Oakville, Ont.-based Nour Private Wealth Inc. is opening its doors today as an independent investment dealer.
The new dealer, which was previously under the banner of Oakville, Ont.-based Manulife Securities, has three offices in Oakville, Toronto, and Montreal and around 70 staff, including 18 investment advisors. The firm currently manages half a billion dollars in assets under management and is licensed in eight provinces.
Elie Nour, the firm’s CEO, says the idea of starting his own dealer has been on his mind for some time and that the decision to finally do so stemmed from his belief that the firm could deliver more value and investment options as a standalone operation.
“I realized that there is an opportunity for me to have an independent firm that truly cares about its clients and its advisors,” says Nour.
Nour Private Wealth has both fee-based and transactional platforms and intends to launch a discretionary platform in 2019. The firm’s advisors will be able to invest in up to 19 currencies for their clients and also have access to a wide range of investment products on these platforms.
“We now have access to a big pool of investment options,” says Nour. “Clients will have access to private equity, new issues, we’re not limited or restricted to any investment.”
As a whole, Nour says the firm has a focus on financial planning, particularly tax and estate planning. To that end, many of the firm’s advisors have the certified financial planner (CFP) designation, the personal financial planner (PFP) designation or are working towards such credentials.
Toronto-based Fidelity Clearing Canada will act as the firm’s custodian and provide back-office support, much of which will be digital through Fidelity’s uniFide platform that allows for online account opening.