The DeVere Group, which provides advice to global and expat clients, has entered the Canadian market having secured regulatory approval from the Financial Services Regulatory Authority of Ontario (FSRA).
Its first licensed operation in Canada, based in Toronto, forms part of the advice firms wider international expansion strategy as it sees demand increase for multi-jurisdiction advice amongst mobile professionals, expats and global families.
The Toronto office with focus on insurance and protection planning, while supporting broader international wealth structuring need for clients.
DeVere said ‘traditional wealth models’ built around a single jurisdiction are ‘increasingly struggling’ so serve internationally mobile clients.
James Green, regional director at DeVere, said: “Canada continues to attract globally mobile professionals, entrepreneurs and internationally connected families, while Toronto has established itself as one of North America’s most important financial centres.
“Clients increasingly hold assets, pensions, investments and financial obligations across multiple jurisdictions, creating growing complexity around taxation, retirement planning, protection and estate structuring.
“Demand for internationally coordinated financial advice is accelerating rapidly as clients seek integrated planning across borders, currencies and regulatory systems.”
In February DeVere said 35% of its HNW clients are actively considering relocation to a lower-tax country.
It claims that more than a third of its 80,000 clients are seeking advice on where to move.
It said that wealthy clients, particularly from the UK, parts of Europe, Australia, and some Asian and African jurisdictions, were seeking a lower tax burden.
The company said its estimates form part of the acceleration of what it calls the 'great wealth migration.'
The DeVere Group has over $14bn (£10.4bn) in assets under advice across Europe, the Middle East, Asia, Africa and the Americas.