Canada is a very wealthy country that seems to lag behind in the number of family offices servicing its high-net-worth individuals and families. Nevertheless, Canadian family offices are expected to grow in the coming years and the country is already developing a reputation in the family office industry, even hosting a large conference for Canadian family offices.
The following free guide to Canada Family Offices will help you better understand Canadian family offices and provide you with resources to learn more about Canada. You should also check out our 100% free book on family offices.
Introduction to Canada
Canada is a large country to the north of the United States and has strong trading relationships with its neighbor and many other countries. Canadians enjoy one of the highest standards of living in the world and is also one of the wealthies countries. In many ways, Canada resembles its southern neighbor, especially in the large amount of wealth and the impressive size of its economy relative to its population. Canada was not immune to the effects of the financial crisis and was indeed quite damaged by the recession. However, due to Canada’s more conservative lending practices, the major Canadian banks were able to emerge from the crisis relatively quickly.
Canada is a highly stable country with a healthy economy, good governance and a strong financial sector. There is a growing number of high-net-worth individuals in the country that are expected to increasingly require the services of family offices (this is explained in more detail in the following section). Canadians are already well-accustomed to the idea of family offices; there have been family offices operating in the country for years and there are thousands of family offices in the neighboring United States. For these reasons and more, Canada is a great location for family offices.
Family Offices in Canada
Canada has significantly less family offices than the United States–which has somewhere in the neighborhood of 3,000 family offices. However, there are still many wealthy families and high-net-worth individuals living in Canada that require the services of a family office, so it seems only logical that more and more family offices will continue to serve the prosperous families in Canada.
The demand for family offices seems to be growing in Canada, along with the wealth among families in the country. As Sloan Levett of the Fuller Landau Private Wealth Advisory Group Inc. explains, “7,000 Canadians have investable assets in excess of $20 million and approximately 450,000 with between $1 million and $20 million. With this anticipated transfer of wealth expected over the next 10 years – it is anticipated that 70% of Canadian businesses will change hands.” All of this suggests a greater need for family offices to help these high net worth individuals and families maintain and grow that wealth.
Canada Family Office Resources Guide
Canada Family Office Resource #1: This article is a nice profile of the responsibilities of family offices to wealthy Canadian families.
Canada Family Office Resource #2: If you are looking for contact details of family offices places such as Canada you may want to consider using a Family Offices Database. A Family Office Database provides you with the complete contact details for 100’s or sometimes even up to 1,000 global single and multi-family offices within an easy to use Excel spreadsheet format. Learn more about this by clicking here.
Canada Family Office Resource #3: This press release covers WaterStreet, a leading multi-family office in Canda, and its expansion and additions.
Canada Family Office Resource #4: In this article, Northwood Family Office CEO Outlines Why Canada is a Premier Destination for Wealthy Families Looking to Protect and Build Family Wealth.
Canada Family Office Resource #5: A survey featured on this Financial Careers Canada website notes that a high number of family offices are looking to hire analysts.
Canada Family Office Resource #6: Sloan Levett of the Fuller Landau Private Wealth Advisory Group Inc. has contributed an article on Canadian family offices titled “Multi-Family Office – what is it and is it right for you?” You can read the article here.
Canada Family Office Resource #7: This brochure is for a Canadian Family Office Invitational Summit.
Are you an employee or manager of a family office in Canada? Then we’d like to keep in touch with you. Simply send us an email at Richard@RichardWilsonCapital.
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