Being in the region is not a scarcity

Of the 150 councilors on this list, 22 live in Quebec. Sixteen are based in Montreal or its immediate suburbs. Two are in Quebec while 3 are in the regions.

According to Jean Morissette, a wealth management expert, more advisers based in the regions could be included in the next annual lists of the Globe & Mail.

“The economic fabric of Quebec is made up of SMEs, of which there are many in the regions. We create and accumulate a lot of wealth here. The transfers of wealth between the generations will have the effect of increasing the assets under management of the investment advisers who are in the regions”, says this consultant.

Minimum portfolio size

Half of the Quebec advisors on the list require their new clients to have a minimum portfolio of $0.5 million or $1 million.

This requirement is rarely below $0.5 million. It is $250,000 from Louis Khalil, who is based in Rimouski. To Jean-François Boivin, who is in Chicoutimi, the entry ticket is set at $0.3 million. Philippe McGale, of Granby, maintains the $0.5 million requirement. The champion of low barriers to entry is in Brossard. Stéphane Massé claims to serve clients with as little as $100,000 in their portfolio. It is 104th in the ranking with $432 million in assets under management.

More restrictive entry criteria apply in mainland France. Charles Martin of TD Wealth Management sets the bar at $2 million. The most demanding of all, Darren Carmosino of CIBC Wood Gundy, requires a portfolio of at least $3 million.


The National Bank Financial flag flies over the offices of 9 of the 22 Quebec councilors on the list of Globe & Mail.

Five other advisors are found under the CIBC Wood Gundy banner. Two others work at iA Private Wealth Management; 2 in Scotia Wealth Management; 1 to Gestione Patrimoniale TD; 1 to Assante Wealth Management; 1 to IG Private Wealth Management; 1 at Desjardins Asset Management.

How can this preeminence of National Bank Financial be explained? “History has a lot to do with it. Remember that before National Bank Financial, there was Lévesque Beaubien. The duration of the involvement gives National Bank Financial a great comparative advantage,” explains Jean Morissette.

Also, he adds, business models can differ from one company to another.

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