“Alternatives are not correlated with traditional stocks and bonds. This is instead about offering diversification and lowering volatility with the trade-off being reduced liquidity and flexibility”
Cynthia Lombardi,
National Bank Financial
“Alternatives are suitable for all portfolios in any market condition. This is a core position built for the long term that reduces much of the sensationalism that comes with public markets and prevents impulse decision-making”
Travis Forman, Harbourfront Wealth Management
“Alternatives, and especially private equity, demand a shift in dynamics that pairs an element of patience with a sense of ownership. Clients should expect to invest like owners and understand who they’re co-investing with”
Frank Laferriere, Mandeville Private Client
“Private securities don’t trade regularly, which means they’re not subject to constant pricing. They tend to correlate more regularly with the underlying asset”
Rod Burylo,
Axcess Capital Investors
In Partnership with
How to succeed with alternatives
At a recent round table hosted by Equiton, a leading private real estate investment firm, industry experts revealed their strategies for leveraging the alternatives space to manage market volatility
Read on
Frank Laferriere
Mandeville Private Client
Cynthia Lombardi
National Bank Financial
Rod Burylo
Axcess Capital Advisors
Travis Forman
Harbourfront Wealth Management
Industry experts
CYCLICAL UPS and downs define the investment sector; however, new opportunities in private and alternative allocations are smoothing out the ride. Lavelle Lindo, VP, national & strategic relationships at Equiton, spoke with a panel of fellow experts about this growing new sector and what advisors, clients, and retail investors need to know.
Institutional investors and pension plans have long been defined by diversification across public and private investments, with upwards of 40 percent of investment portfolios among Canada’s top seven pension plans allocated to alternatives or the private space.
With investor access to non-traditional investments in commodities, precious metals, private equity, venture capital, hedge funds, and real estate opportunities growing, their characteristics and benefits require expertise and discussion.
strategy begins with the understanding that they defy a traditional infrastructure focused on highly liquid marketable securities.
“Investors are often governed by red day, green day outcomes – whether the market is down or up – and they can get very emotional about it. Alternatives, and especially private equity, demand a shift in dynamics that pairs an element of patience with a sense of ownership. Clients should expect to invest like owners and understand who they’re co-investing with. This is something pension plans and family offices have been doing for a long time because it works. They’re achieving success whether markets are up or they’re down.”
Cynthia Lombardi, senior advisor, IA support and client offering, wealth management, National Bank Financial, says the first thing she tells investors wanting to learn more about alternative investments is that they don’t offer hedge-fund-like year-over-year returns.
“Alternatives are not correlated with traditional stocks and bonds. This is instead about offering diversification and lowering volatility, with the trade-off being reduced liquidity and flexibility,” Lombardi explains.
Frank Laferriere, senior vice president and chief operating officer at Mandeville Private Client, Inc., agrees that educating investors about the characteristics that shape this diversification
Rod Burylo, chair of the investment review committee at Axcess Capital Investors, noted industry speaker, and manager of exempt market dealer (EMD) and investment fund manager (IFM) services, says one of the primary advantages of investing in alternatives relative to traditional asset classes is the reduction in volatility. “Private securities don’t trade regularly, which means they’re not subject to constant pricing. They tend to correlate more regularly with the underlying asset,” he says.
Harbourfront Wealth Management portfolio manager and director of private investment strategy Travis Forman adds that investment in alternatives prevents regrettable sell decisions that often accompany highly liquid public securities.
“Alternatives are suitable for all portfolios in any market condition. This is a core position built for the long-term that reduces much of the sensationalism that comes with public markets and prevents impulse decision-making. Private securities don’t have a level of liquidity that allows investors to head to the keyboard and hit sell when they’re emotionally charged, which smooths out the investor experience.”
Forman notes that today’s market is especially favourable for investment in private real estate.
“Private real estate has been a lot smoother than the public real estate experience lately, especially with inflation between six and eight percent,” he says. “When real estate rents rise, and if operators have controlled their stacks correctly, the environment is especially favourable. When you have high valuations and inflation, you’ve got an ideal hedge.”
Governance and regulation
As alternatives grow and evolve, so, too, do the regulations that surround them. According to Lombardi, the single most significant development within the space was the introduction of National Instrument 31–103.
“We’ve seen what I call a professionalization of the sector,” Lombardi explains. “Specific designations, registration categories, and a larger number of better-trained, monitored participants have led to an improved environment for clients. Firms must demonstrate rigorous know-your-product (KYP) processes, and that’s forcing a tightening of the shelf and dedicated due diligence.”
