Growing up in Alberta, Randy calls himself a “refuge of the oil patch.” His job in the oil sector, took him to most small towns in Alberta.
In 1996, he transitioned out of the big oil company with a payout. At first, he wasn’t sure what he wanted to do. Randy had taken the CMA course at the University of Alberta Continuing Education Program, and thought it would also be useful to be a Mutual Fund Representative.
He started working with friends and family as a financial planner and by the late 1990’s and early 2000s, had bought a few books of business. His venture was off the ground.
By 2011, Randy wanted to begin the transition of downsizing his business from nearly 250 clients, to allow for more free time. He began to think of a succession plan, and considered questions like, “what happens in an accident and I can’t service my clients anymore?” He began to look at options.
Randy had traditionally used mutual funds as a means to build client portfolios. As he began the transition, he questioned if this was the best route for maximizing returns for client investments. He put the mutual fund vs. 1:1 management debate on the table as he began conversations with Chris Ambridge at Transcend.
Randy says he quickly learned there were better options with individual managers. Chris explained the benefits, including customized management, tax deductions for fees on registered accounts, lower fees in general and just greater flexibility.
Through his conversations with Transcend, Randy says he had to abandon his old thought process. “Am I missing something?” he thought to himself. But Chris was able to answer all his questions, and finally “the light came on” and he thought, this is “really excellent.”
Randy started his transition in May 2012 and by the end of September had sold about 90 per cent of his business, while retaining top clients. Now, Randy is back to wilderness, hiking, biking, and organizing trips across the world. He doesn’t need an assistant and taking a three week vacation isn’t a problem.
His says the returns are excellent, especially with the lower fees. “With Provisus, I get managers that aren’t available for retail. They have greater autonomy. These money managers are top notch and if they don’t meet the Transcend standard, they fix it quickly.”
Randy says he feels like he picked the right time to transition and slow down his business. With regulations more stringent, the work was becoming cumbersome. But now that he has Transcend, he doesn’t worry. “My life is so much simpler.”