Richardson GMP sets aggressive Toronto growth target

Richardson GMP has officially opened its new expanded Toronto office, consolidating its two previous locations into the 145 King Street West site.

“I am proud to lead expansion in the Toronto region, and the opening of our new expanded office will empower us to attract new advisor teams while we continue serving the needs of wealthy Canadian families,” said Mike Reynolds, director, wealth management and branch manager.

The company has high hopes for its Toronto office, aiming for 30% growth in the number of advisor teams based in Toronto. The shop currently consists of 25 advisor teams, with an average asset base of $178 million and revenues of $ 2 million per team.

Reynolds says the Toronto office has the capacity for another dozen teams, and expects to add seven or eight within the next 12 months.

The firm continues to target seasoned advisor teams, with an asset base of at least $75 million, generating $750,000 in revenue.

“I have always been extremely impressed by Richardson GMP’s robust platform and ownership model because it allows us to attract the leading Investment Advisors in the industry,” Reynolds says. “At the same time the firm’s independence empowers Advisors to be true business owners allowing the freedom to manage their practices and serve the unique needs of their clients.”

Growth appears to be the firm’s top priority now, having opened a new Calgary office last month and devoting more resources to Quebec, appointing Luc Papineau as director, wealth management in that province.

“Richardson GMP is poised for continued growth and momentum this year,” said Andrew Marsh, president and CEO. “These strategic decisions signal our continued commitment to support growth of our franchise from coast to coast and to ensure Canadians can benefit from access to the best Advisors in the country.”

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The staff of Advisor.ca have been covering news for financial advisors since 1998.