Burylo notes regulation now stretches into the breakdown of allocations. “We’re seeing the securities regulators indicating that 10 percent allocation to a single issue is a good rule of
thumb. We’re also seeing indications that more than 20 percent to 30 percent allocation to a particular family of issuers requires special acknowledgements from the client that they understand they may be exceeding numbers considered prudent.”
Prudence and diversification
“Even our most conservative investor profile can invest up to 20 percent in alternatives,” says Lombardi. “What’s important is how you split it up. We encourage diversification, especially in the OM space, and we do a breakdown based on who the IFM is and the nature of the underlying asset.”
Mandeville takes a slightly different approach.
“We start with the premise that everyone deserves the right to have access to wealth-creating strategies,” says Laferriere. “We’ve built substantial tools that assess a client’s liquidity needs, capacity, and their appetite for risk. This offers a ballpark framework around how much to allocate to privates and alternatives within each category to meet client objectives. Every allocation is custom-tailored to client goals,” he says, noting concentrated portfolios and a fairly condensed list of choices from a top-loaded platform of investment opportunities guide both quality and diversification restraint.
of that, we begin to allocate,” he explains.
Laferriere says the key determinant at Mandeville is whether the institutional investor would align with the offering. “We look at who we are entrusting our clients’ money to. Do these people have skin in the game? Would this be the type of investment the most erudite, successful investor would invest in? If not, it doesn’t make it to the platform.”
“We want to see a good track record,” says Lombardi. “Our retail clients run the gamut – a variety of big and small. We rely a lot on the infrastructure being provided by the IFM, the underlying manager or the subadvisor, and the risk reputation if something doesn’t go well. We’re not interested in a new feeder into a fund that has no institutional ownership or has not been adopted by the likes of a pension fund.”
Recognized platform performance
More and more, allocation to alternatives is becoming a suitable strategy for just about every investor, and it’s an area in which Equiton is a strong performer. With close to $800 million in assets under management, it is committed to helping advisors expand their clients’ wealth through quality private real-estate solutions.
“One of the great things about Equiton is that it’s a fast-growing investment manager with a multi-strategy approach,” says Forman. “We really appreciate the regular
Investment trends, Canada’s pension plans
Equiton is Canadian-owned and -operated since 2015. We invest in residential and commercial properties and have significant and growing assets under management. Our exponential growth is a result of our leadership team’s deep understanding of real estate investing, and their expertise in navigating the industry to generate long-term wealth for our investors. We have the resources and expertise to find the right properties, perform the proper due diligence, and build strong relationships with advisors. We ensure our properties increase in value by actively managing each property. In essence, we know what to buy to generate value for our investors.
Find out more
Frank is the director, senior vice president, and chief operating officer at Mandeville Private Client. Prior to joining Mandeville, he was the chief financial officer, chief operating officer, and board member for Manulife Securities Inc. for over 12 years, including its predecessor companies Berkshire TWC Financial Group. Prior to joining Berkshire, Frank held a number of positions within the Barclays Bank Canadian subsidiaries, where he was first the chief financial officer for BZW Canada Limited, the broker dealer, and was responsible for all financial, regulatory, and operational aspects of the dealership.
director, senior vice president and chief operating officer,
Mandeville Private Client
Frank Laferriere
Cynthia began working at National Bank Financial in 2004. She has been dedicated to the education and adoption of non-traditional assets for retail clients. She is responsible for developing, implementing, and managing a vast platform of wealth management products while maintaining a disciplined approach to market risk and compliance. Cynthia holds a BComm degree from the John Molson School of Business of Concordia University, with a major in finance. She is a CFA® charterholder and a CAIA® charterholder.
senior advisor, IA support and client offering, wealth management, National Bank Financial
Cynthia Lombardi
Ron has worked in financial services for many companies in roles that include CCO, CFO, and director. For over 30 years, Rod has been designing and delivering continuing education as a writer and speaker on the topic of business ethics and professional responsibility for several designation and registration categories, including CPA, CFP, PBA, and IIROC. He is a 2004 Canadian Advisor of the Year Award winner, and author of three books, including The Wealthy Buddhist (2019).
senior advisor, IA support and client offering, wealth management, National Bank Financial
Rod Burylo
In 2016 Travis and his team joined Harbourfront Wealth Management, leaving behind a 17-year career with a competing firm. As director of private investment strategy with Harbourfront, Travis wears two hats. Not only does he run a successful wealth-management practice, but he is also instrumental in architecting and managing the Rockridge Private Debt Pool, Forsyth Private Real Estate Portfolios, and Laurier Private Equity Pool for Willoughby Asset Management; these are Canada’s first retail, multi-provider portfolio solutions focusing on private debt, private real estate, and private equity.
