Few people understand the Canadian family office ecosystem better than Dan Riverso does. Now chief executive officer and chief investment officer at Jesselton Capital Management Inc., Dan has supported and advised some of Canada’s wealthiest families for two decades.
A specialist in portfolio construction, investment manager selection and multigenerational wealth strategy, Dan was an early adopter of the family advisory model, and Toronto-based Jesselton, which creates bespoke, strategic fund solutions for family offices as well as offering consulting services, is the latest step in his commitment to supporting families. He also sits on the Editorial Advisory Board of Canadian Family Offices, contributing key insights to help ensure the relevance, accuracy and timeliness of the publication.
In this interview, Dan talks about his start in finance, his early interest in family offices, the importance of the CFA designation, and where he sees the family office sector evolving in the future.
Where did you grow up?
I grew up mainly in Richmond Hill, just north of Toronto, before moving to North York after university.
How did your interest in finance begin?
In high school, I took quickly to economics and statistics. My switch from marketing to finance occurred at the University of Guelph after taking a finance course and completing a co-op term at CIBC Wood Gundy. Switching my focus in university helped me along the way to a career in finance, but participating in the co-op program provided me with a good platform to launch from.
Also, I was told shortly after university by someone in investment banking at BMO to obtain the CFA. I registered the next day. The CFA designation is a necessity in our industry. I have also taken a number of other courses to meet registration requirements throughout my career.
What was your first job? How did it inform your professional life and your interest in family offices going forward?
I rejoined CIBC out of university as part of a mutual fund sales team. I quickly realized that mutual fund sales was not where I wanted to be, and instead I wanted to focus on wealth management. As a result, I moved to Desjardins Securities as an investment representative shortly after joining.
When and how did you take the step into the world of family offices?
I had no idea what a family office was until I completed my CFA and my boss at Desjardins told me, supportively, to look for another job. A firm called I3 Advisors Inc. was hiring at the time through the CFA website. There was no information about them, but one of the investment counsellors there was a former colleague at CIBC Wood Gundy, so I applied and, ultimately, joined the team. I stayed for 10 years.
Education and experience are only half the skillset required to work in a family office.
Dan Riverso
When the firm was acquired by BNY Mellon, the culture changed. Clients wanted independence, and when two of my client families, with whom I had built a strong relationship over time, asked to start a family office, it was an easy decision to join them. We called it Continuum Private Wealth Partners Inc., named for the John Mayer album—my partner was listening to the album that morning and we felt the name was appropriate for a family office.
What were some of the biggest challenges you’ve faced working with families? How did you address them?
Most of the families I have worked with, whether at I3 or Continuum, have been excellent people with strong visions for the future of the family. This made my role much easier.
You started Jesselton in 2021. What’s the mission? How does it leverage your experience in family offices?
We aim to empower family offices. Our team has decades of experience working in, and with, family offices. We understand the challenges they face, and we are here to support them.
The family office ‘industry’ is booming. Any thoughts on why and what the impact will be?
Generations are getting older, and the next generation may not want to be involved in the family business. And private equity sponsors are looking to purchase businesses at attractive valuations. So, overall, you are seeing a number of liquidity events with families considering the future of the generated wealth.
What advice would you give to a young person who is interested in a career in family offices?
Education and experience are only half of the skillset required to work in a family office. You also need to have great interpersonal skills. A family office role is not always clearly defined, so you need to be flexible in supporting the needs of the family.
Any thoughts on the need to share best practices/experiences with others in the family office ecosystem?
I am an advocate for collaboration. Family offices may feel isolated, but there are others that have faced, and overcome, similar challenges. Sharing experiences allows everyone to benefit. To learn and grow and, for the family office professionals, to add value for the family.
Any philanthropic interests you’d like to discuss?
I am a passionate supporter of ALS Canada. My father passed away from this horrible disease, so I support in any way that I can, whether on the board or a committee or as a fundraiser.
Joe Chidley is Managing Editor of Canadian Family Offices. His 35 years of experience in journalism and communications includes nearly a decade as editor of Canadian Business magazine and as a senior writer and associate publisher at Maclean’s newsmagazine. He served as a columnist at the Financial Post and as editor-in-chief of Content Works, Postmedia’s commercial content division. He also led the corporate and public affairs department at a major Toronto-based public relations firm for several years.
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