‘Do what is right, not easy:’ Ottawa advisor follows in dad’s steps

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His father, Michael Prittie, started in the wealth management industry nearly 40 years ago and when the decision came to retire, Adam Prittie took over running Ottawa-based Prittie Private Wealth.

The firm’s AUM is several hundred million and their dealer for global access to public, private and alternative investments is Michael Lee-Chin’s Mandeville Private Client Inc.

Adam Prittie is an associate portfolio manager, chartered investment manager and holds his certified financial planner certificate. He graduated from Carleton University’s Sprott School of Business with a Bachelor of Commerce and a concentration in Finance.

His interest in wealth management and the family business began in high school, and he says his father’s support as he earned his credentials, and even his help guiding him through the global financial crisis in 2008, was key to his successfully taking over the business.

As he says, “It’s been a great dynamic as both father-son and business partners and now being the primary portfolio manager, I feel that I was well prepared for the transition.”

Here, Prittie describes the transition of the business from father to son, and what he learned from his dad.

How was the firm founded?

“About 16 years ago, I recall Michael desiring a clear and distinct name for his Ottawa branch that provided co-branding alongside the dealer. This enabled clients to differentiate between services provided through the dealer and the services and advice provided at their local branch.

For example, we process client tax returns, write robust financial plans, and provide a myriad of extra client activities, such as monthly seminars, client events, etc., and these are all done and funded at the branch/advisor level.

We have the added benefit of Mandeville Private Client Inc. as our dealer for global access to public, private and alternative investments.

This is how and why Capital Wealth Partners [the Ottawa branch originally branded by his father] evolved years ago.

Another benefit is that when we changed dealers, there was continuity, because Capital Wealth Partners was a constant and enduring familiar name for clients, no matter which dealer we associate with. Although Michael has retired, this branch co-branding feature continues to benefit us all.”

Could you talk about your firm’s size and type of clientele?

“I will say it is several hundred million and that the average household size is about $800,000. We have clients with about 10 million.

We are a full-service practice whose focus is multi-generational wealth creation.

Prittie Private Wealth’s client base includes individuals, entrepreneurs, and corporations. These families range from all walks of life. To name a few: engineers, teachers, realtors, business owners, and all who come to us with a desire to seek advice and form a financial partnership to grow their wealth.”

Could you describe your firm and its operations?

“All client deposits and associated trading, reporting and dealer related activity like compliance oversight are provided through Mandeville Private Client Inc. and the firm’s back-office, Fidelity Clearing Canada. This provides surety through CDIC for guaranteed products and CIPF for protection against dealer insolvency. It is the same client asset protection here as it is for all major Canadian investment dealers.

Capital Wealth Partners is the local central Ottawa branch where the ‘rubber meets the road,’ so to speak. This offers an upscale environment where we meet clients, have our discovery discussions, and conduct all business and presentations. This is where we invite our accountants and legal partners when needed to meet and confer with clients. It is the local name and office location our clients associate with their planning needs.

I offer discretionary portfolio management services where I create model portfolios that serve as blueprints for constructing individual client portfolios. These models reflect different risk profiles and investment strategies (e.g., conservative, balanced, growth) for clients to best suit their needs.

There is also further portfolio customization, as we tailor the model to suit the specific needs of clients, adjusting for desired preferences or constraints as outlined in the client’s investment policy statement.”

What would you say really worked for you and made your firm successful?

“As a dealer, Mandeville has allowed us to grow through access to world-class proven private and alternative investments. Its discretionary (managed) fee-based platform is excellent with no bias whatsoever for an in-house product. At my level, I believe strongly in Michael’s long held philosophy of ‘do what is right, not easy.’

Our company founder has a saying ‘Your behavior today is your history tomorrow.’ We both live that and want nothing more than to provide added value to our client’s experience with us. I spend a lot of time on research, have a robust experienced team around me and together we do our best to create raving fans of our service.”

How did your father prepare you for succession?

“My interest in wealth management and the family business began when I was in high school. By that time, I already had quite a few years of personal investment experience, as well as having taken several business electives that further sparked my interest.

I discovered that I wanted to take it a step further and pursue the same line of work as my father.

Michael had guided my investment experience to that point and his wisdom and experience were critical in highlighting how to be successful. I wanted to help others in the same way he does.

I went on to attend the Sprott School of Business and obtained numerous licenses through the Canadian Securities Institute with the express intention of continuing Michael’s business.

All in all, my serious interest began around a decade ago and grew rapidly into becoming a licensed professional while in university so I could hit the ground running after moving on from Carleton.”

How did these discussions impact your father-son connection?

“For me, having the dynamic of both father-son and business associates has been excellent. It has allowed us to get along well on a personal level in the business.

It also fostered an environment wherein learning was easy and I always had a profound knowledgeable resource available to me when needed.

I am grateful to have a gifted and generous mentor who has been there for me, from guiding me through the global financial crisis in 2008-09 to providing support as I gathered my credentials to get where I am today.

It’s been a great dynamic as both father-son and business partners and now being the primary portfolio manager, I feel that I was well prepared for the transition.”

What trends are you observing in terms of your clients’ concerns, or changes in goals?

“These days the majority are concerned about increasing taxation, intergenerational wealth transfer, and estate planning. Some, as my parents did, are looking at opportunities outside of Canada but most just want a solid proven and effective plan to deal with the current situation and adapt as it unfolds.

Others are interested in investments in AI or electrification of vehicles, for example.

For our part, we focus on the five laws of wealth creation, investing in excellent businesses with proven track records, forward looking tax planning, and other proven tools and methods to reduce the tax burden.

What have you learned from your father?

“In his business life, Michael has always put clients first by doing what’s right, not what’s easy, even when no one is looking. This dedication, along with ‘doing well and doing good,’ has been a great inspiration and influence on me. It has shown me that it’s not about what you say, but what you do that matters most. This has proven true in all aspects of the business whether it be providing financial advice and helping clients follow through, keeping clients calm during difficult economic times, or going above and beyond to assist others less fortunate.

A history of honesty, integrity, and knowledge has been crucial to the long-term success of Michael’s practice, and it has translated into the creation of satisfied clients who are fans and advocates.

That is something I strive to replicate as it has been a critical component to success in this business. I’m proud to follow in the footsteps of someone who has been so dedicated and taught me so much.”

Note from Mandeville Private Client Inc.: Mandeville Private Client Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (“CIPF”). Commissions, trailing commissions, management fees and expenses may be associated with investments. Products are not guaranteed; their values change frequently and past performance may not be repeated. Please read the offering documents before investing.

Responses have been lightly edited for clarity and length.

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