BA, CFP, FMA, CIM, FCSI, portfolio manager, director of private investment strategy, Harbourfront Wealth Management
Travis Forman
“Alternatives are not correlated with traditional stocks and bonds. This is instead about offering diversification and lowering volatility with the trade-off being reduced liquidity and flexibility”
Cynthia Lombardi,
National Bank Financial
“Alternatives are suitable for all portfolios in any market condition. This is a core position built for the long term that reduces much of the sensationalism that comes with public markets and prevents impulse decision-making”
Travis Forman,
Harbourfront Wealth Management
“Alternatives, and especially private equity, demand a shift in dynamics that pairs an element of patience with a sense of ownership. Clients should expect to invest like owners and understand who they’re co-investing with”
Frank Laferriere,
Mandeville Private Client
“Private securities don’t trade regularly, which means they’re not subject to constant pricing. They tend to correlate more regularly with the underlying asset”
Rod Burylo,
Axcess Capital Investors
In Partnership with
How to succeed
with alternatives
At a recent round table hosted by Equiton, a leading private real estate investment firm, industry experts revealed their strategies for leveraging the alternatives space to manage market volatility
Read on
Travis Forman
Harbourfront Wealth Management
Rod Burylo
Axcess Capital Advisors
Cynthia Lombardi
National Bank Financial
Frank Laferriere
Mandeville Private Client
Industry experts
CYCLICAL UPS and downs define the investment sector; however, new opportunities in private and alternative allocations are smoothing out the ride. Lavelle Lindo, VP, national & strategic relationships at Equiton, spoke with a panel of fellow experts about this growing new sector and what advisors, clients, and retail investors need to know.
Institutional investors and pension plans have long been defined by diversification across public and private investments, with upwards of 40 percent of investment portfolios among Canada’s top seven pension plans allocated to alternatives or the private space.
With investor access to non-traditional investments in commodities, precious metals, private equity, venture capital, hedge funds, and real estate opportunities growing, their characteristics and benefits require expertise and discussion.
“Investors are often governed by red day, green day outcomes – whether the market is down or up – and they can get very emotional about it. Alternatives, and especially private equity, demand a shift in dynamics that pairs an element of patience with a sense of ownership. Clients should expect to invest like owners and understand who they’re co-investing with. This is something pension plans and family offices have been doing for a long time because it works. They’re achieving success whether markets are up or they’re down.”
Rod Burylo, chair of the investment review committee at Axcess Capital Investors, noted industry speaker, and manager of exempt market dealer (EMD) and investment fund manager (IFM) services, says one of the primary advantages of investing in alternatives relative to traditional asset classes is the reduction in volatility. “Private securities don’t trade regularly, which means they’re not subject to constant pricing. They tend to correlate more regularly with the underlying asset,” he says.
In January, MPA held a roundtable discussion with four customer-owned banks: Heritage Bank, Beyond Bank, Teachers Mutual Bank Limited and Bank Australia. We were also joined by two brokers who use mutual banks for their clients’ business: Christopher Lee and David Merison.
As brokers such as these struggle with the greater scrutiny that has following the royal commission, customer-owned banks are stepping up to the plate, providing a service that highlights the value of human interaction. With questions around living expenses forcing a heavier workload on brokers, this personal touch can be vital.
During the roundtable, which took place at Otto restaurant in Sydney, the group discussed the unique value proposition that customer-owned banks offer, particularly with the lack of shareholders they have to cater for. While other
“The value proposition that mutual banks provide is getting some more attention,” he said. “We’ve known for a long time that the customer satisfaction that members get through mutual organisations is very high compared to the major banks. I think we’ve struggled to convert that into member growth, but more recently, with it being so front of mind with customers, it’s definitely starting to grow.”
Growth in the sector is giving the mutual banks their “time to shine”, said Beyond Bank head of third party Darren McLeod, adding that they had worked hard over the last two years on selling their proposition.
Referring to the previous year’s roundtable, when the catchphrase of the day was that the customer-owned banking sector was the industry’s “best-kept secret”, McLeod said, “I think that secret is finally getting out.”
“I don’t think we’re doing anything different,” he added. “We’re doing what we’ve always done, but there’s more customer uptake because the market’s in a place where people are now looking, and they’re willing to try it.”
