(July 20 – 13:15 ET) – The Investment Dealers Association is welcoming a couple of new firms — a new online broker and a full-service securities dealer.
Calgary-based Solium Capital Online Inc. is a new online firm owned by Solium Capital Inc. The president of the firm is former RBC Dominion Securities broker Mark van Hess. Co-founder and vice president, John Kenny, is also formerly of DS. Tim Daly, ex of the Alberta Stock Exchange and DS, is the chief financial officer.
Launching this month, the firm promises web-based “brokerage solutions”, including corporate brokerage. It is specifically offering web-based administration of company stock option plans, including online account information and reporting, automated insider trading reports, and online brokerage and trading services.
The IDA has also admitted KingsGate Securities Ltd., the full-service subsidiary of KingsGate Wealth Management Services based in Etobicoke, Ont. Fred Roberts heads the firm as president and CEO.Walter Bobko Jr. is COO and secretary-treasurer. Brian Sutton is the CFO.
Merrill Lynch Canada is running KingsGate’s back office. The firm promises an advisor-friendly environment, including that advisors own their books at KingsGate and are not required to sign non-compete agreements. “We want to be your silent partner, not a highly-paid absentee hindrance,” says a recruiting letter from Roberts.
“We have watched our industry fail to recognize that representatives are not expendable distribution channels, rather, they are the most important element in the entire business model,” the letter says, “Your firm should be an asset, not a liability to you. It was on this recognition that KingsGate was born.” It promises a high payout, personal attention and a professional-focused office where top producers aren’t subsidizing the others.