At RiskMetrics we are passionate not only about ensuring that every client can be confident in knowing that their financial advisor has made an accurate assessment of their risk profile, but also we believe in supporting some of the other leading players in the wealth management industry. As a result, we will be releasing weekly blog posts as part of an advisor spotlight series. The series will showcase advisors and firms we have come into contact with who have adopted innovative technology or who are using their own unique approaches to wealth management.
For our very first spotlight series, I would like to introduce Adam Bornn, CFP, BBA, of Parallel Wealth Financial Group in Langley, BC. Adam is the Managing Partner at Parallel Wealth Financial Group Inc and has nearly 15 years of experience as a Certified Financial Planner following his BBA from Trinity Western University. Parallel Wealth was founded on the principles that they strive to work in parallel with their clients and only implementing solutions for clients which they have implemented for themselves
Adam feels that it is critical as an advisor to truly understand his clients and an accurate risk assessment sits at the heart of this process. Through several in-person meetings and preparatory material Adam is able to arrive at a holistic view of his clients financial picture.
I had the pleasure to speak with Adam several weeks ago and hear about some of his personal experiences. Adam and Parallel Wealth have made an effort to always ensure that their clients receive clear, transparent advice which keeps the best interests of the clients first. He works primarily with pre-retirees and retirees, and is always searching for ways to better serve this client base along with their firm's younger client segment. I was quite excited to learn that Adam was in the process of creating online videos and course content for their client base - and Canadians in general. The content will span from how to get started with finances all the way to in-depth estate planning concepts.
As with many other advisors, Adam has older clients who have children or relatives that they refer but are still too young for full wealth management services and are instead in need of advice. These younger clients are charged 1% per AUM for fees and then they can talk to an advisor on demand whenever they want. Bringing financial advice to those between the ages of 25-35 who have traditionally fallen through the cracks is what I believe to be a huge opportunity. It is tough to determine how to best serve these smaller clients, but an efficient approach can set advisors up for many years to come as these clients age in their wealth.
Not only is Adam creating engaging new content and looking how to adopt younger clients, he was one of the early users in western Canada of Wealthsimple for Advisors. Since switching to Wealthsimple, Adam and his firm have been able to spend less time on paperwork and compliance and more time on their clients and planning for them. Not everything is perfect and there are some growing pains surrounding the CRM system, but they have great financial planning tools and Adam can’t imagine going back to the traditional mutual fund sales model. For the advisors out there, if you have any questions about using technology to scale your practice Adam should be your go-to contact.
Adam’s work to engage younger clients and experience with scaling through technology is really only just a fraction of the industry-leading techniques Adam is employing at Parallel Wealth. Direct contact information for Adam has been posted below as well as direction to connect with Parallel Wealth Financial Group Inc.
Feel free to reach out to Adam if you are interested to hear more about his services or ask him about his SimplePlans approach to help you prepare for retirement!Contact Adam