Agreeing that the royal commission had had an effect on consumers heading to the mutual banks, Mark Middleton, head of third party at Teachers Mutual, said there was a growing groundswell. Not only were borrowers looking for alternative options but aggregators were adding more choice to their panels, he said.
Offering a different perspective, Middleton said consumers were becoming more aware of responsible lending and social responsibilities and asking about things like climate change. Teachers Mutual is not only carbon neutral but gives back around 6.8% of its net profits to community grants and other projects.
“It’s particularly topical right now, with the bushfires happening around the country, that people will start looking for who is doing things to make a difference, not just for this generation but future generations,” Middleton said.
“I think we’ve been actually ahead of the curve; no one’s been really aware of it, but the last 12 months it’s become more prevalent.”
Middleton also talked about the wider recognition the sector was receiving, as reflected in its high NPS scores.
“From all the mutuals around the table here, clearly when customers are being recommended by brokers to come to us, they’re voting with their feet,” he said.
McLeod agreed that a lot of the growth was coming out of the third party space.
“We’ve all been working hard in the broker space over the last couple of years as more brokers use customer-owned banks,” he said. “I think the growth is definitely in the broker channel and the work all of us have been doing in the business. The growth we’re talking about is definitely coming from brokers.”
Brokers have also been an important factor for Bank Australia. Senior relationship manager Fernando Lemos said the bank had been bolstering its support around the third party distribution space. He added that it was not only about diversification of products but also diversification of lenders, and this helped brokers cater for a wider client base.
“I think brokers are really starting to become aware of what we’re about and what we stand for,” Lemos said.
“There’s a marketing edge as well: they can go out there and promote themselves. They’re not just a line to a particular organisation; they can look after certain types of clients.”
Agreeing, McLeod added that the extra regulation, such as the caps on interest-only lending, had also had an effect on the sector.
“We all had to slow down for the caps,” he said. “But when it opened up, the brokers who used four lenders were now using a lot more, so it really gave us a chance because we’re in that larger group. So it’s really opened up the market, because it was so confusing in terms of who was doing what – who’s doing construction, who’s doing interest-only, who’s doing investment – so it’s opened up the market and it gives us a shot at getting the business."
One of two brokers joining the roundtable, David Merison from Vault Plus Mortgage and Finance Consultancy said the demographic of people looking to borrow money wanted choice, rather than relying on those who came straight out of the banks and were simply agents for those lender
“We’ve got to hold ourselves open and come up with some innovative solutions, and that means introducing some lenders they wouldn’t always think of,” he said.
Finsure Finance and Insurance broker Christopher Lee said his primary objective was to put the largest amount of money in his client’s pocket rather than the bank’s pocket, and the mutuals offered a cheaper alternative, as well as a more diverse product range.
Not just that but Lee simply enjoys dealing with the mutuals more.
Prudence and diversification
“Even our most conservative investor profile can invest up to 20 percent in alternatives,” says Lombardi. “What’s important is how you split it up. We encourage diversification, especially in the OM space, and we do a breakdown based on who the IFM is and the nature of the underlying asset.”
Mandeville takes a slightly different approach.
“We start with the premise that everyone deserves the right to have access to wealth-creating strategies,” says Laferriere. “We’ve built substantial tools that assess a client’s liquidity needs, capacity, and their appetite for risk. This offers a ballpark framework around how much to allocate to privates and alternatives within each category to meet client objectives. Every allocation is custom-tailored to client goals,” he says, noting concentrated portfolios and a fairly condensed list of choices from a top-loaded platform of investment opportunities guide both quality and diversification restraint.
Equiton is Canadian-owned and -operated since 2015. We invest in residential and commercial properties and have significant and growing assets under management. Our exponential growth is a result of our leadership team’s deep understanding of real estate investing, and their expertise in navigating the industry to generate long-term wealth for our investors. We have the resources and expertise to find the right properties, perform the proper due diligence, and build strong relationships with advisors. We ensure our properties increase in value by actively managing each property. In essence, we know what to buy to generate value for our investors.
