Triumph in teamwork

[00:00:11] David Kitai: Hello and welcome to this special episode of WPTV. My name is David Kitai, Senior Editor at Wealth Professional. Since our WP Awards ceremony earlier this year, we've been taking time to celebrate key winners, and today we are celebrating a big one. The winners of the Franklin Templeton Award for Advisory Team of the Year with 10 staff or more, the LePoidevin Group of Canaccord Genuity Wealth Management. To unpack why this team stands out, we are lucky to be joined by David LePoidevin, Senior Investment Advisor and Senior Portfolio Manager. Fletcher Hemmons, Senior Investment Advisor and Senior Portfolio Manager. Darcie Crowe, Senior Wealth Advisor and Senior Portfolio Manager. And Marc Rinfret, Senior Investment Advisor and Senior Portfolio Manager. Folks, welcome to WPTV. Thanks for being here.

[00:00:57] David LePoidevin: Happy to be here.

[00:00:59] David Kitai: So let's start with maybe the most obvious question. Why do you think you won this award? Maybe, David, if you don't mind leading us off.

[00:01:07] David LePoidevin: All right, I'll tackle this one. I think at the end of the day, let's remember that we're in the making money business. And I think at the end of the day, our performance is right up there in terms of some of the top returns from advisory teams. So I think when you combine that with a real team approach and a specific portfolio designed for client individual needs, I'm certainly proud that we were recognized for our efforts and what we do, because I think the client experience is what we strive for.

[00:01:47] David Kitai: Amazing. Fundamentals, so key. And staying focused on that core goal. I feel like it's something that a lot of advisors will talk about. Being able to deliver on that is an exceptional piece. You mentioned the team approach, and you are surrounded by your team here, David. How have you managed to attract and retain some of the industry's most talented advisors into your practice?

[00:02:11] David LePoidevin: We're very, very lucky to have key people, and the team is actually made up of 18 people. With me today are the three advisors that are discretionary portfolio managers, but we have designated financial planners, admin people, behind the scenes, and designated research and trading. So I feel it really is a team approach and we manage a lot of money. How did we attract the three people here? I think they're all like-minded people that have a passion for the markets and for helping individuals. And, you know, Darcie was on her own as an advisor. We teamed up. It was a win. Darcie, do you want to tell how we got together?

[00:03:02] Darcie Crowe: Yeah, absolutely. So I had my own practice for over 10 years. And slowly getting to know David and his team, I just sort of saw this incredible opportunity to come together and bring the strengths of the individual advisors to be able to deliver this really, really integrated, holistic experience for our clients. And that was what really attracted to me. I saw the performance being delivered and I saw that opportunity to, you know, to add to the team and really hone in on the strengths that we all offer to clients to deliver that really seamless solution.

[00:03:33] David Kitai: Yeah, that's fantastic. And anybody else on that, Fletcher or Marc, do you want to weigh in a little bit on what brought you into this practice?

[00:03:41] Fletcher Hemmons: Yeah, I mean, I think that Marc and I have a bit of a similar experience starting with Dave, you know, right into our, you know, from the beginning of our careers. And just an overlap of passion, both for the markets and passion for helping clients and helping them reach their goals. And I keyed in on that right as soon as I met Dave and got to know the business a bit more. And we've stuck together ever since, and it's worked very well.

[00:04:09] Marc Rinfret: Yeah, and I would be a similar situation. Had it started with David from the very beginning, I remember meeting him, and you could feel sort of that passion. And then learning more about the business and how hands-on he was. That's what I wanted to be involved with is a growing business where, you know, we were in the markets and learning and introducing ourselves to new clients and their situations and scenarios. So it's really the passion that was the driving force.

[00:04:36] David Kitai: Yeah. It's, again, fascinating answers, but also gratifying in some ways to hear the unity there and the common threads through all of your answers. But to go back a little bit to what Darcie said, you know, you mentioned the strengths that you saw that could come out of working together, bringing these multiple practices, these multiple professionals into a team. So, you know, why, in your view, does a team approach like yours matter in today's industry?

