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CANADA’S NEWS SOURCE FOR FINANCIAL PROFESSIONALS
NOVEMBER 2020
INDEPENDENTS
Hope for small dealers in industry reforms
BY JAMES LANGTON
thanks to efforts to cut
compliance costs, stoke compe- tition and realign the investment industry’s regulatory framework, a renaissance for independent investment dealers finally may be on the horizon.
For years, doomsayers have been writing an obituary for small, independent investment dealers. The channel has faced a legion of challenges, from tough market conditions and macroeconomic headwinds to ever-growing regulatory and technology demands.
> TURN TO DEATH / PAGE 6
INSIDE
NEWS
SMALL DEALERS REJOICE
Independent dealers are poised for a comeback. PG. 1
THE MINDS OF THE RICH
Research reveals what motivates HNW clients. PG. 1
ACQUISITION SPREE CONTINUES
CI Financial closes its deal for a majority stake in Aligned Capital. PG. 1
BOARD DIVERSITY Efforts to improve gender diversity don’t go far enough. PG. 7
BYB
NEW RETIREMENT AGE?
Examining proposals to rejig retirement benefits. PG. 10
CURVEBALL Your client lost their job. Now what? PG. 13
MENTAL PREP Is your client ready for life after work? PG. 14
LOWER TAX BILL The bright side of a low-income year. PG. 15
TIME TO SELL? Help for advisors considering an early exit. PG. 17
FOCUS ON PRODUCTS
EUROPEAN EQUITIES The pandemic hasn’t treated these stocks kindly. PG. 24
A NEW PLAN Low interest rates call for new portfolio strategies. PG. 25
PRODUCT WATCH Asset- allocation funds offer a “one-ticket” solution. PG. 25
INSIGHT
BRACING FOR UNREST The U.S. election could wreak havoc south of the border. PG. 26
KENNEY FIZZLES The Alberta premier faces blowback. PG. 26
VETERAN HIRE
SAMUEL PASQUIER
Denis Blackburn became president, Quebec region, of Financial Horizons Group in July, succeeding James McMahon. Blackburn brings more than 30 years of experience to his new role. (See story on page 8.)
WEALTH MANAGEMENT
Aligned deal means new product channel for CI
INVESTORS
Deal fits CI’s strategy to expand wealth management
BY RUDY MEZZETTA
kurt macalpine, ceo of
Toronto-based CI Financial Corp., says he has no plans to change Aligned Capital Partners Inc.’s independent financial advisor model after securing a majority stake in the Burlington, Ont.- based brokerage. The acquisition does, however, provide CI with a
> TURN TO ALIGNED / PAGE 4
Wealthy investors rely more on professional advice, study finds
BY JAMES LANGTON
new research reveals
that wealthy investors may have fundamentally different motiva- tions and beliefs about investing than less affluent clients do.
A research paper from a pair of academics — James Choi, finance professor at Yale University’s School of Management, and
> TURN TO HNW / PAGE 6
Research reveals HNW investors’ motivations
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