of-the-art technology and turnkey marketing solutions. With access to top independent money managers and an easy-to-work with compliance team, our advisors can reduce their administration time and costs, and focus on human-to-human conversations. Carte believes in delivering the ultimate advisor experience though support, freedom of product choice, and the backing of Carte’s values of care, trust, and integrity.
Company Profile
$50 billion AUM
Carte's growth target for next five years
3
Consecutive years as #1 independent investment dealer in IE’s Dealer Report
2
Number of IBC distinctions Carte has recently won
13
Number of Canadian provinces and territories in which Carte is registered
63,514,128
NUMBER OF ORDERS PROCESSED IN 2019
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
years in the industry
14
favourite quote
“Tell me and I forget. Teach me and I remember. Involve me and I learn”
Maria Jose Flores’ Carte journey
• Co-op student
• Advisor
• Branch manager
• Chief compliance officer
• President
Maria Jose Flores
President and CCO at Carte Wealth Management Inc.
Hard work and dedication have served her well as she’s transitioned from Ecuador to Canada and co-op student to president
Read on
“All these accomplishments come after hard work and dedication, and always having in mind what is important. It’s going to be a great honor to carry on in this new role”
Maria Jose Flores,
Carte Wealth Management Inc.
“I’ve learned through experience. If the opportunity is placed in front of me … I’m going to take it and then figure out how it’s going to work”
Maria Jose Flores,
Carte Wealth Management Inc.
Share
2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Milestones
2011
2012
2015
2016
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
From immigrant to president
Karen Adams has had a remarkable journey to her current role as CEO of Fundserv. Originally from Toronto, Adams earned a bachelor’s degree in mathematics and economics at Queens University, followed by an MBA in international finance at the University of British Columbia. After graduating, she set off across the globe, holding various positions with HSBC that took her to London, Dubai, Hong Kong, Beijing, Shanghai, Seoul and Mumbai.
That global experience gave Adams a unique perspective, prompting her to develop a leadership style that’s based on developing relationships with each individual, listening and understanding to help them reach their potential. That approach goes well beyond her own team, allowing Fundserv to succeed in creating solutions for its members.
“Having worked in many different countries, people ask if I am an expert in multicultural leadership,” Adams says. “I always say there is no such thing because that assumes you manage people based on their background. I have learned that people all want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada learned that people all
“I have the best interest at heart to make this company a success. It’s already a success and the fact that we’re being recognized by the industry means a lot to us,” says Flores. “But those are recognitions. We’re talking about growing the company, transactionally, and I think I have the respect of my colleagues and co-workers to be able to carry on this responsibility. I have also earned the trust of Kirk Purai, the founder of Carte, to do so.
“So I’m able to carry on with the same mentality as Kirk. A lot of decisions are made by the two of us in conjunction with the management team. We have built this trust, and I think 14 years is a good blend of time getting to know each other and it has made us very close. We can disagree, but at the same time, we can remain respectful.”
Flores garnered that trust as she first moved from being Carte’s co-op student to becoming one of its advisors. She remembers staying late to do paperwork, then having her branch manager reject it because she missed a box, which helped her understand advisors’ experience.
“All that experience made me understand that being an advisor is not an easy job,” she says. “You have to be very patient. You have to be flexible with your time in order to be a good advisor and someone who clients can trust. And that made me understand that sometimes we don’t have to be so harsh with advisors when we’re reviewing paperwork.”
From those forums, a common theme arose that has plagued the industry for years: the amount of paper required in transactions.
“We have a motto to ‘axe the fax,’ and we saw this opportunity where members didn’t want their staff going into the office, but there are still physical cheques going back and forth,” Adams explains. “We put in place, in just six months, Ad-Hoc Money Movement [A$M]. We responded to the industry and are in the process of replacing cheques, which I think is awesome. We launched in January and have seen so much volume. We think ultimately we are keeping people healthier by not having to travel into the office.”
While she’s proud of the strides Fundserv made in 2020, Adams acknowledges that it was a challenging time as a leader. Not only did she have to ensure Fundserv kept running efficiently as her team transitioned to working from home, but she was also filled with concern for her team members.
“I just worried about our employees, their mental health and if they would be OK,” Adams says. “I like to see people, so I set up one-on-ones just to connect with them.
Moving forward, Adams says Fundserv’s goals remain aligned with those of its members, and her team will continue listening and understanding what members need so the organization can evolve accordingly. She adds that she wants Fundserv to be so good at providing a secure and reliable service that members forget it’s there – and she wants the company to continue to inspire change in the industry.
“It is sad that it took a pandemic to recog-nize the cheque issue and solve it,” Adams says. “What we will do in the future is root out those things in the industry and not wait for a pandemic to ignite change. There is no reason we can’t change. Change, like auto-mation, will accelerate from now, and we’ll do our part to keep it going.”
Spotlight
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
“All these accomplishments come after hard work and dedication, and always having in mind what is important. It’s going to be a great honor to carry on in this new role”
Maria Jose Flores,
Carte Wealth Management Inc.