[00:05:02] Darcie Crowe: Sure, I can start with that. So I think today what we're seeing is client situations are much more complex. And I think their needs and their wants from a practice team has really evolved. And it's much more sort of, you know, demanding and broader than what maybe it used to be. So I think from that standpoint, that team approach where, you know, each of the four of us and the rest of our team can really bring the different strengths, whether it's from the investment standpoint, you know, tax and wealth planning, estate planning, legacy planning, charitable gifting, you know, there's so many different aspects that clients are really looking for that advice from, from their wealth advisors now, that having that team-based approach really enables to give us that high touch on all those, you know, broad areas of financial advice that they're looking for. And the team approach really is the only way to do that. One single person does not have the ability to be, you know, the best and the most knowledgeable in all of those areas, but by bringing our team together, we're able to deliver that to clients.

[00:06:00] David Kitai: Okay. Again, fascinating insight into what's going on here. And I want to maybe go a little bit specific. Maybe, Fletcher, you can take this one. You know, when you are meeting with clients today, what are kind of the key pressing issues you're hearing from them that you now need to address?

[00:06:17] Fletcher Hemmons: Yeah, that's a great question. So, you know, as a group that works with a very diverse client base, you know, while individual needs are, of course, individual to the client, people are, you know, living longer, people are dealing with, you know, multi-decade high inflation recently. So it's their own complex issues while, you know, looking for some good upside in their portfolios and that personalized touch that says, you know what, there isn't a cookie cutter approach that is good for every client. Let's get to know your specific needs and let's help address them.

[00:06:52] Darcie Crowe: And I'll just add to that, Fletcher, too. Another thing that we're seeing is this intergenerational wealth transfer discussion is really, really, you know, dominant right now in terms of a lot of the families that we're working with. And I think that's an area that we can also, you know, really help clients. They're looking for advice on, you know, what's the most tax efficient way to transfer this wealth to their clients? Can they afford to help kids, for example? You know, charitable gifting again is a part of that discussion. So I think that's another thing that we're really seeing come up with clients as well, in addition to, you know, that longevity, living longer, inflation's higher, you know, making sure they have the confidence that they can, you know, live the lifestyle they want.

[00:07:34] David Kitai: I think the word holistic gets used a lot in this industry. And sometimes it doesn't necessarily mean what it should mean. What you're painting for me is a picture of actual holistic advice, where you are going deep on specific issues. You're also bringing in other areas that maybe the clients haven't thought about that maybe, you know, other advisors might not necessarily think about, but where you have that, that width and that depth, in your approach. It's, again, a really interesting way of approaching that H word that gets bandied about maybe a few too many times.

[00:08:07] David LePoidevin: This is where the team comes up because I tend to get very, very detailed on the yield curve and what the president of the United States is saying and the market moves and the rates, and whereas Darcie can step back on the individual client situations. And so I think it's, again, when you come together, it just makes, it's not one plus one is two, it's one plus one is way more than two in terms of the client's experience.

[00:08:35] David Kitai: One thing that you mentioned at the start of the interview, David, was that results were a key part of why you won this award and what you were able to deliver for your clients through your investment philosophy is what has earned you this recognition. How does that investment philosophy differ from traditional model portfolios or some of the outsourced strategies that many advisors will use today?

