There’s no strict legal definition of a family office in Canada. No doubt some firms are happy with the status quo, but others think we could do better in serving the industry and its families.

In the United States, the SEC has established a definition. This matters because legislation exempts certain “private advisers,” including family offices, from regulation under the Investment Advisers Act of 1940. 

At the risk of opening a giant can of worms, we at Canadian Family Offices thought we would ask: Has the time come to consider this kind of regulation north of the border?

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Canada’s wealth management industry is changing rapidly as two important trends take hold: intensifying competition for high-net-worth clients, and an aging advisor demographic that is putting increased focus on succession planning. These new market dynamics are paving the way for consolidation and fuelling a growing appetite for mergers and acquisitions. 

While M&A transactions are a long-standing growth strategy across industries, the reality is that the majority—an estimated 70 per cent to 90 per cent, according to the Harvard Business Review—fail to meet expectations. It’s rare to get an insider’s look at what it takes to successfully integrate two former competitors. Canadian Family Offices recently sat down with Patrimonica’s Mark-Olivier McNulty and Normand Coulombe for a candid discussion to learn how they navigated the process and their best advice for other multi-family offices preparing for an acquisition.

This story is brought to you by PBY Capital.

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