“I’ve learned through experience. If the opportunity is placed in front of me … I’m going to take it and then figure out how it’s going to work”
Maria Jose Flores,
Carte Wealth Management Inc.
years in the industry
14
Tenure at current position
2017 - Present
BAsed In
Toronto, Ont.
Maria Jose Flores’ Carte journey
• Co-op student
• Advisor
• Branch manager
• Chief compliance officer
• President
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
Share
Share
2017 Hot List Recipient
2020 Hot List Recipient
2021 CEO of the Year
Accolades
Media
Milestones
2011
2012
2015
2016
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
From immigrant
to president
Karen Adams has had a remarkable journey to her current role as CEO of Fundserv. Originally from Toronto, Adams earned a bachelor’s degree in mathematics and economics at Queens University, followed by an MBA in international finance at the University of British Columbia. After graduating, she set off across the globe, holding various positions with HSBC that took her to London, Dubai, Hong Kong, Beijing, Shanghai, Seoul and Mumbai.
That global experience gave Adams a unique perspective, prompting her to develop a leadership style that’s based on developing relationships with each individual, listening and understanding to help them reach their potential. That approach goes well beyond her own team, allowing Fundserv to succeed in creating solutions for its members.
“Having worked in many different countries, people ask if I am an expert in multicultural leadership,” Adams says. “I always say there is no such thing because that assumes you manage people based on their background. I have learned that people all want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada learned that people all
“I have the best interest at heart to make this company a success. It’s already a success and the fact that we’re being recognized by the industry means a lot to us,” says Flores. “But those are recognitions. We’re talking about growing the company, transactionally, and I think I have the respect of my colleagues and co-workers to be able to carry on this responsibility. I have also earned the trust of Kirk Purai, the founder of Carte, to do so.
“So I’m able to carry on with the same mentality as Kirk. A lot of decisions are made by the two of us in conjunction with the management team. We have built this trust, and I think 14 years is a good blend of time getting to know each other and it has made us very close. We can disagree, but at the same time, we can remain respectful.”
Flores garnered that trust as she first moved from being Carte’s co-op student to becoming one of its advisors. She remembers staying late to do paperwork, then having her branch manager reject it because she missed a box, which helped her understand advisors’ experience.
“All that experience made me understand that being an advisor is not an easy job,” she says. “You have to be very patient. You have to be flexible with your time in order to be a good advisor and someone who clients can trust. And that made me understand that sometimes we don’t have to be so harsh with advisors when we’re reviewing paperwork.”
From those forums, a common theme arose that has plagued the industry for years: the amount of paper required in transactions.
“We have a motto to ‘axe the fax,’ and we saw this opportunity where members didn’t want their staff going into the office, but there are still physical cheques going back and forth,” Adams explains. “We put in place, in just six months, Ad-Hoc Money Movement [A$M]. We responded to the industry and are in the process of replacing cheques, which I think is awesome. We launched in January and have seen so much volume. We think ultimately we are keeping people healthier by not having to travel into the office.”
While she’s proud of the strides Fundserv made in 2020, Adams acknowledges that it was a challenging time as a leader. Not only did she have to ensure Fundserv kept running efficiently as her team transitioned to working from home, but she was also filled with concern for her team members.
“I just worried about our employees, their mental health and if they would be OK,” Adams says. “I like to see people, so I set up one-on-ones just to connect with them.
Moving forward, Adams says Fundserv’s goals remain aligned with those of its members, and her team will continue listening and understanding what members need so the organization can evolve accordingly. She adds that she wants Fundserv to be so good at providing a secure and reliable service that members forget it’s there – and she wants the company to continue to inspire change in the industry.
“It is sad that it took a pandemic to recog-nize the cheque issue and solve it,” Adams says. “What we will do in the future is root out those things in the industry and not wait for a pandemic to ignite change. There is no reason we can’t change. Change, like auto-mation, will accelerate from now, and we’ll do our part to keep it going.”
Spotlight
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
Years of Experience
25
BAsed In
Toronto, Ont.
Fast Facts
Gaining international experience and learning about different people and cultures
Karen Adams
President and CEO at Fundserv
Career highlight
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
“All these accomplishments come after hard work and dedication, and always having in mind what is important. It’s going to be a great honor to carry on in this new role”
Maria Jose Flores,
Carte Wealth Management Inc.
“I’ve learned through experience. If the opportunity is placed in front of me … I’m going to take it and then figure out how it’s going to work”
Maria Jose Flores,
Carte Wealth Management Inc.
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“Tell me and I forget. Teach me and I remember. Involve me and I learn”
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Copyright © 1996-2022 Key Media Pty Ltd
Contact us
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Your Practice
Investments
Resources
Best in Wealth
Subscribe
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About us
Privacy
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People
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Authors
Contact us
External contributors
Copyright © 1996-2022 Key Media Pty Ltd