[00:08:56] David LePoidevin: It's an excellent question. And I think it's what differentiates us a lot. We do not use model portfolios. We have a playbook. And at the end of the day, if a client comes in, let's say they bring in a million dollars today. And while the markets that are at an all-time high, our competition will use a model and that day you're in. We do not have a time machine. So if Wells Fargo's common stock is trading at $80 and we bought it at 21, there's no way for us to go and buy that stock for the client at yesterday's price. So we buy the stocks in the accounts that we think are very attractive today. So it might take a while to deploy the cash, but at the end of the day, it's that individualized approach. We also are not governed, like many banks are, to a 60-40. When I mean 60-40, these are percentages. And the banks must have a 40% bond allocation. Look, we've been through almost a 20-year period where interest rates were 0% to 1%, maybe touched on 2% in 2019. If you're paying a 1% management fee and bonds are yielding 1% to 2%, 40% of your portfolio is going to be earning close to zero. So we can be more proactive and we can buy other low-risk securities that are not correlated to stocks. We also are not married to stocks. So if we feel that there's periods of time where we want to be more cautious, we can. We are not governed by just a static portfolio. And while many portfolios took years to get back to break even, because we were only very small losses, it was onwards and upwards. And it's the wealth building and compounding on itself that is really where we've grown our book to today, our client base.

[00:10:53] Darcie Crowe: Dave, I'll just add two points to that as well. And I think sometimes we refer to this as the unconstrained approach. And really that's speaking to how do we have the ability in years like 2008 to protect portfolios the way that we have throughout those periods? And I think that speaks to that unconstrained approach where we are not forced to always own 60% equities or 40% bonds. So it allows us, as we know, the market environment is dynamic, it's ever changing. So we're looking forward, not back. And we're saying, how can we make sure we're positioning clients effectively to perform, but also to protect in the market environment that we're in today and what we're looking forward to. So I think that that's been a really, really significant contributor to that long-term performance. And secondly, because we don't have these model portfolios of third-party managers, we're able to deliver those really unique portfolios to clients. So whether it's liquidity needs or tax management, it enables us to deliver that really unique and customized approach to clients that you really can't achieve through those model portfolios.

[00:11:54] David Kitai: I think that's such an instructive response. And when we talk about how advisors show value, so frequently that story returns of you are able to outperform in the down years. You are able to provide reassurance. You are able to provide a sense of, oh, this is why I came to work with you. And this is such an indicative example of showing that value. Showcasing value also goes beyond just investment management, especially in the year 2025 in the wealth management industry. So maybe, and Darcie, you kind of highlighted this earlier, so I'll ask you to start with this piece. Could you talk me through a little bit of how you guide clients beyond investments into areas like tax and estate planning, retirement planning, and create a truly comprehensive wealth strategy?

[00:12:43] Darcie Crowe: Absolutely. So as I mentioned before, what we're seeing today is just the needs of clients is a lot more complex than what traditionally they were looking for in wealth management industry. So we really, we don't use cookie cutter investment solutions and we don't use cookie cutter off the shelf financial plans either. So I think that's what really allows us to stand above our competition. So the first thing we always do with clients is this discovery process. And we involve Anne Jackson, who heads up our wealth and estate planning for our team. And that really dives into the client's really unique objectives, plans, family circumstances, what their goals are for the future. So that's what gives us the ability to really structure the portfolios from an investment perspective around what their liquidity needs are and what their goals are. Are they buying a cottage in two years? Are they planning to gift to their kids? You know, is there health concerns that they need to think about for 20 years down the road that's going to be a real strain on their income needs? So these are all things that really you need to have that really in-depth knowledge of the client in order to be able to, you know, effectively manage their funds and plan for their future. So through that process, we also integrate with the clients other financial professionals as well, or whether that be their tax accountants, their legal professionals, estate planning professionals as well. So we want to make sure that their estate plans are in place, their charitable gifting plans are in place. And that all ties back into how we're effectively managing their portfolios, making sure they have the income streams for retirement. And from a tax efficiency standpoint, we're doing everything possible to minimize taxes within the portfolio as well.

[00:14:27] David Kitai: Okay, that's, again, a really instructive answer and something that shows just how far the industry has come from, you know, what was a distribution business, you know, 30 years ago into something that really is about service delivery and about having that kind of approach to clients. I wonder, Marc, if you want to add maybe a little bit to this point as well on your approach that goes beyond just the investment planning.

