Gaining trust of father’s clients one key to son’s success

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Gaining trust and building new relationships with his father’s long-standing clients were some of the challenges Guillaume Maurice faced when joining his father’s wealth management firm in Montreal, then striking out on his own.

His father, Jacques Maurice, joined Scotia Wealth Management (then McLeod Young Weir) in 1975, establishing the Jacques Maurice Group to advise high-net-worth families in Quebec. His firm now has over $9 billion dollars of AUM with a team of 20.

The elder Maurice immersed the younger one early in the world of finance and wealth management, he says, introducing him to key clients and industry peers, and entrusting him with managing client portfolios and making investment decisions early on to learn through hands-on experience.

While working together as father and son were not without their challenges, it resulted in Guillaume building his skills and confidence to the point where he eventually developed his own Guillaume Maurice Group in 2017, where he handles the discretionary management side.

Here, Guillaume shares his experiences with his father, as well as trends he sees in his clients’ needs, and what he might invest in in today’s climate.

Can you describe your firm’s AUM and a bit about your clients?

“Our group has assets under management of about $800 million. The average portfolio size typically ranges from $250,000 to $20 million.

We measure those amounts mostly in terms of households, where, for instance, children of parents that have been with us for years then integrated them in their Scotia McLeod household accounts, meaning we have families join together to alleviate their management fees.

The portfolio size depends on the clients’ needs and financial objectives, so we tailor our services to meet the demands of high-net-worth individuals, ensuring that each approach is aligned to their specific goals.”

How was your firm founded and how does it relate to your father’s?

“I founded the Guillaume Maurice group seven years ago after leaving my father’s group, with whom I began my career in wealth management.

He didn’t have his discretionary license and I had mine so we couldn’t be in an advisory code together.”

How did your father prepare you to join the industry?

“From a young age, he immersed me in the world of finance and wealth management.

From the beginning, my father involved me in the daily operations of the firm, then gradually increased my responsibilities. He also introduced me to key clients and industry peers, helping me establish a strong professional network.

These relationships were essential for gaining trust and credibility. My father believed in learning by doing, so he entrusted me with managing client portfolios and making investment decisions early on. This hands-on experience helped build my confidence and competence.”

Were there any challenges you and your father faced during this process?

“Communication was a critical area; open and honest discussions were necessary to align our visions and address any differences.

This process sometimes involved difficult conversations, but it ultimately strengthened our working relationship and the firm’s direction.

In the same way, another challenge we faced was navigating our different perspectives and approaches we brought to the business. My father had decades of well-established ways of doing things, while I came with new ideas and contemporary strategies.

We had to find a harmonious balance between preserving the traditional firm’s practices and incorporating innovating practices, [such as] integrating new technologies and strategies into our wealth management approach. This includes using new types of portfolio analytics or exploring new assets classes.

Building trust with clients was also a significant hurdle. Many long-standing clients had deep-rooted relationships with my father, and it took time for them to feel the same level of confidence in me.”

What are some lessons and wisdom you learned from your father?

“Jacques emphasized the significance of personalized client service.

He believed that truly understanding each client’s unique needs, goals and circumstances was key to providing effective wealth management solutions. This client-centric approach has been fundamental to our firm’s success through the years since its establishment.

Leadership was also a lesson learned through example, whether through his professionalism or his commitment to clients. He taught me that leadership involves inspiring and motivating others through one’s actions and attitude.”

Can you characterize the types of clients you work with?

“Our client base is diverse, so we have a wide range of backgrounds and needs. We work with professionals, multigenerational families, senior executives, business owners, etc.

They are mostly from Montreal and surroundings, alongside with certain international ones.

Many of our clients are families who have significant wealth over generations and seek to preserve and grow it while ensuring a smooth transition in the future for the children.”

What would you say really worked for you to make your firm successful?

“Several key factors contributed to the success of our group, starting with our tailored approach to each client that prioritizes understanding their specific needs to provide personalized wealth management. While maintaining this approach, we made sure to uphold high standards of integrity and ethical behavior towards our clients to establish a solid foundation of trust with them. We also had to stay flexible and open to new ideas through the years to adapt to changing market conditions and changing clients’ needs.

An example would be managing different risk tolerances across generations, as well as interests in different types of assets classes or sectors. Older clients preferred conservative investments like investing a big part of their portfolio in banks, while younger ones sought higher-risk, high-reward opportunities.”

In building bespoke portfolios, what are some of the things your clients are looking for?

“When building bespoke portfolios, our clients typically seek capital preservation to ensure their wealth is protected against market volatility while also seeking growth potential for their investments on a long-term horizon. They typically search for reliable income flow to support their current lifestyle and to grow a higher one over the years. We ensure to build portfolios with broad diversification to alleviate overall risk and enhance returns.

For capital preservation, we typically look at high-quality mutual funds, multi-asset strategies, exchange-traded funds, etc. For growth, we consider a balanced mix of equities, and we also explore alternative investments, such as real estate.”

Do you see any trends in what different clients are looking for or in what challenges they might have?

“We observe trends and challenges among our clients, like the increasing interest in integrating growing sectors of the market that are driven by technological advantages and innovation.

The challenge lies in assessing the long-term viability and risk associated with sectors like AI. While they offer significant growth potential, they also come with volatility and the risk of being overvalued. We mitigate this by conducting thorough research, diversifying investments, and being cautious of market hype to avoid potential bubbles.

Clients are looking for opportunities beyond Canada, especially in the U.S., seeking diversification to reduce risks. Our clients show interest mostly in U.S. funds and stocks.”

What might you personally invest in in today’s climate?

“In today’s climate, I would invest in a diversified portfolio that includes well established companies with consistent earnings growth that are also prudently managed and have high capital efficiency.

I would also consider investing in companies that are well positioned to benefit from secular trends like the deployment of artificial intelligence, electrification, healthcare, etc.

These investments align with a balanced approach, aiming to preserve capital while seeking growth and income opportunities in a dynamic market environment.”

Responses have been lightly edited for clarity and length.

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