Date: May 25, 2021
VANCOUVER, British Columbia, May 25, 2021 (GLOBE NEWSWIRE) — The Harbourfront Group of Companies (“The Harbourfront Group”) comprised of multiple business interests including Canadian independent advisory firm Harbourfront Wealth Management Inc., (“Harbourfront” or the “Company”) today reported its fiscal 2021 first-quarter financial results to the board of directors. The Group posted a March quarter revenue growth of 49 percent year over year and has declared a cash dividend to shareholders.
This performance reflects the strength of The Harbourfront Group’s diversified revenue streams. Business entity, Harbourfront Wealth Management Inc. reported assets under administration (AUA) up 52 percent year over year in the first quarter. AUA is a key performance indicator and one of the financial measures used to determine operating performance.
“Our growth this past quarter is reflective of various factors and has enabled us to sustain our top-tier performance through the current quarter says,” Lynn Stibbard, CFO & COO of Harbourfront Wealth Management.
“Harbourfront continues to be responsive to market changes, therefore mitigating the effects of any adverse reactionary activity, and actively increasing assets through the recruitment of established advisors with large books of business.”
Danny Popescu, Chief Executive Officer of Harbourfront says, “Within the first half of the year, Harbourfront has seen interest from advisors who are looking to gain significant equity upside from their current levels, thus we believe advisors are starting to recognize that profits are more important than assets when it comes to acquiring equity in an independent dealer.”
We are attracting an influx of established advisory teams with big books of business, bringing continued confidence to our recruitment pipeline as we head into the second quarter. Notably, sizeable teams are set to join the firm and will commence as early as next month.
We continue to expect revenue growth to remain strong in 2021, despite the global pandemic.
About Harbourfront Wealth Management
Harbourfront Wealth Management is a Canadian-owned independent advisory firm servicing growth-oriented advisors and high-net-worth clients. Founded in 2013, the company is headquartered in Vancouver, BC, and has a rapidly growing network of 22 branches across Canada. It is a member of the Harbourfront Group of Companies, which also encompasses a sub-advised Canadian Asset Management firm specializing in alternative investments, and Harbourfront Wealth America, a US registered investment advisor.
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