[00:14:51] Marc Rinfret: Yeah, I think there's a growing desire for clients to get access to more and have a more holistic approach. Even more than that, I think they want to do it all under one umbrella. And in our case, we have, we had that, we have portfolio management and we've got defined traders and research. You've got a financial planner who offers estate insurance planning, and it's all done under one umbrella. So we're not farming that out. Clients don't need to feel like they need to go outside of our group to get all of the things that, you know, they should have access to.

[00:15:27] David Kitai: Again, a brilliant answer, and thank you for adding that insight there. I think in a lot of what you've told us here, all of you about your practice, there's one question that kind of remains. And in some ways, we've been dancing around it the whole time. But how, in your perspective, do you deliver a client experience that feels both highly personalized, but also highly sophisticated?

[00:15:52] Fletcher Hemmons: Yeah, I'll jump in on that last one. I think that's something we strive for all the time. And I think it's partly why we have so many team members. We want clients to have access to those people in our team who have defined roles. And I sort of touched on this a little bit earlier, but that provides that personalized touch. If clients call in and have questions about specific security, they can talk to one of us. They can also talk to a trader or somebody who might be able to, you know, get them access to some research. And if they have planning related questions, they can go right to Ann, Jackson in our team. They're not going to be waiting in a queue or competing with others at the firm. They're going right to the same person. And when their plan requires updates in a year or two, they'll know they're going to the same individual in our team. And they'll know that that person is dealing directly with David or myself, Darcie or Fletcher. All of those little touches at personalization that I think clients appreciate.

[00:16:51] David LePoidevin: One of the things we started doing a few years ago, well, we started about 10 years ago doing client calls. And when we get 10 people calling and they're worried about tariffs or they're worried about the COVID situation, we said, you know, I bet a lot of other people are thinking the same thing. So we do regular updates on where we're going with portfolios. And so rather than that individual blasting out many, many calls saying the same thing, sometimes we'll just hop on a conference call. We then put those conference calls on YouTube. So it used to be telephone calls with a 10-digit PIN number and you'd call in. And now at the end of the day, a little bit of technology. And we do it on Zoom so you can watch live. And then if you're unavailable during that time or you want to sit back on the weekend and watch it, we put them on YouTube. So if you go to YouTube and look LePoidevin Group, you can watch any of our past episodes. It also helps in terms of new clients because you could — what did they say during COVID? What was David's advice pre-Donald Trump? And we're very proud of our proactive approach to protecting during market cycles. So I think that those updates give us a lot of client touch without the individual calls. So we're also working hard at that money management and research as well as in regular contact with clients.

[00:18:26] Darcie Crowe: And I think what we hear from clients a lot is just the exceptional client experience that they get with our team. And that encompasses everything from, you know, the excellent, you know, portfolio performance, but it's also it's transparency and trust that clients have with us as well. So we're incredibly transparent on the fees. We're transparent on how we're managing your money through David's webinars that we're doing on an ongoing basis. We're transparent through the financial planning process. And so all of these factors really contribute to that trust and loyalty that we see with clients over the long term working with our team.

[00:19:02] David Kitai: Folks, you've given me a picture of why you won. To go back to that first question, I feel like in many ways we've answered it in great detail now through this conversation. But this idea of very much a high touch service business that is oriented towards driving results for the clients on the investment side, planning for the clients on the emotional and financial side of things. Again, the word holistic gets used a lot in this industry, but you've given me a truly holistic picture of your business and a view of what holistic advice actually means in the year 2025. So with that, I can just say thank you for sharing these insights and showing me and our viewers, just what you are doing to earn this recognition. Really appreciated your time.

[00:19:49] David LePoidevin: Thank you very much.

[00:19:52] David Kitai: And thank you to all of our viewers. For WPTV, I've been David Kitai. Have a great rest of your day.