Raftus has been driving his firm to lead the evolution of financial planning, committing significant investments in both technology and talent. He highlights their introduction of best-in-class financial planning software, giving CG advisors the ability to create highly personalized plans. These plans are built on clients’ unique goals and preferences and informed by some AI-powered recommendations. He also highlighted CG’s investments in their wealth and estate planning group, employing an experienced team of planning professionals to support CG’s advisors.
Canaccord Genuity is making these investments, in part due to the changing circumstances advisors and clients face now. The ongoing intergenerational wealth transfer could see families move away from advisors who have not built that comprehensive plan or achieved that level of trust. Ensuring an advisor retains clients and trust hinges on the sophistication of their service offerings, according to Raftus. That includes investment advice and portfolio management, but it also involves estate and tax planning, it could involve cross-border services, and it almost certainly involves building plans for the next generation.
Raftus acknowledges that some advisors question the value of financial planning or find it challenging to introduce the concept to long-term clients. He urges advisors to overcome this challenge, emphasizing that financial plans will become indispensable to their client relationships.
“The financial plan provides greater insight into a client’s investing objectives, allowing the advisor to offer more targeted and appropriate advice,” says Raftus. “We know that wealthy Canadians are shifting from having multiple financial advisors to just one. As the planning-based relationship evolves, clients become more focused on their objectives and less on market activity, making them more likely to choose you as their sole advisor.”
Capturing market share and maintaining relationships with the next generation of wealthy Canadians can be achieved through the same means: technology. Raftus highlights that independent firms like his own have the capacity to invest meaningfully in their technology and retain a cutting edge approach. Where larger organizations layer in bureaucracy and tie up technological progress, firms in that mid-sized bracket can stay nimble while leveraging the resources necessary to keep up with the times.
