He says the already considerable contingent of US firms under the CI umbrella creates mutually beneficial opportunities. There is a pool of substantial wealth management expertise within that network, which includes firms that are focused on the ultra-high-net-worth segment in the US such as Northwood in Canada, which lends itself to valuable cross-border relationships. Is.
“CI has a lot of respect for the business we built in Canada and we really want to keep doing what we’re doing,” McCullough said. “They really wanted us to partner and build on our expertise in working with ultra-high-net-worth clients in Canada, as well as our expertise in wealth management in other parts of the world.”
Northwood’s position among Canada’s leading multi-family offices is supported by a business model built and developed over the past 19 years. This is the model, McCullough says, that CI wants to build as an exploration of the full potential of space. With nearly 10,000 homes in Canada with a net worth of over $30 million, he sees plenty of room for Northwood to continue growing as organically as it did in the past.
“With more and more people falling into this category, as businesses are being sold, and wealth is being built, there is a lot of potential to grow,” says McCullough. “To be honest, there are so many people who are calling me all of a sudden asking about joining our family office, which would never have happened five or 10 years ago.”
A challenge to overcome with clients, he says, is the overwhelming number of firms in the investment, insurance and other financial industries adding the phrase “family office” to their list of services simply because it is ultra-high-net- Worth attracting business. But ultimately, he believes, clients will appreciate and seek objective advice, integrated holistic service, cross-discipline expertise, and all the other hallmarks of a true family office.