Dave Kelly’s Masterstroke: Unpacking His COO Appointment at Richardson Wealth

Dave Kelly's Masterstroke Unpacking His COO Appointment at Richardson Wealth

Dave Kelly’s Leap to Richardson Wealth

In a significant industry movement, Richardson Wealth Ltd. has welcomed Dave Kelly, an experienced figure in the financial sector, as their new Chief Operating Officer, effective from January 15. Kelly, who previously held a leading position at Gluskin Sheff + Associates Inc., brings a wealth of knowledge from over a decade at TD Wealth Private Wealth Management and CIBC. This appointment marks a strategic move by Richardson Wealth, signifying their commitment to bolstering growth and enhancing advisor support.

Strategic Growth and Advisor Support

Under Kelly’s guidance, Richardson Wealth aims to drive substantial growth, focusing on advisor support and collaboration with Neil Bosch and James King, the newly appointed regional heads of advisor experience and growth. Kish Kapoor, CEO of RF Capital and Richardson Wealth, emphasizes the importance of Kelly’s comprehensive experience in the industry, from investment advising to senior executive roles. Kapoor’s confidence in Kelly’s capabilities was echoed in the extensive selection process that led to his appointment.

Kelly’s transition to Richardson Wealth aligns with pursuing more entrepreneurial challenges. After Onex Corp.’s move, he decided to transfer Gluskin Sheff wealth management advisor teams to RBC Wealth Management Canada. Kelly admires Richardson Wealth’s advisor-centric approach, highlighting their significant investments in back office and portfolio management tools.

Ambitious Goals and Future Plans

Kelly’s appointment is timely, as Richardson Wealth is on a mission to triple its assets under administration to $100 billion. This ambitious goal, set since 2021, comes after a period of transformation marked by a shareholder dispute resolution and a rebranding initiative. As of the end of 2023, the firm managed $35.2 billion in assets, a noticeable increase from previous years. Kapoor acknowledges the boldness of this target, anticipating continued market and industry fluctuations alongside organic growth and advisor team consolidation.

In addition to supporting current advisors, Kapoor’s strategy includes recruitment and potential partnerships or acquisitions to bolster growth. These plans were highlighted in the firm’s earnings report, with expectations of significant growth through mergers, acquisitions, and additional support services to advisors.

Richardson Wealth also recently launched a $25-million internal financing program to support advisors purchasing books, demonstrating their commitment to empowering their teams. In the coming months, Kelly will focus on familiarizing himself with the firm and identifying key areas for deeper involvement.

Source: https://www.advisor.ca/industry-news/industry/industry-moves-dave-kelly-takes-on-new-coo-role-with-richardson-wealth/