Founder of Nour Private Wealth left Lebanese civil war as teen

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Immigrants to Canada at times take the route of founding a private business, an important driver of the country’s economy. In this series we look at immigrant-founded family businesses, whether from the founder’s perspective or that of rising generations.

Elie, Karl and Ralph Nour of Nour Private Wealth joined their grandparents in Canada after they immigrated from the Lebanese civil war.

The three immigrated as teenagers, leaving everything they knew behind, and started their postsecondary education here.

Elie Nour ended up founding the Ontario-based wealth management firm his brothers joined and helped build.

Here, the three brothers share their unique perspectives on how their immigration experience from Lebanon to Canada shaped their approach to life, and family business.

How did you find yourselves in Canada?

Elie Nour: “My grandparents immigrated to Canada in the late eighties during the Lebanese civil war. I [visited] them for the first time in 1994 in Montreal, where they have lived since then.

I fell in love with the city and McGill University’s campus. People I met during my visit were kind and polite, so I hoped to return one day to study and live there.

I applied to McGill … a year before graduating high school. I was lucky to get accepted … [and] August 1, 2000, was my first official day as a resident of Canada.”

Karl Nour: “In 2005, I aspired to explore the possibility of studying and residing in a foreign country rather than staying in Lebanon.

After careful consideration, I concluded that Canada was the optimal choice due to my several prior visits and the presence of family members there.

Although enthusiastic, I hesitated to commit fully, as embarking on a solo journey to a distant land at 17 meant leaving behind my familial, social, residential, and cultural support systems.

During that period, my father encouraged me by emphasizing that opting for Canada would grant me a universal access key, opening doors worldwide. He assured me of his backing, irrespective of my decision.”

Ralph Nour: “Fortunately, it was by choice. I came from a well-established family and had everything I needed at the time, but something inside me knew I wanted more.

I was the first from my circle of friends to leave, which … proved to be the best decision I ever made.”

After you arrived here, how did your educational choices affect your eventual business trajectory?

EN: “My first year in Canada was not the easiest. It was the first time I lived away from my parents and siblings, but I was grateful to have my grandparents and uncles living in the same city.

I had four incredible years at McGill, where I met many amazing people from around the globe, many of whom are still my friends and even rely on my professional financial advice. McGill provided me with a comprehensive and rigorous academic experience that created the foundation for my education in the wealth management industry.

I also … participated in several student clubs. I learned the importance of networking, negotiating, and being responsible for people other than myself.”

KN: “My academic focus was initially on pure and applied sciences during my time at CEGEP [Quebec’s public college and pre-university program].

After graduation, I pursued mechanical engineering for my bachelor’s degree.

Upon completing my undergraduate studies, I embarked on a new chapter in my educational journey by immersing myself in finance. This journey involved pursuing various exams and licenses sanctioned by the Canadian Securities Institute.

At a minimum, I’ve set a personal objective to accomplish one examination per year while aiming to attain a new professional designation annually.”

RN: “I knew I wanted a career in finance when I was taking an economics course in Grade 10. This was while Elie was excelling as an advisor in Canada. It didn’t take me long to connect the dots and create my path.

My major in Finance at the Lebanese American University helped me build a strong foundation, but my position required a deeper understanding of the Canadian rules and regulations. This is when I decided to pursue my continuing education in Canada and complete the necessary courses.

I am proud to say that I am still pursuing my education and will continue to do so as long as I am around, especially if I want to remain relevant in this constantly evolving world.”

Elie, what brought you to establish Nour Private Wealth?

EN: “In 2016, I reached a point where I realized that a change was needed. Even though the previous financial institution I worked for was one of the largest in the country, it required more essential qualities and tools to elevate advisors’ value propositions, especially when dealing with client’s financial lives and experiences.

When the decision to change was made, I looked around and could not find one company with everything I expected to offer.

