This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Canaccord Financial Inc. Announces Reduction To Canadian Wealth Management Platform

Stocks in this article: CF

Refocusing efforts to service clients in major Canadian centres

Initiative should significantly enhance the performance of the division

TORONTO, Sept. 24, 2012 /PRNewswire/ - Canaccord Financial Inc. (TSX: CF, LSE: CF., 'the Company', 'Canaccord') announces that it is accelerating its strategy to improve the performance of its Canadian wealth management division.  As a result, Canaccord is closing sixteen underperforming branches and refocusing its operations in major centres across Canada.  The consolidation of branches will allow Canaccord to better service its private clients by concentrating its support resources and capital investments in client service activities in its key markets.  This initiative will improve the operating results of this business and will ensure our capital investments in the business will be targeted to regions we see the most opportunity to grow our market share. Sixteen Canaccord Wealth Management branches will continue to serve our valued clients in fourteen cities across Canada.

In addition to the branch consolidation, Canaccord reduced the number of Advisors at its sixteen core locations by approximately 35 Advisory Teams as part of its high-grading strategy. Once this initiative is complete, Canaccord will have approximately 180 Investment Advisory teams across Canada.

Canaccord Wealth Management will continue to offer a full suite of investment and wealth planning services to clients, through both traditional transactional brokerage activities and more comprehensive wealth management solutions.  The business provides a personalized approach to clients' specific wealth management needs, catering largely to the expectations of professionals, business owners, affluent investors and family trusts through focused expertise in wealth, tax, estate and charitable planning.

As of June 30, 2012, $13.1 billion of client assets were administered by Canaccord's Canadian wealth management division.  Of this, only 16% was accounted for by the sixteen branches scheduled to close.  The sixteen branches remaining open accounted for 84%.

"This initiative will allow us to make additional investments in markets where we see the most opportunity for future growth," said John Rothwell, President of Canaccord Wealth Management ( Canada). "We can better cater to the needs of our clients through an elite team of Investment Advisors who have demonstrated their abilities to generate meaningful value for our clients, foster long-term client relationships and an enhanced client experience."

After these branch reductions, it is expected Canaccord Wealth Management will operate on a near break-even basis in current market conditions. All branches remaining open have the capabilities to be consistently profitable and Canaccord is committed to their continued success and growth.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs