March 25, 2025

If you ask Mike Downs, Wealth Advisor, Advising Representative why he chose to join CC&L Private Capital over 25 years ago, he will answer with one word: talent. It’s the same answer he gives when you ask him why his clients choose to invest with the company. “Cultivating an environment where you retain top talent is essential,” Mike says. “Talent drives innovation, and innovation is what's given us the premier investment platform that we have today.”

Finding and retaining talent

“When I joined CC&L Private Capital in 1999 there were probably 65 people in CC&L Financial Group as a whole. Today, the group is 950 people strong thanks to our relentless search for talent. Over the past forty years, CC&L Financial Group has approached various asset managers—from private loans and private equity to real estate and more—inviting them to grow their businesses as affiliates within the group. Together with our culture of innovation, this has enabled us to create the unique suite of traditional and directly-owned alternative assets that we have today. And it is this which enables us to manage our client’s wealth so successfully. 

Like many, Mike began his career at one of the big banks, “I couldn't have asked for a better education,” he says, “but what prompted me to leave was the revolving door: there was simply nothing keeping good people there. Compare this to CC&L Financial Group where of the roughly 150 partners we have had over the past 26 years, just a handful have decided to leave and go their own way. That level of retention is unheard of.”

Mike believes that it is this ability to retain top talent that has enabled CC&L Private Capital to organically grow its assets under management to more than $17 billion. “We don't advertise,” he explains, “so when we're sitting in front of a prospective client—be it an organization or an individual—it’s because they've heard of us through someone they know and trust. They want to know if we can repeat that same success for them. The only way you can do that is with the same people that delivered that success in the first place.”

An industry in flux

How has the wealth management landscape changed since he began his career? “Back then, the industry was comprised of a collection of independent players, both small and large, which have faded away over time. Today, it’s made up of a handful of big banks which are buying up the few independent players that are still left. CC&L Private Capital is a rare exception: a large, privately held and employee-owned wealth management firm. This business ownership opportunity for Wealth Advisors allows for a unique alignment of interests.”

The very nature of investment management has transformed over that time, too, Mike notes. “The complexity of a portfolio 30 years ago has changed significantly. Back then, if you had 25 to 30 stocks and a handful of bonds, it was considered decent. Today, we see a big shift in the complexity and sophistication of portfolios—and the expert knowledge needed on the part of a Wealth Advisor to manage them.”

The future of wealth management

Looking ahead, Mike believes that portfolio complexity, and requisite Wealth Advisor expertise and experience, is only going to increase. “The specialist knowledge needed to successfully steward relationships with the types of clients that we typically look after—being high-net-worth individuals, foundations and charities, and Indigenous communities—is becoming more sophisticated. Yet at the same time, instead of focusing on training and retaining high-achieving wealth advisors, many financial institutions have gone the route of holistic wealth management, effectively diluting their offering across the board. 

“What clients need today is highly specialized wealth management advice from someone who knows enough about tax and estate planning to have the right conversations with other specialists, but who can still provide the expert investment knowledge they’re looking for. This is what will increasingly differentiate successful advisors from mediocre ones in the future."

Disclaimer

This post is made for informational purposes only and the views expressed are those of the author at the time of publication and are subject to change at any time. This post has been prepared without regard to the particular individual financial circumstances and objectives of any individual who receives it and nothing in this post constitutes, or is a substitute for, legal, accounting, tax or individually tailored investment advice. As such, as you consider this material, you should consult with independent professionals in those areas regarding your individual circumstances. This information is not an offer to sell or a solicitation of an offer to buy any securities and is not to be used as a sales communication.