In a statement sent to WP, President and CEO of Richardson Financial Group, H. Sanford Riley said that Richardson Wealth has incredible long-term potential and that its shares are not for sale, adding, “We believe RF Capital is one Strategy pursued that will generate far more shareholder value than a transaction with Canaccord. RFG’s stock is not for sale as we believe in the long-term vision of RF Capital and Richardson Wealth. ”
Stuart Raftus, President of Canaccord Genuity Wealth Management Canada, believes RFG is missing a great opportunity and that the merger of the two companies would benefit clients, their advisors and shareholders.
Good things happen to profitable companies, he said, adding that Canaccord’s “world-class discretionary platform” provides significant value for Richardson advisors if a deal does happen.
He told WP, “There is a great cultural alignment with the Richardson IAs and our platform. The way we look at business and run business, you can see the results. 14 impact assessments were conducted, representing more than $ 3 billion in client assets [to us] from Richardson already, and have seen their businesses thrive because of the customer experience, world-class technology, and culture of our organization. “
There is no doubt that the past few years have seen opposing fates for two of Canada’s established independent wealth management companies. Canaccord has doubled its client assets in Canada over a period of three years, hiring more than 45 IA teams, including 14 from Richardson, who collectively manage more than $ 11 billion in client assets.