Desjardins Securities continues to be robbed of investment advisers. Two groups and an advisor recently left, with combined assets under management of several hundred million dollars, if not nearly half a billion dollars.
In recent weeks, the Gérard Fagouet group has made the jump to the National Bank, as has the Pelletier Lavigueur team. And Nathalie Roy joined a team from CIBC Wood Gundy.
It was not possible to speak with these Montreal brokers. The management of Desjardins Securities (VMD) has however confirmed these departures.
Last January, Le Journal wrote that due to a climate of uncertainty surrounding the future of Desjardins Securities, several advisers had made the decision to leave the organization, including a major wealth management and investment solutions firm in Amos which managed more than $ 500 million.
Members of management had also announced their departure in 2019. According to the Finance and Investment media, VMD had 237 investment advisers, with their own clients, in February 2019. They are now 217.
It must be said that in recent years, the Mouvement Desjardins has left the possibility of “excluding VMD from its service offering” in order to rely more on Service Signature Desjardins employees.
According to our information, the management of Desjardins Securities recently raised the issue of departures during a conference call with its advisers. On September 16, “adjustments” were also announced in senior management where new positions were created.
Although the management of VMD ensures that the brokerage firm is still part of the plans of the cooperative, different sources told the Journal that there is still a “climate of uncertainty” internally.
“VMD is more and more marginalized”, deplores a source, preferring to keep his name silent to avoid reprisals. “The pandemic may have slowed the number of departures in recent months, but I wouldn't be surprised if there were more,” she continues.
Willingness to revive
On the side of VMD, the vice-president of wealth management advisory services, Marjorie Minet, reiterates that there is no question of discarding advisers. She even wants to hire people.
“We're not here at all. We believe in brokerage. We want to restart the machine. Expertise is valued, ”she says. “We are no longer in this kind of questioning. The potential is so great on all fronts. Our members need these offers, ”she continues.
The v.-p. however conceded not having hired new teams since the start of the year. She also admitted that competition is currently very fierce between banking institutions.
Ms. Minet made a point of noting that when investment advisers leave, Desjardins Securities retains certain clients and their assets.
- 350 investment advisers
- This number includes deputy advisers
- 44 branches and points of service in Quebec
- Assets under management of over $ 35 billion as of September 18, 2020
- About 570 employees
Source: Desjardins Securities