By James Langton
By James Langton

(September 8 – 09:30 ET) – Financial planning giant Assante Corp. finally has a viable rival. Three firms are hooking up to create a new national planning giant. Regal Capital Planners Ltd., Great Pacific Management Co. Ltd., and The Investment Centre Financial Group Inc. are linking up to create a new national firm with 1,500 advisors.


The firms are coming together under ASE-traded BRM Capital Corp. BRM already owns the Cartier Mutual Funds, which have $115 million in assets under management, and it also owns Vancouver’s Great Pacific, which has 400 reps and $2.9 billion in assets. Joining Great Pacific is Waterloo, Ont.’s Regal, which brings 750 reps and $5.5 billion in assets; while the Investment Centre is the little brother in the group with 200 reps and $1.6 billion in assets.


The combined firms will have 1,500 advisors, 120 branches, and $10 billion in assets under administration. There was no price disclosed on the deal.


The move comes as the pressure of competition, increased regulatory costs and slower industry growth begin hitting the planning and fund industry. Assante, which has built a planning giant by marrying product and distribution, was highly criticized for the practice, which now appears to be the way of the future.


After Dynamic Mutual Funds bought distributor Fortune Financial earlier this year everyone in the industry has had their eye on the concept. Last year Assante wooed and was turned down by Regal, after its reps rejected the idea.


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