Credential Financial launches new division for high-net-worth clients
By Tracy Sherlock, Vancouver Sun May 7, 2013
Canadian wealth-management firm Credential Financial Inc. is launching a new division to capitalize on the growing number of high-net-worth individuals that are projected in Canada. Credential has grown significantly in the past four years — from $8.5 billion in assets under administration to $14.7 today — and along with that growth the firm has increased the administrative financial services it offers. The new division, Credential Correspondent Partners, will provide those back-end services to high-net-worth members of credit unions and independent portfolio managers and wealth management firms, company president and CEO Doce Tomic said.
Recent research by Investor Economics shows that in the next decade, the high-net-worth segment will be the fastest growing both in terms of numbers and dollars, said Earl Bederman, president of Investor Economics. The company’s projections say there will be 2.1 million Canadians with assets of more than $500,000 by 2021, and this segment of the population will control $5.4 trillion in investable assets, Bederman said.
Credential has hired Kevin Vanderheyden as senior vice-president of the new division. Credential works with credit unions across Canada.