To help ensure that their client firms are stable enough to work their way up, PAS also provides support well after the initial business setup. While they will have their own chief compliance officer and will largely hire more people, Kravetsky says firms will need experts who can provide templates and act as a sounding board for a variety of situations. Be experienced and experienced enough to do the job.
“It’s like a one-stop shop for relocating firms that need guidance but help them be the best they can be,” she says.
Now, Gans says PAS is seeing consultants setting up shop, running, and liquidating their assets in record time. Within 90 days of making the leap, the entire team is completely transformed and back on the path of growth that every mentor ultimately seeks to achieve. After committing to something different, they say they work with different mentors who quickly figure out that there’s a good path to independence, and they’re not alone in walking it.
Compared to the US market, Canada has a long way to go: Gans says that registered independent advisors account for more than 30% of the money market there. But he says US experience shows how first movers are able to capture real economic value, as reflected in the price of early RIAs and the ability to roll out others.
“Canada is just getting started, but we are really starting to see momentum in it,” Gans says. “It is incredible to see that consultants are helping to deliver an immersive experience to their clients.”