So, Nour Private Wealth was established because of a need: a need for a company that is built to serve the financial interests of its clients and not its shareholders; a need for a company to provide truly independent advice while avoiding conflicts of interest; and a need for a company to hire and train the elite advisors of the future that focus on creating an emotionally compelling process regarding client engagement, and not simply advisors who focus on pushing prepackaged in-house products.

Today, we are close to celebrating our fifth anniversary.”

How did you each become a part of the business?

EN: “When I first established the business, I used to wear many hats. Today, we have several departments with very qualified people leading these departments.

The prominent roles I occupy are CEO and Portfolio Manager.

My responsibility as an advisor keeps me close to clients and helps me stay informed of what is needed to improve the advisor and client experience.

As CEO, I am responsible for developing and implementing the best tools and technologies to enhance that experience.

Both of my brothers are some of the best advisors we have in the company. Their opinion, as others, is valuable and considered when making decisions that impact clients.”

KM: “Upon our relocation from Montreal to Toronto, one of our initial tasks was establishing our office infrastructure.

Utilizing my engineering background, I oversaw the setup for our phone, data, security systems, and other technical components.

From an advisory standpoint, our beginnings were similar, although they occurred at different junctures. Each individual was paired with a mentor who guided them through the intricacies of our industry.

I was mentored and then took on the responsibility of becoming a mentor, eventually forming and leading my team.

By fostering a cycle of knowledge-sharing among our team members, we expanded our group of accomplished advisors and staff, contributing significantly to the company’s growth and advancement.”

RN: “My objective was to follow in Elie’s footsteps, which meant starting from an entry position and working my way up. I was mentored by a senior advisor, who himself was mentored by Elie.

After a few years, I got licensed and started my own practice. But I was only given additional responsibility when I proved myself. I was then able to grow my own team by recruiting and mentoring associates.”

How did you, as brothers, support each other during those early years?

EN: “As the eldest, I was expected to care for my younger brothers. I acted as their brother, friend, mentor and sometimes their father when I had to. I provided them with the support they needed.

As they were building their careers, I was tougher on them than on others. I have always wanted the best for them, so I expected more from them.

Once they gained the necessary skills to become good advisors, I stepped back and gave them the space they needed to grow. Today, I am proud of what they have accomplished as advisors, but I am prouder of them for being kind, ethical and genuinely good human beings.”

KN: “Upon my initial relocation, my elder brother Elie assumed the role of guide, acquainting me with the city and imparting essential knowledge about life in Canada. Additionally, he
provided insights into his advisory business.

Over seven years, we shared a living space, during which time his generosity and encouragement were abundant.

Subsequently, when my brother Ralph also relocated to Canada, I endeavoured to reciprocate the support in any feasible manner. As time progressed, the three of us matured in tandem, fostering a dynamic where we could rely on each other for diverse forms of assistance, whether emotional, psychological, or financial.”

RN: “Support came in different forms; sometimes, it was emotional or constructive, and other times financial.

Each brother has strengths and weaknesses, but I am fortunate to be surrounded by both.

I remember having days when I wanted to quit and move back to Lebanon, but I pushed through with their love and support. Family is genuinely irreplaceable and very powerful when a common vision is shared.”

How did your family shape your work ethic?

EN: “Both of [our] parents have inspired [us] and shaped [our] work ethic.

Dad worked tirelessly to build his business in retail clothing and created the roots of our life. He taught [us] the importance of honesty, integrity, and hard work.

Mom helped Dad grow his business from the ground up and then focused on raising us to be strong, confident, and independent individuals. Even later, as a homemaker, she worked hard to keep us on top of our homework, driving us around to our activities and friends’ birthdays.

KN: “Collectively, our parents instilled within us the principles of diligence, generosity, and integrity.

Their profound influence on us has been a bedrock for our achievements and a constant
reminder of the values that guide us.”

Has your personal and life experience had an effect on how you run your business?

EN: “A combination of factors beyond personal experiences, such as my education, my industry knowledge, changes in regulatory guidelines, and the needs of my clients, influences my approach.

