iA Private Wealth has brought on nearly all financial advisors associated with its deal to acquire the retail full-service division of Laurentian Bank Securities Inc.
“We’ve signed almost all of the advisors, representing over 95% of the assets,” the brokerage firm said in an emailed statement. The deal involved 16,000 client accounts and more than $2 billion in assets under administration, representing about 4% of iAPW’s AUA.
The new advisors have met with iAPW executives and taken part in training sessions, the statement said, with both initiatives continuing through the summer. These advisors will move to iAPW’s systems in August.
The statement added that 28 financial advisors were involved in the acquisition. The figure the firm previously shared, 31, included financial planners who do not manage assets.
Adam Elliott, senior vice-president of iAPW, told Investment Executive in April that the incoming advisors were familiar with many of the software vendors used by iAPW, which will make the transition simpler.
Other industry moves
- Millan Mulraine, chief economist with the Ontario Teachers’ Pension Plan (OTPP), has joined the Women in Capital Markets board as a director for the 2024–2025 term. He’s worked with OTPP since 2016, having previously worked with TD Securities for nearly 10 years. Mulraine replaces Deland P. D. Kamanga, group head for BMO Wealth Management, who will leave the board but remain on WCM’s advisory council.
- AGES Wealth Management — a group that includes senior wealth advisor Anthony Gismondi, wealth advisor Eric Selvaggi and senior investment associate Michael Kirton — has moved to Wellington-Altus Private Wealth Inc. from TD Wealth Private Investment Advice. The team is based in Markham, Ont., and Gismondi has been in the industry the longest at more than 25 years.
If you know of other people moves in the financial industry and/or would like us to consider your announcement, email Katie Keir at katie@newcom.ca.