Scotia Private Client Group’s international wealth management unit has snagged Greg Steers, a financial advisor from National Bank Financial who oversaw roughly $500 million in assets, according to people familiar with the move.
The veteran advisor produced roughly $3.5 million in annual commissions and fees, and was in the top five nationwide at National Bank. He led National Bank’s sales team at the Toronto branch, which has around 20 advisors.
Steers, who speaks Spanish, Portuguese and French, joined Scotia’s international wealth management business under Mike Miller, say sources.
“The big attraction for him going to Scotia is to pursue international business, which is hard to do at National Bank,” says a person familiar with Steers. “He’s a very strong influence and will raise a lot of eyebrows on what National Bank’s value proposition is to advisors.”
Steers, National Bank and Scotiabank did not return calls for comment.
Aside from Steers, Scotiabank has tapped other high-ranking brokers, including Nicolas Del Sorbo in Toronto and Steven Goldberg in Montreal, both formerly of HSBC’s retail brokerage arm.
National Bank has long been known for its strength in Canada, particularly in Quebec. The bank’s wealth management business has aggressively expanded through acquiring Wellington West and HSBC’s retail brokerage unit. Last November, National Bank also acquired TD Waterhouse’s institutional services.
Scotia’s wealth management unit, on the other hand, has been pushing its footprint globally, and is keen on expanding its pension operations in Latin America. The bank offers wealth management services in Chile, Costa Rica, El Salvador, Nicaragua, Panama and Peru.
Evelyn Juan is a Toronto-based financial journalist who writes about the wealth management sector. Follow her @evelynjuan on Twitter.