A new independent study has ranked Cumberland Private Wealth among the 10 best financial advisors for high net worth investors in Toronto, and among the eight best in Calgary. The study was conducted by California-based AdvisoryHQ News, which conducts independent reviews of top financial advisors, planners and wealth management firms.  The methodology Advisory HQ uses can be found here. 

Some highlights of the review include:

“This top wealth management firm is a fiduciary and a leading independent wealth manager that places no middlemen between you and the people managing your money. On top of that, they personally invest in the same strategies you do.

“Cumberland Private Wealth takes a customized approach to portfolio management. Their team-based philosophy delivers expert insights and excellence for their clients. With a commitment to putting their clients’ needs first, a talented and dedicated team, and a long-term approach, Cumberland Private Wealth solidifies a 5-star rating as one of the best investment firms to partner with.”

AdvisoryHQ rankings are independently researched and written. Firms are not even aware that they are being reviewed until after the review has been completed and published. In the end, less than 1% of considered firms are selected.

Independent selection process

The AdvisoryHQ review team starts by developing a comprehensive list of potential firms, then applies the initial methodology filters to narrow down the list:

Fee Structure. There is a preference for firms that receive their compensation directly from their high-net-worth ($1+ million investable assets) and ultra-high-net-worth ($30+ million investable assets) clients, rather than through sales commissions, which can reduce transparency and create bias.

Fiduciaries. Fee-based advisors that are also fiduciaries are expected to fully disclose any conflicts of interest and are also expected to always place their clients’ interests ahead of their own.

Independence. The selection logic is designed to favour independent wealth management firms. These firms provide services and recommend financial products that are not based on an affiliation with a bank or financial institution.

Scale of Innovation. The relationship with a wealth manager is normally a very long-term relationship. As such, it is essential to seek advisors who are constantly improving their services and business practices.

After trimming down the initial list, AdvisoryHQ’s review team conducts deep-dive assessments to select the final list of top-ranking advisors, planners, and wealth managers. When performing this due diligence, the team applies the following selection filters:

Resource Availability. Firms with the necessary bandwidth to provide the right level of support to a broad base of individuals, families, and institutions.

Experience Level. Combined experience of the advisory team, including years of experience, certification, and leading roles within their fields of expertise.

Transparency. The selection methodology favours advisory firms whose fees are completely transparent with no surprises.

Customized Services. The level of flexibility in providing customized services that are tailored toward clients’ unique situations.

Quality of Website. A site with client-friendly ease of use, graphical design, and functionality.

Open Door Policy. A culture that encourages clients to ask questions, get to know the team, and feel at home in the office.

Audience. Even if a firm manages institutional assets, there is also a robust offering for individuals and families.

While we at Cumberland are well aware of the values, passion and commitment that go into serving our clients, it is gratifying to receive this independent, third-party validation. Thank you to AdvisoryHQ and to everyone on our team who makes us worthy of this recognition.