Vancouver skyline with Stanley Park

Vancouver-based Canaccord Genuity Group Inc.’s efforts to add to the number of high-end independent investment advisors at its brokerage division, Canaccord Genuity Wealth Management, are paying off, according to the company’s most recent quarterly earnings report.

Canaccord reported that it had 148 advisory teams as of June 30, up from 142 advisory teams on March 31, and from 135 such teams a year earlier, as the firm added new advisory teams and additional client assets under administration (AUA) in Vancouver, Winnipeg, Edmonton and Toronto during the quarter.

Specifically, total client AUA increased by 49.3% to $18.9 billion vs the previous year while revenue from the company’s wealth-management segment increased by 26.7% to $46.8 million vs the same quarter the previous year. Revenue and net income contributions from the recent additions will be more wholly reflected in future reporting periods, Canaccord reported.

“Recruiting activity in Canada continues to be robust as established investment advisors increasingly embrace the advantages and opportunities that an independent platform with broad global expertise and opportunities can provide for their business and their clients,” the quarterly report states. “The average book size per investment advisory team in this business has increased by more than 80% in just two years.”

In October 2016, Canaccord announced plans to raise $60 million through a private-placement agreement with a large Canadian asset manager in order to recruit 30 to 40 advisors to its seven offices nationwide. Canaccord had 138 advisory teams as of June 30, 2016, but has culled some of its lower-producing advisory teams since.

The firm said at the time that the recruitment period was expected to last about a year and a half, but could stretch to two years. The target number of advisors also could change.

Canaccord noted at the time that it was looking for advisors who have well-established relationships with demanding clients and who want to create customized portfolios for these clients.

Canaccord reports that it has continued to invest in strengthening its back-office expertise and implementing technology to enhance efficiencies in its processes so that it can integrate new investment professionals and clients seamlessly as the firm increases scale and AUA growth.