Date: August 11, 2021
View Press Release as seen on Benzinga
Vancouver, British Columbia – The Harbourfront Group of Companies (“The Harbourfront Group”), today reported financial results for the quarter ending on June 30, 2021. Comprised of multiple business interests, The Harbourfront Group posted revenue growth of 36.9 percent year over year and declared yet another dividend.
“We have had continued success during late 2020 and the first half of 2021 in recruiting strong, well-established advisory teams to Harbourfront Wealth Management, the Harbourfront Group’s independent advisory arm,” says Lynn Stibbard, CFO of Harbourfront Wealth Management.
“This has resulted in a significant increase in assets under administration and revenue growth during the quarter, a trend that we expect to continue into the remainder of the year.”
Harbourfront Wealth Management Inc. reported a 45.6 percent year of year increase in assets under administration for the second quarter ended on June 30, 2021.
Danny Popescu, CEO of Harbourfront Wealth Management, said: “Advisors are realizing that it’s not always best to switch to a dealer just because a colleague IA has. Some IAs are more analytical than others and won’t accept equity ownership in a dealer without first looking under the hood.”
Mr. Popescu, says “high AUM does not mean a healthy, profitable business and those who compare balance sheets, always pick us.”
“I don’t want to own the hotel chain that has the highest number of rooms, I want a lean hotel business that has the best profit margins. Advisors want assurances, they want dividends today rather than be told that profits are simply reinvested back into the business.”
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.
Learn more: harbourfrontwealth.com
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