In this week’s Globe and Mail article, our very own Maili Wong explains how fostering a collaborative culture in a wealth management firm can lead to better results for clients.

Click here to find out what Maili had to say on the topic:

Defying the financial industry’s ‘dog-eat-dog’ reputation, some wealth management firms are embracing a collaborative culture.  This can lead to better results for clients.

“Working for an independent, you’re not having to think about doing what’s best for the shareholders of the firm. I just have to focus on what’s best for the clients,” says Maili Wong, senior wealth advisor and senior portfolio manager with The Wong Group at Wellington-Altus Private Wealth Inc. in Vancouver.

In that firm’s corporate structure, advisors like Ms. Wong are partners as opposed to employees. She says the culture is also markedly different from her previous employers, which for many years included a bank-owned firm.

“Here, we don’t compete for clients,” she says. “In fact, we often cross-refer clients we think would be a good fit for a different partner at the firm.”

Non-bank-owned wealth management firms such as Wellington-Altus have found a sweet spot in the marketplace. That’s helped by less rigid corporate cultures in which veteran advisors are encouraged to mentor younger ones and help each other build their practices.

“The result is our teams are happier, and that leads to our clients getting better service,” Ms. Wong says.

She adds that this environment can also lead to increased referrals from existing clients, boosting growth in the process. “It’s a virtuous circle.”

If you have any questions about how this relates to you or your investment portfolio and financial plan, please give us a call at 778 655 2410 or email us at thewonggroup@wellington-altus.ca

Sincerely,
Maili Wong, CFA, CFP, FEA
Senior Portfolio Manager & Senior Wealth Advisor

Wellington-Altus Private Wealth Inc.

Board Director

Wellington-Altus Financial Inc.

Maili Wong is a senior portfolio manager and senior wealth advisor at The Wong Group at Wellington-Altus Private Wealth and the Amazon best-selling author of ‘Smart Risk.’ She has over two decades of experience in the finance industry and was named a Top Wealth Advisor and one of the Best in Province in the 2022 rankings produced by The Globe and Mail and SHOOK Research.