iA Private Wealth Management USA Inc. (“iAPW-USA”) has launched business operations. It will act as a U.S. Registered Investment Advisor (RIA) firm based in Canada.
iAPW-USA is a subsidiary of IA Financial Corporation Inc. and a sister company to iA Private Wealth Inc. It offers integrated cross-border wealth management solutions to residents of the United States and Canada.
Investment advisors registered with the RIA will hold dual licences, in both Canada and the US, iAPW points out. These advisors will provide all client services from their Canadian offices. In particular, they will propose strategies for their clients’ cross-border accounts.
RRSPs and DCPs
The new RIA will be able to offer a comprehensive suite of wealth planning solutions. This includes servicing Canadian registered accounts through iA Private Wealth and non-registered U.S. accounts. They will also be able to offer US retirement accounts such as IRAs (individual retirement accounts, vehicles similar to Canadian RRSPs) and 401(k)s (similar to Canadian employer-sponsored defined contribution plans).
“We are excited about the incredible potential of this new platform, as it will allow our advisors to provide a complete, holistic wealth management offering to their clients, regardless of whether they reside in Canada or the US,” says Stephan Bourbonnais, President and CEO of iA Private Wealth.
The RIA firm will offer clients managed accounts in which advisors can make investment decisions on a client’s behalf. It will also offer separately managed accounts that give clients access to investment managers, simplified reporting and tax management.
Compliance tools
Michael Smith, President and Chief Compliance Officer of iAPW-USA, says he is committed to supporting his advisors in business development. To this end, Smith aims to provide advisors with “the best tools to meet and exceed the needs of their clients.”
In addition, iAPW-USA has hired Bank of New York Mellon’s Pershing Custodial Services, the industry’s largest provider of clearing and settlement solutions, iA notes. “Pershing has a proven track record of powering businesses by driving growth and helping firms stay ahead of new regulations,” the press release reads.
Pershing’s fully integrated trust accounting and global custody, along with its state-of-the art technology platform includes client onboarding, multi-currency accounts, asset movement and straight-through processing, iAPW-USA continues, adding that these assets help firms streamline front-, middle- and back-office activities while delivering a seamless customer experience.
“An integrated platform that is flexible and scalable for brokerage custody is the key to becoming a premier wealth management firm, and we have that in our partnership with Pershing,” says Mark Robinson, Chief Operating Officer, iAPW-USA.