Find out more
Frank is the director, senior vice president, and chief operating officer at Mandeville Private Client. Prior to joining Mandeville, he was the chief financial officer, chief operating officer, and board member for Manulife Securities Inc. for over 12 years, including its predecessor companies Berkshire TWC Financial Group. Prior to joining Berkshire, Frank held a number of positions within the Barclays Bank Canadian subsidiaries, where he was first the chief financial officer for BZW Canada Limited, the broker dealer, and was responsible for all financial, regulatory, and operational aspects of the dealership.
senior vice president and chief operating officer, Mandeville Private Client
Frank Laferriere
Cynthia began working at National Bank Financial in 2004. She has been dedicated to the education and adoption of non-traditional assets for retail clients. She is responsible for developing, implementing, and managing a vast platform of wealth management products while maintaining a disciplined approach to market risk and compliance. Cynthia holds a BComm degree from the John Molson School of Business of Concordia University, with a major in finance. She is a CFA® charterholder and a CAIA® charterholder.
senior advisor, IA support and client offering, wealth management, National Bank Financial
Cynthia Lombardi
Ron has worked in financial services for many companies in roles that include CCO, CFO, and director. For over 30 years, Rod has been designing and delivering continuing education as a writer and speaker on the topic of business ethics and professional responsibility for several designation and registration categories, including CPA, CFP, PBA, and IIROC. He is a 2004 Canadian Advisor of the Year Award winner, and author of three books, including The Wealthy Buddhist (2019).
CIM, FCSI, manager of IFM & EMD services, chair of the investment review committee, Axcess Capital Advisors
Rod Burylo
In 2016 Travis and his team joined Harbourfront Wealth Management, leaving behind a 17-year career with a competing firm. As director of private investment strategy with Harbourfront, Travis wears two hats. Not only does he run a successful wealth-management practice, but he is also instrumental in architecting and managing the Rockridge Private Debt Pool, Forsyth Private Real Estate Portfolios, and Laurier Private Equity Pool for Willoughby Asset Management; these are Canada’s first retail, multi-provider portfolio solutions focusing on private debt, private real estate, and private equity.
BA, CFP, FMA, CIM, FCSI, portfolio manager, director of private investment strategy, Harbourfront Wealth Management
Travis Forman
“Alternatives are not correlated with traditional stocks and bonds. This is instead about offering diversification and lowering volatility with the trade-off being reduced liquidity and flexibility”
Cynthia Lombardi, National Bank Financial
“Alternatives are suitable for all portfolios in any market condition. This is a core position built for the long term that reduces much of the sensationalism that comes with public markets and prevents impulse decision-making”
Travis Forman,
Harbourfront Wealth Management
“Alternatives, and especially private equity, demand a shift in dynamics that pairs an element of patience with a sense of ownership. Clients should expect to invest like owners and understand who they’re
co-investing with”
Frank Laferriere,
Mandeville Private Client
“Private securities don’t trade regularly, which means they’re not subject to constant pricing. They tend to correlate more regularly with the underlying asset”
Rod Burylo,
Axcess Capital Investors
In Partnership with
How to succeed with alternatives
At a recent round table hosted by Equiton, a leading private real estate investment firm, industry experts revealed their strategies for leveraging the alternatives space to manage market volatility
Read on
Travis Forman
Harbourfront Wealth Management
Rod Burylo
Axcess Capital Advisors
Cynthia Lombardi
National Bank Financial
Frank Laferriere
Mandeville Private Client
Industry experts
CYCLICAL UPS and downs define the investment sector; however, new opportunities in private and alternative allocations are smoothing out the ride. Lavelle Lindo, VP, national & strategic relationships at Equiton, spoke with a panel of fellow experts about this growing new sector and what advisors, clients, and retail investors need to know.
Institutional investors and pension plans have long been defined by diversification across public and private investments, with upwards of 40 percent of investment portfolios among Canada’s top seven pension plans allocated to alternatives or the private space.
With investor access to non-traditional investments in commodities, precious metals, private equity, venture capital, hedge funds, and real estate opportunities growing, their characteristics and benefits require expertise and discussion.
Cynthia Lombardi, senior advisor, IA support and client offering, wealth management, National Bank Financial, says the first thing she tells investors wanting to learn more about alternative investments is that they don’t offer hedge-fund-like year-over-year returns.
In January, MPA held a roundtable discussion with four customer-owned banks: Heritage Bank, Beyond Bank, Teachers Mutual Bank Limited and Bank Australia. We were also joined by two brokers who use mutual banks for their clients’ business: Christopher Lee and David Merison.
As brokers such as these struggle with the greater scrutiny that has following the royal commission, customer-owned banks are stepping up to the plate, providing a service that highlights the value of human interaction. With questions around living expenses forcing a heavier workload on brokers, this personal touch can be vital.
