WealthBar raises $5.5 million to create new offerings

Vancouver-based PI Financial Corp. has entered into definitive agreements to acquire the client accounts of Wolverton Securities Ltd. and Global Securities Corp., which are also both based in Vancouver.

After the transactions close, which is expected to occur later this year, PI will have more than 200 financial advisors, 300 employees and 40,000 clients across Canada. More than 35 advisors from the expanded firm will be registered as portfolio managers or derivatives portfolio managers, notes PI’s announcement released Monday.

“The combination of these three independent Vancouver-based dealers with long histories of success, builds upon our national platform and our Western Canadian footprint,” says Max Meier, chairman and CEO of PI, in a statement. “Independent dealers are essential to the health of the Canadian capital markets and provide investors unbiased access to a full suite of investments.”

Brent Wolverton, chairman of Wolverton Securities, and Art Smolensky, chairman of Global Securities, will join PI as senior officers when the deals are officially closed.

In a statement, Wolverton says his firm’s deal with PI is the best way to attract top advisors and continue to offer clients unique investment options.

“As shifting markets continue to challenge us to adapt, we felt the best approach moving forward was a strategic partnership. After careful consideration, we identified PI as the most synergistic opportunity,” he says.

“We look forward to continuing to champion the right of investors to have independent choice. I look forward to working with PI to bring our expertise in portfolio-based products and responsible investing to a wider group of clients,” Wolverton adds.

Meanwhile, Smolensky says in a statement that PI’s entrepreneurial culture and focus on clients make it a good fit with Global Securities.

“Together, we remain committed to the superior service and unique product offerings our clients have come to appreciate,” he continues. “I anticipate that our expertise in the derivatives business will greatly enhance PI’s position in this area.”

Both transactions are subject to certain conditions and regulatory approvals prior to completion.

Photo copyright: payphoto / 123RF Stock Photo