Clients hire me as their advisor once they feel my recommendations align with their financial goals and values, regardless of my personal experiences.”

KN: “Transitioning from a comfortable lifestyle in Lebanon to the challenge of independent living and establishing a commission-based practice enlightened me about the true worth of
money.

A pivotal lesson learned was the imperative of budgeting, not solely for personal survivability but also to eliminate unnecessary expenses and channelling resources back into the business.”

RN: “The move to Canada meant that I had to start from scratch. Working a commission-only job made it more difficult, so I had to live paycheque to paycheque.

The struggle taught me the value of money and saving, which gave me compassion when managing my clients’ money.

It also made it critical for me to avoid making costly mistakes because I know how hard it was for them to save it.”

Can you offer any advice to entrepreneurs, whether first generation or next?

EN: “Starting and establishing a business can be a rewarding yet challenging journey, especially for first-generation entrepreneurs and those who face trying times.

Here are some words of advice and encouragement for individuals looking to establish their own businesses:

• Believe in yourself: Have confidence in your abilities and the value you bring to the table. Self-belief is a powerful motivator that can help you overcome obstacles and stay resilient during challenging times.
• Embrace challenges as learning opportunities: Challenges are an inevitable part of entrepreneurship. Instead of viewing them as roadblocks, see them as opportunities for growth and learning. Each obstacle you overcome will make you more capable and resourceful.
• Build a strong support network: Surround yourself with mentors, advisors and a supportive community of fellow entrepreneurs. Seek guidance from those who have walked a similar path and can provide valuable insights and advice.
• Set realistic goals: Establish clear and achievable short-term and long-term goals for your business. Having a roadmap will help you stay focused and measure your progress, even when times get tough.
• Adapt and pivot: The business landscape is ever-changing. Be willing to adapt your strategies and offerings based on market trends, customer feedback, and emerging opportunities. Flexibility can be a key factor in your success.
• Financial prudence: Manage your finances wisely. Keep a close eye on your budget, cash flow, and expenses. It is important to be financially resilient, especially during uncertain times.
• Persistence is key: There will be moments of doubt and setbacks along the way. Stay persistent, and never give up. Many successful entrepreneurs faced multiple failures before achieving their breakthroughs.
• Focus on value: Concentrate on providing value to your customers or clients. Building a business that genuinely addresses a need or solves a problem will help you create a loyal customer base.
• Leverage technology: Embrace technology to streamline processes, reach a wider audience, and improve efficiency. The digital landscape offers numerous tools and platforms to help you scale your business.
• Self-care: Take care of your physical and mental well-being. Entrepreneurship can be demanding, so make sure to prioritize self-care to maintain a healthy work-life balance.
• Celebrate small wins: Recognize and celebrate your achievements, no matter how small. Acknowledging your progress can provide motivation and a sense of accomplishment.
• Learn from failures: Do not fear failure. Learn from it instead. Analyze what went wrong, extract valuable lessons, and use those insights to make informed decisions moving forward.
• Stay curious and keep learning: The business landscape is constantly evolving. Stay curious, continue learning, and remain open to new ideas and opportunities.

Finally, remember that every successful entrepreneur faced challenges on their path to success. Your determination, resilience, and willingness to learn will play a significant role in shaping your journey and achieving your business goals. Stay focused, stay positive, and keep pushing forward.”

KN: “Diamonds are made under pressure. There are inevitably instances when thoughts of surrender, self-doubt, and questioning one’s competencies emerge – these are the instances that will shape your future.

My advice is to block out all the noise, take a step back, appreciate what you have accomplished and recentre your mind towards your long-term goals and aspirations.”

RN: “There will be moments when things don’t go your way: Certain situations demand the impossible, you’re frustrated, and you want nothing to do with running a business anymore. Keep in mind that these are the moments that build your character and differentiate you from the others who gave up.

Compromises are necessary when building a business. It will demand your time, energy, and full focus, but with the right mindset, you can achieve anything you want.”

Responses have been lightly edited for clarity and length.

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