During the roundtable, which took place at Otto restaurant in Sydney, the group discussed the unique value proposition that customer-owned banks offer, particularly with the lack of shareholders they have to cater for. While other
“The value proposition that mutual banks provide is getting some more attention,” he said. “We’ve known for a long time that the customer satisfaction that members get through mutual organisations is very high compared to the major banks. I think we’ve struggled to convert that into member growth, but more recently, with it being so front of mind with customers, it’s definitely starting to grow.”
Growth in the sector is giving the mutual banks their “time to shine”, said Beyond Bank head of third party Darren McLeod, adding that they had worked hard over the last two years on selling their proposition.
Referring to the previous year’s roundtable, when the catchphrase of the day was that the customer-owned banking sector was the industry’s “best-kept secret”, McLeod said, “I think that secret is finally getting out.”
“I don’t think we’re doing anything different,” he added. “We’re doing what we’ve always done, but there’s more customer uptake because the market’s in a place where people are now looking, and they’re willing to try it.”
Agreeing that the royal commission had had an effect on consumers heading to the mutual banks, Mark Middleton, head of third party at Teachers Mutual, said there was a growing groundswell. Not only were borrowers looking for alternative options but aggregators were adding more choice to their panels, he said.
Offering a different perspective, Middleton said consumers were becoming more aware of responsible lending and social responsibilities and asking about things like climate change. Teachers Mutual is not only carbon neutral but gives back around 6.8% of its net profits to community grants and other projects.
“It’s particularly topical right now, with the bushfires happening around the country, that people will start looking for who is doing things to make a difference, not just for this generation but future generations,” Middleton said.
“I think we’ve been actually ahead of the curve; no one’s been really aware of it, but the last 12 months it’s become more prevalent.”
Middleton also talked about the wider recognition the sector was receiving, as reflected in its high NPS scores.
“From all the mutuals around the table here, clearly when customers are being recommended by brokers to come to us, they’re voting with their feet,” he said.
McLeod agreed that a lot of the growth was coming out of the third party space.
“We’ve all been working hard in the broker space over the last couple of years as more brokers use customer-owned banks,” he said. “I think the growth is definitely in the broker channel and the work all of us have been doing in the business. The growth we’re talking about is definitely coming from brokers.”
Brokers have also been an important factor for Bank Australia. Senior relationship manager Fernando Lemos said the bank had been bolstering its support around the third party distribution space. He added that it was not only about diversification of products but also diversification of lenders, and this helped brokers cater for a wider client base.
“I think brokers are really starting to become aware of what we’re about and what we stand for,” Lemos said.
“There’s a marketing edge as well: they can go out there and promote themselves. They’re not just a line to a particular organisation; they can look after certain types of clients.”
Agreeing, McLeod added that the extra regulation, such as the caps on interest-only lending, had also had an effect on the sector.
“We all had to slow down for the caps,” he said. “But when it opened up, the brokers who used four lenders were now using a lot more, so it really gave us a chance because we’re in that larger group. So it’s really opened up the market, because it was so confusing in terms of who was doing what – who’s doing construction, who’s doing interest-only, who’s doing investment – so it’s opened up the market and it gives us a shot at getting the business."
One of two brokers joining the roundtable, David Merison from Vault Plus Mortgage and Finance Consultancy said the demographic of people looking to borrow money wanted choice, rather than relying on those who came straight out of the banks and were simply agents for those lender
“We’ve got to hold ourselves open and come up with some innovative solutions, and that means introducing some lenders they wouldn’t always think of,” he said.
Finsure Finance and Insurance broker Christopher Lee said his primary objective was to put the largest amount of money in his client’s pocket rather than the bank’s pocket, and the mutuals offered a cheaper alternative, as well as a more diverse product range.
Not just that but Lee simply enjoys dealing with the mutuals more.
“We start with the premise that everyone deserves the right to have access to wealth-creating strategies,” says Laferriere. “We’ve built substantial tools that assess a client’s liquidity needs, capacity, and their appetite for risk. This offers a ballpark framework around how much to allocate to privates and alternatives within each category to meet client objectives. Every allocation is custom-tailored to client goals,” he says, noting concentrated portfolios and a fairly condensed list of choices from a top-loaded platform of investment opportunities guide both quality and diversification restraint.
Panel members agree that regardless of investment philosophy, due diligence that ensures quality and reduces counterparty risk is paramount. Harbourfront Wealth Management, for example, aims for significant diversification within the confines of performance objectives.
“We’ll start with due diligence around talent, tenure, track records, and other KPIs,” says Forman. “But then we’ve also hired a third-party due diligence team that takes a deep dive into everything we do. If we get the green light, then it’s up to the investment fund services team to make sure it matches mandates on liquidity and other factors before going to an investment committee. If the product passes all of that, we begin to allocate,” he explains.
