Trinity Wealth Company News
Posted 05 Jul 2018 by Rick Irwin, CFP, CLU
2018 marks the year of a number of milestones for Trinity Wealth Partners. With these milestones came a few changes within the office in terms of our roles and staffing. Through these changes, we strive to provide the best quality of service for you, our clients, and your families.
While Natalie normally fields all of the company news, I just wanted to take a moment to acknowledge a few important milestones that this year brings, as well as provide an update on the direction we’re heading. It has been 10 years since I took over the investment business from my parents and made the move to Quadrus Investment Services as well as 10 years this February in our current location. (We forgot the cake.) Overall, we are very happy with the move to Quadrus and I’m excited about some enhancements they are working toward. We love our current location also, though I don’t rule out the idea of buying a building at some point in the (probably somewhat distant) future.
2018 marks my 20th year in the financial services industry so perhaps time to take a moment to reflect on all the things that have, and haven’t changed, in that time. We’ve had two of the worst stock market downturns in history in that period (the 2000-2002 tech wreck and the 2007/2008 global financial crisis) but the stock market has recovered despite these setbacks. We’ve seen trends towards globalization turn to talk of trade wars, we’ve seen long established companies and business models displaced by new technology, yet the old investment truisms of diversification and patience remain.
As Natalie mentioned, we’re expecting the coming year to bring about some exciting enhancements on the technology front. First will be e-delivery of statements for clients who choose that route, and eventual virtual signatures for many documents.
We are also looking into ways to incorporate a robo-advisor service model as part of our client service offering. We feel very strongly in the value of financial advice and, on the investment front, in the benefits of active management. Some prospective new clients may prefer a more automated, digital experience when it comes to their investments however and we want to be able to meet people where they want to be met. The industry in Canada is in the very early stages but as this area evolves I’m keen to see how it may integrate into our existing business model. We’re excited to see what other efficiencies the rapidly advancing world of “fintech” can bring to the business in the coming years in terms of the automated of some of the more mundane tasks and overall enhance the richness of the client’s digital experience.
On another front, we were very sorry to see Melissa go in a different direction after 8 ½ years of service. Her personal situation changed as the length of time her family planned to stay in Kingston became more open ended and she made the difficult decision that she didn’t wish to continue to work from a remote location so found another job in the industry local to her. We wish her all the best in the new phase of her career.
At the same time, when one door closes another opens and Melissa’s departure opened up several opportunities. Patricia Bell, a financial advisor in the industry over 30 years who has been with Trinity since 2014, took over as advisor for Melissa’s investment clients. Patricia has a wealth of experience and I know Melissa’s clients are in very capable hands.
Melissa also had key roles in managing the insurance part of my business as well as income tax where we worked together to prepare returns and she liaised with CRA as needed. Instead of hiring someone new at this point to manage these roles I will be looking to partner with an insurance specialist who is looking to take their practice to the next level and grow together and to partner with an experienced tax advisor to manage the tax business and deepen our advice-giving capacity in that area. I’m not going to rush this process, and it could take some time to find the right individuals, but in the meantime, I want to assure you that we will be able to continue to provide both services.
As our youngest child will be entering primary in September, my wife Erin will be able to take on a larger role in the day to day management of the business. Longer term, in the next few years I will be hiring another person to take on most of the day to day investment business processing as Natalie’s role will be evolving into more of a financial literacy/counselling one as well as managing our digital platform; her true passions!
Last but not least, I want to congratulate Natalie for obtaining her mutual fund license this month. She was already very experienced in the industry after working for Trinity for 5 ½ years but now she will be able to handle client trade inquiries and take requests such as redemptions over the phone if I am not available. She was already very valuable to me but having a licensed assistant for the mutual fund side of the business is a big asset.
The evolution of key roles in my company, regulatory changes and technologic enhancements plus the ongoing shifts of the increasingly complex stock market. All in all, an interesting 10 years and we are looking forward to the next 10+ years!