For many Canadians, researching investments and learning about financial education isn’t at the top of their list of things to do. With thousands of stocks and ETFs that trade on the TSX, creating and managing your portfolio can seem daunting.
If you are seeking to invest and grow your wealth, there are plenty of investment firms in Canada that are available to help you out. What do investment firms do? They provide financial planners and advisors to help build your personal investment portfolio.
But these advisors do not just advise you on which stocks to buy. They provide a full wealth management service that includes guidance for mortgages, pensions, taxes, and estate planning. These investment firms will provide you with financial advice to both grow and protect your family’s wealth.
In this article, we will discuss the top 10 investment companies in Canada for 2024.
10 Best Investment Firms in Canada for 2024
Here are the firms we will be discussing in this article:
- Raymond James
- Edward Jones
- RBC Dominion Securities
- BMO Private Wealth
- TD Wealth Private Investment Advice
- Assante
- National Bank Financial
- IA Private Wealth
- CIBC Wood Gundy
- Manulife
1. Raymond James
Raymond James is an American investment firm that was established in 1962. The company publicly trades on the New York Stock Exchange under the ticker symbol NYSE: RJF. As of April 2023, it has a market capitalization of $20 billion and is a component of the S&P 500 index.
In Canada, Raymond James operates three corporate offices in Vancouver, Toronto, and Montreal. The company has over 8,700 financial advisors that operate globally, with over $1 trillion in total assets under management.
The motto of the company is Life Well Planned. Raymond James will help you with everything from investment banking to estate planning to insurance solutions.
Overall, Raymond James has an excellent customer satisfaction score in Canada and is widely regarded as one of the best wealth management companies in the world.
2. Edward Jones
Edward Jones is also an American investment management company that was established in 1922 in St. Louis, Missouri. This firm is privately owned and has its Canadian headquarters in Mississauga, Ontario. Overall, Edward Jones has over 15,000 branches across North America.
Like Raymond James, Edward Jones has a long list of financial services for its clients. Included in these are long-term investment accounts, insurance, and wealth management strategies.
As of 2024, Edward Jones has over USD $1.9 trillion in assets under management. In Canada, Edward Jones has 850 of its nearly 20,000 global advisors. The company has 8 million global clients and takes pride in focusing more on face-to-face relationships rather than needing to appease shareholders.
3. RBC Dominion Securities
The third name on our list needs no introduction in Canada. Royal Bank is the largest bank in Canada by market capitalization and total assets. RBC Dominion Securities is the bank’s wealth management branch, and with more than $200 billion in assets under management, it is one of the largest investment firms in Canada.
RBC Dominion Securities has been managing the wealth of Canadians since 1901. If you are a client of RBC Dominion Securities, you have access to its investment management, wealth planning, and trust and estate services.
With RBC Dominion Securities, there is a long track record of success and accolades. In 2023, Global Finance already awarded it with the Best Private Bank Award, while in 2022, it won a long list of awards, including the Best Private Bank in Canada from the Global Private Banking Awards.
4. BMO Private Wealth
BMO Private Wealth is the private investment services arm of the Bank of Montreal. Through its BMO Nesbitt Burns full-service brokerage and investment advisor network, BMO Private Wealth manages over $190 billion for Canadians across the country.
With over 1,300 advisors available in most BMO locations nationwide, it is easy to contact a Nesbitt Burns advisor. The BMO Trust Company side of the Private Wealth division helps clients with estate services and trustee assistance.
BMO even offers focused services like cross-border solutions for Canadians who live internationally and professional athlete wealth management.
5. TD Wealth
Toronto Dominion Bank, or TD, is the second-largest bank in Canada after RBC. Its TD Wealth division provides private investment management services through TD Wealth Financial Planning and TD Wealth Private Wealth Management.
As of 2022, TD Wealth had over $322 billion in assets invested through its various wealth management divisions. This AUM is spread out across more than 380,000 Canadian households and is managed by over 2,300 TD Wealth financial advisors.
According to its website, a TD Wealth Advisor is suitable for clients with over $1 million in assets. A TD Wealth Financial Planner is for clients with between $100,000 and $1 million in assets.
