Purpose Advisor Solutions selects Fidelity Clearing Canada as custodial partner for Canadian independent wealth platform
Purpose Advisor Solutions (PAS) has selected Fidelity Clearing Canada to provide clearing and custody services. Fidelity Clearing Canada will act as custodian for the majority of assets transitioning with the Wealthsimple for Advisors business into Purpose Advisor Solutions later in September 2020.
Purpose Advisor Solutions, which is majority owned by Purpose Financial, delivers an end-to-end solution to simplify advisor practices offering wealth firms and advisors modern and intuitive tools that today integrate digital workflows across client relationship management (CRM), account opening and administration, portfolio management, reporting, compliance and trading and that are soon to expand to broader financial advice capabilities. PAS partners with independent portfolio managers and investment counsel firms in addition to financial advisors and planners seeking to operate as independent businesses.
“Providing our advisors and their clients with a leading-edge end-to-end wealth platform solution is a priority. Integrating our advisor platform with Fidelity Clearing Canada to deliver additional cost effective, custodial options is another step in our evolution,” says Jeff Gans, CEO, Purpose Advisor Solutions.
“After a comprehensive review of available options, it was clear that Fidelity Clearing Canada brings a custodial platform with the reliability and service model that advisors and clients will be able to count on for an industry-leading experience. Crucially, Fidelity Clearing Canada also brings the truly innovative spirit that is required for our company to bring the most advanced and connected digital platform for advisors in the market,” says J-F Courville, CEO of Wealthsimple for Advisors.
Fidelity Clearing Canada will act as custodian not only for the incoming Wealthsimple for Advisors business but also be an option for new advisors and portfolio managers selecting the PAS platform to operationalise their practice. The partnership will further add to providing advisors with the most integrated digital capabilities in Canada, from client onboarding all the way through to the implementation of best-of-breed investment strategies to sophisticated analytics and reporting.
Purpose Financial and the combined leadership team at Purpose Advisor Solutions and Wealthsimple for Advisors have a well-deserved reputation as industry leaders in bringing innovative wealth management solutions and products to the Canadian market.
“We are pleased that Purpose Advisor Solutions has placed their trust in us as a solution to help deliver their powerful technology solutions,” says Joel Bernard, Head of Sales for Fidelity Clearing Canada. "Our focus will be on delivering improvements and efficiencies, along with our commitment to outstanding customer service, to help Purpose Advisor Solutions grow its wealth management offering. We very much look forward to working with them.’