Equiton is Canadian-owned and -operated since 2015. We invest in residential and commercial properties and have significant and growing assets under management. Our exponential growth is a result of our leadership team’s deep understanding of real estate investing, and their expertise in navigating the industry to generate long-term wealth for our investors. We have the resources and expertise to find the right properties, perform the proper due diligence, and build strong relationships with advisors. We ensure our properties increase in value by actively managing each property. In essence, we know what to buy to generate value for our investors.
Find out more
Cynthia began working at National Bank Financial in 2004. She has been dedicated to the education and adoption of non-traditional assets for retail clients. She is responsible for developing, implementing, and managing a vast platform of wealth management products while maintaining a disciplined approach to market risk and compliance. Cynthia holds a BComm degree from the John Molson School of Business of Concordia University, with a major in finance. She is a CFA® charterholder and a CAIA® charterholder.
senior advisor, IA support and client offering,
wealth management, National Bank Financial
Cynthia Lombardi
Ron has worked in financial services for many companies in roles that include CCO, CFO, and director. For over 30 years, Rod has been designing and delivering continuing education as a writer and speaker on the topic of business ethics and professional responsibility for several designation and registration categories, including CPA, CFP, PBA, and IIROC. He is a 2004 Canadian Advisor of the Year Award winner, and author of three books, including The Wealthy Buddhist (2019).
CIM, FCSI, manager of IFM & EMD services,
chair of the investment review committee,
Axcess Capital Advisors
Rod Burylo
In 2016 Travis and his team joined Harbourfront Wealth Management, leaving behind a 17-year career with a competing firm. As director of private investment strategy with Harbourfront, Travis wears two hats. Not only does he run a successful wealth-management practice, but he is also instrumental in architecting and managing the Rockridge Private Debt Pool, Forsyth Private Real Estate Portfolios, and Laurier Private Equity Pool for Willoughby Asset Management; these are Canada’s first retail, multi-provider portfolio solutions focusing on private debt, private real estate, and private equity.
BA, CFP, FMA, CIM, FCSI, portfolio manager, director of private investment strategy, Harbourfront Wealth Management
Travis Forman
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Frank is the director, senior vice president, and chief operating officer at Mandeville Private Client. Prior to joining Mandeville, he was the chief financial officer, chief operating officer, and board member for Manulife Securities Inc. for over 12 years, including its predecessor companies Berkshire TWC Financial Group. Prior to joining Berkshire, Frank held a number of positions within the Barclays Bank Canadian subsidiaries, where he was first the chief financial officer for BZW Canada Limited, the broker dealer, and was responsible for all financial, regulatory, and operational aspects of the dealership.
director, senior vice president and chief
operating officer, Mandeville Private Client
Frank Laferriere
Lavelle Lindo
Equiton
Moderator
Lavelle has spent his 20+ year career developing, building, and growing strategic relationships within the financial services industry. A charismatic leader with a proven track record of onboarding and partnering with advisors and creating lasting relationships, Lavelle’s deep experience with asset managers, independent wealth managers, and some of Canada’s biggest banks extends from front-line client-facing roles to the senior management. Trust, integrity, and giving back to the community are cornerstones of partnership development for Lavelle. Lavelle holds an honours Bachelor of Arts in communications and public relations from Andrews University.
VP national & strategic relationships
Lavelle Lindo
Institutional investors and pension plans have long been defined by diversification across public and private investments, with upwards of 40 percent of investment portfolios among Canada’s top seven pension plans
Private real estate faring well
“Private real estate has been a lot smoother than the public real estate experience lately, especially with inflation between six and eight percent”
Panel members agree that regardless of investment philosophy, due diligence that ensures quality and reduces counterparty risk is paramount. Harbourfront Wealth Management, for example, aims for significant diversification within the confines of performance objectives.
“We’ll start with due diligence around talent, tenure, track records, and other KPIs,” says Forman. “But then we’ve also hired a third-party due diligence team that takes a deep dive into everything we do. If we get the green light, then it’s up to the investment fund services team to make sure it matches mandates on liquidity and other factors before going to an investment committee. If the product passes all
portfolio valuations Equiton provides as a way of smoothing out investor experiences and delivering on returns. We like what Equiton is doing, and we’ve very happy with our investment,” he says.
The outcomes Equiton continues to offer Mandeville are equally favourable. According to Laferriere, “As long as Equiton keeps doing what they’re doing, we’re golden.”