6. CI Assante Wealth Management
CI Assante is one of the few private Canadian wealth management firms that go head-to-head with the big banks. It was established in 1988 in Toronto but now has offices across Canada, where its nearly 1,000 advisors are located. Assante was acquired by CI Financial in 2003 for $846 million.
Just because CI Assante is smaller than the big banks or Raymond James, it does not mean its services are limited.
This company offers plenty of wealth management opportunities, including personalized investment strategies, risk management and insurance, estate planning, retirement planning, and tax strategies.
7. National Bank Financial
Yet another wealth management service from a big bank in Canada, National Bank Financial was founded in 1902. The Quebec-based bank is the sixth-largest bank in Canada and manages over $140 billion in assets for Canadian investors.
National Bank Financial has over 800 advisors that can help with growing your wealth, planning your retirement, and preparing your estate. It is also focused on protecting your family, most of all by helping you plan for the unexpected.
As of 2023, National Bank Financial cited that it was Canada’s fifth-largest investment management company, with a 9% national market share and a 27% market share in the Province of Quebec.
8. IA Private Wealth
IA or Industrial Alliance Private Wealth, is another privately operated investment firm in Canada. Its head office is based in Montreal, although it has offices in Toronto, Vancouver, and Calgary as well.
Compared to the big banks and the American investment firms, IA Private Wealth is of a much smaller scale. It currently has about 500 financial advisors with over $48 billion in assets under administration.
This private wealth management firm offers many different solutions for its Canadian clients. Included in these are retirement and estate planning, tax planning, investment advice, and insurance, amongst others.
IA Private Wealth even provides its clients with several different resources, including webcasts and videos to keep clients up to date with the financial world. These materials also provide valuable financial education with quick and easy weekly delivery.
9. CIBC Wood Gundy
Another investment management service from a big bank, Wood Gundy, is a subsidiary of CIBC. This brand offers over 800 financial advisors who work in more than 80 CIBC locations across Canada.
Being backed by a big bank certainly has its advantages. By leveraging CIBC’s client base, Wood Gundy manages over $160 billion in assets, making it one of Canada’s top investment firms.
CIBC Wood Gundy provides financial planning services for every stage of life. Whether you are preparing to buy your first house, planning for your child’s education, or preparing for retirement, CIBC Wood Gundy’s advisors can help you with every financial decision.
10. Manulife Private Wealth
Most people will only think of insurance when they think of Manulife. While this is the company’s largest business segment, Manulife is involved in other services like wealth management as well.
One thing to note, a majority of Manulife’s clients are businesses or large groups like pension plans. This makes sense since the company already has a large market share of Canadian employment insurance and benefits.
Manulife and its advisors will provide advice for wealth and estate planning, investment management, and private banking for high net-worth clients.
Manulife Private Wealth takes a goals-based approach to wealth management which creates a portfolio and plan that is based on your family’s specific goals.
Are Investment Firms Worth it in Canada?
While investment firms can provide excellent wealth management services, they do come with some drawbacks. The most glaring one is the high fees that each company will charge.
Typically, these fees are a percentage of your overall portfolio. These are certainly higher than managing your portfolio yourself at a bank or discount brokerage.
Another drawback is that most investment firms require you to have a minimum net worth. While some will start as low as $100,000, there are plenty of advisors that will only help those with over $1 million or even higher. Networth will exclude a majority of Canadians from ever being able to use an investment firm.
On the other hand, some of these investment firms have a stellar track record of market-beating returns. Their advisors provide you with guidance in your financial decisions for you and your family.
For many Canadians, the all-in-one financial services from an investment firm make the high fees worth the cost.
Most Canadian investors will likely be better off using a robo-advisor service at a Canadian brokerage. Here, the fees will be lower, and your net worth does not matter.
Just keep in mind that these robo-advisors are only for investments. They do not help you with in-depth estate planning, wealth management, or taxes.
Questwealth
Professionally managed ETF portfolios
Multiple accounts & low fees
Auto rebalancing and div reinvesting
Invest $10K free in 1st year
