Each week, Advisor’s Edge summarizes notable shifts across the financial industry. Here’s what happened this week.
- Calgary-based RT Mosaic Wealth Management Ltd. is joining cross-border wealth advisory firm Cardinal Point Capital Management ULC, expanding Cardinal’s Calgary presence with Mosaic founders Chris Rawles and Spencer Tilley. New York-based wealth manager Focus Financial Partners Inc., which acquired Cardinal Point last year, said it expects the transaction to close in the third quarter. Rawles and Tilley are both portfolio managers who focus on high-net-worth clients. They founded Mosaic in 2010. In a release, Tilley said the move would allow them to leverage Cardinal Point’s platform and expertise to serve their clients.
- Ashish Utarid and Pierre-Benoît Gauthier are the new assistant vice-presidents of investment strategy at IG Wealth Management. Utarid has been with IG Wealth for almost nine years as a wealth planning specialist in Edmonton, while Gauthier, based in Chicoutimi, Que., joined IG Wealth in 2016. Damon Murchison, president and CEO at IG Wealth, said in a LinkedIn post that the pair will offer insights to advisors across Canada.
- The Wetherall Galbraith Wealth Management team, which includes Lee Wetherall, Jamie Galbraith and Peter Galbraith, has moved from RBC Dominion Securities (RBC DS) to CIBC Wood Gundy in Kingston, Ont. A LinkedIn post from CIBC Private Wealth noted the group brings more than 25 years of industry experience and focuses on serving families. Wetherall, senior wealth advisor, worked at RBC DS for 26 years. The other two team members worked at RBC DS for six years each.
- David Lapos, CFP and president of Plus One Financial in Ontario for more than 30 years, has moved his practice to Toronto-based Optimize Wealth Management. He’ll operate from Optimize’s newest office in Mount Brydges, Ont.
If you know of other people moves in the financial industry and/or would like us to consider your announcement, email Katie Keir at email@example.com.