James Pelmore
Q&A With James Pelmore: Navigating Independence and Collaboration from the Frontlines of Wealth Management
Foundation Wealth Partners (FWP) is a partnership-based portfolio management firm offering wealth management firms high-quality professional advice, investment management, and advanced planning services. With offices in Ontario, B.C., and Alberta, Foundation Wealth Partners prioritizes personalized service for their clients, leveraging cutting-edge technology and industry insights to deliver comprehensive strategies for long-lasting success. The firm’s commitment to building strong client relationships fosters a culture of trust and collaboration, empowering clients to achieve their financial goals with confidence.
In 2018, Foundation Wealth Partners expanded its capabilities by partnering with Advisor Solutions by Purpose (ASP). Through this strategic collaboration, FWP gained access to state-of-the-art financial technologies and innovative solutions, allowing the firm to elevate its service offerings to clients across the country. This dynamic partnership enables FWP to continue scaling its operations while upholding its dedication to delivering personalized and comprehensive wealth management strategies.
We had the pleasure of sitting down with James Pelmore, partner at Foundation Wealth Partners, to discuss the firm’s strategic partnership with Advisor Solutions by Purpose and its implications for advisors considering independence.
What advice would you give to advisors considering independence?
My advice to advisors contemplating independence is to truly evaluate their definition of independence. Many competing platforms are essentially businesses rather than true platforms, offering limited independence. ASP stands out as a genuine platform that enables independence along with comprehensive support services. So, when we look around, there really isn’t anything competing with ASP for the independent advisor or portfolio manager who’s really seeking that independence. Advisors should weigh the option of setting up their own firm with their own brand or joining an existing firm like Foundation Wealth Partners for streamlined operations and compliance without sacrificing independence.
Can you explain the significance of being on the ASP platform with Foundation Wealth Partners?
Being on the Advisor Solutions platform with Foundation Wealth Partners offers us significant advantages, particularly in terms of efficiency and compliance management. Managing day-to-day business management, staying abreast the constantly evolving regulatory developments, and dealing with regulatory filings and inquiries can cause a lot of toil for an independent advisor firm. This can be distracting from delivering our value proposition to our clients. ASP has efficiently managed this for our firm, sparing us from the associated toil, which allowed us to remain laser focused on the needs of our clients. This exemplifies the platform’s ability to handle back-office tasks and compliance, allowing us to focus on serving our clients.
How does the ASP platform support advisors in managing their businesses in the long term?
The Advisor Solutions platform not only provides us with operational efficiency and compliance support but also offers opportunities for advisors to expand their business horizons. Advisors can leverage ASP’s expertise, which includes the expertise and services of Purpose Unlimited, to develop proprietary investment products tailored to their clients’ needs. This enhances the value of their business and allows for greater control over assets under management and the potential for a public track record, ultimately driving down costs and improving client outcomes.
Moreover, the compliance team at Foundation Wealth Partners has been instrumental in enabling our business operations. Unlike past experiences where compliance departments felt like “business prevention departments,” our team is proactive in facilitating business while ensuring we’re adhering to regulatory requirements. They are experienced and knowledgeable and work to find solutions rather than impede progress, greatly benefitting our practice.