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Lavelle Lindo
Equiton
Moderator
Lavelle has spent his 20+ year career developing, building, and growing strategic relationships within the financial services industry. A charismatic leader with a proven track record of onboarding and partnering with advisors and creating lasting relationships, Lavelle’s deep experience with asset managers, independent wealth managers, and some of Canada’s biggest banks extends from front-line client-facing roles to the senior management. Trust, integrity, and giving back to the community are cornerstones of partnership development for Lavelle. Lavelle holds an honours Bachelor of Arts in communications and public relations from Andrews University.
VP national & strategic relationships
Lavelle Lindo
Panel members agree that regardless of investment philosophy, due diligence that ensures quality and reduces counterparty risk is paramount. Harbourfront Wealth Management, for example, aims for significant diversification within the confines of performance objectives.
“We’ll start with due diligence around talent, tenure, track records, and other KPIs,” says Forman. “But then we’ve also hired a third-party due diligence team that takes a deep dive into everything we do. If we get the green light, then it’s up to the investment fund services team to make sure it matches mandates on liquidity and other factors before going to an investment committee. If the product passes all of that, we begin to allocate,” he explains.
Laferriere says the key determinant at Mandeville is whether the institutional investor would align with the offering. “We look at who we are entrusting our clients’ money to. Do these people have skin in the game? Would this be the type of investment the most erudite, successful investor would invest in? If not, it doesn’t make it to the platform.”
“We want to see a good track record,” says Lombardi. “Our retail clients run the gamut – a variety of big and small. We rely a lot on the infrastructure being provided by the IFM, the underlying manager or the subadvisor, and the risk reputation if something doesn’t go well. We’re not interested in a new feeder into a fund that has no institutional ownership or has not been adopted by the likes of a pension fund.”
Recognized platform performance
More and more, allocation to alternatives is becoming a suitable strategy for just about every investor, and it’s an area in which Equiton is a strong performer. With close to $800 million in assets under management, it is committed to helping advisors expand their clients’ wealth through quality private real-estate solutions.
“One of the great things about Equiton is that it’s a fast-growing investment manager with a multi-strategy approach,” says Forman. “We really appreciate the regular portfolio valuations Equiton provides as a way of smoothing out investor experiences and delivering on returns. We like what Equiton is doing, and we’ve very happy with our investment,” he says.
The outcomes Equiton continues to offer Mandeville are equally favourable. According to Laferriere, “As long as Equiton keeps doing what they’re doing, we’re golden.”
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Lavelle Lindo
Equiton
Moderator
Lavelle has spent his 20+ year career developing, building, and growing strategic relationships within the financial services industry. A charismatic leader with a proven track record of onboarding and partnering with advisors and creating lasting relationships, Lavelle’s deep experience with asset managers, independent wealth managers, and some of Canada’s biggest banks extends from front-line client-facing roles to the senior management. Trust, integrity, and giving back to the community are cornerstones of partnership development for Lavelle. Lavelle holds an honours Bachelor of Arts in communications and public relations from Andrews University.
VP national & strategic relationships
Lavelle Lindo
Laferriere says the key determinant at Mandeville is whether the institutional investor would align with the offering. “We look at who we are entrusting our clients’ money to. Do these people have skin in the game? Would this be the type of investment the most erudite, successful investor would invest in? If not, it doesn’t make it to the platform.”
“We want to see a good track record,” says Lombardi. “Our retail clients run the gamut – a variety of big and small. We rely a lot on the infrastructure being provided by the IFM, the underlying manager or the subadvisor, and the risk reputation if something doesn’t go well. We’re not interested in a new feeder into a fund that has no institutional ownership or has not been adopted by the likes of a pension fund.”
Recognized platform performance
More and more, allocation to alternatives is becoming a suitable strategy for just about every investor, and it’s an area in which Equiton is a strong performer. With close to $800 million in assets under management, it is committed to helping advisors expand their clients’ wealth through quality private real-estate solutions.
“One of the great things about Equiton is that it’s a fast-growing investment manager with a multi-strategy approach,” says Forman. “We really appreciate the regular portfolio valuations Equiton provides as a way of smoothing out investor experiences and delivering on returns. We like what Equiton is doing, and we’ve very happy with our investment,” he says.
The outcomes Equiton continues to offer Mandeville are equally favourable. According to Laferriere, “As long as Equiton keeps doing what they’re doing, we’re golden.”
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Investments
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Best in Wealth
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