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JANUARY 2021
CANADA’S NEWS SOURCE FOR FINANCIAL PROFESSIONALS
INSIDE
NEWS
NEW NAME, FRESH STRATEGY
Richardson Wealth is ready to expand. PG. 1
GREAT EXPECTATIONS
Industry has high hopes for post-pandemic regulation. PG. 1
COMPLAINTS Investor complaints spiked after the latest market crash. PG. 1
PROFIT SURVEY Financial services firms had a decent third quarter. PG. 2
NEWSMAKER Award winner brings alts to doctors and dentists. PG. 8
BYB: OUTLOOK 2021
ECONOMY The recovery in many countries will be K-shaped. PG. 9
EQUITIES Portfolio managers are cautiously optimistic. PG. 11
INSURANCE The industry hopes to retain innovations from the past year. PG. 12
PRODUCTS
CANADIAN CONTENT Managers see opportunities in retail and renewable energy stocks. PG. 13
INSIGHT
A HIGH BAR The pandemic has proven regulators can do better. PG. 14
MONTREAL Quebec adapted to the pandemic, but will cities ever be the same? PG. 14
TOP UNDER 40
INVESTOR PROTECTION
Investor complaints spike in 2020
WEALTH MANAGEMENT
New direction
for Richardson
Wealth
Firm hopes to leave behind the upheaval of the past few years
BY RUDY MEZZETTA
the uncertainty hanging over Richardson Wealth Ltd. in recent years has resulted in stagnant growth and advisor departures, senior leaders at the brokerage admit. But with last fall’s shareholder dispute settled, ownership restructured and a new name on the door, executives say the independent firm formerly known as Richardson GMP Ltd. is set- ting a clear strategy and is ready to grow.
> TURN TO RICHARDSON / PAGE 4
REGULATION
Time to speed up policymaking?
Regulators’ quick response to the pandemic has ramped up expectations
BY JAMES LANGTON
the first wave of covid-19 put regulatory
policymaking on pause last spring, but as the second wave rages, a vision for post-pandemic regulation is taking shape.
Ordinarily, the Ontario Securities Commission (OSC) holds a consultation each spring on its policy priorities for the coming year. Last year, however, the OSC skipped this exercise, as the investment industry and regulators scrambled to deal with the pandemic’s immediate economic, financial and operational effects.
> TURN TO INDUSTRY / PAGE 6
Regulators say market turmoil and industry disruption are to blame
BY JAMES LANGTON
when markets drop, a surge in
investor complaints usually follows. Indeed, complaint volumes throughout the investment industry rose in 2020.
Last year’s turmoil wasn’t just a run- of-the-mill financial crisis; it was also a dramatic shift to remote work for the investment industry, relaxed regula- tory requirements (often necessitated by remote work) and an increase in
fraudsters and hackers seeking to take advantage of new vulnerabilities.
The economic disruption meant many households — and, by extension, retail investors — suffered mightily.
The Canadian Foundation for Advancement of Investor Rights (a.k.a. FAIR Canada) stressed this reality in a
> TURN TO MARKETS / PAGE 6
CHRISTIAN BLAIS
Joseph Bakish, the 2020 IIAC Top Under 40 award winner, kept his physician clients calm during pandemic-induced volatility. (See story on page 8.)
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