An Interview with Lyle Langlois, Senior Investment Advisor

Lyle Langlois is a Senior Investment Advisor with iA Private Wealth. His career began in 1986 at Great Pacific Management, a family-run independent investment office in Vancouver. He contributed to the growth of prominent branches like Cartier Partners, Dundee Wealth, and HollisWealth.

Recognizing an unmet demand for a dedicated independent family office, Lyle established Langlois Brown Wealth Management in 2004 to focus on the unique financial needs of families and individuals while upholding the principles of independence and excellence. 

Can you start by telling us about your branch and its journey over the past 20 years? 

LYLE LANGLOIS: When we started, we were a small, focused family office dedicated to serving the investment needs of entrepreneurs who, with our assistance, morphed into high-net-worth families. But over the past two decades, we’ve evolved significantly. By focusing on growth and diversifying our client base, we’ve expanded our partnerships and strengthened our market presence. The foundation of our success lies in the strong, trusting relationships we’ve built with our clients, which has allowed us to grow and thrive in the industry.

Can you elaborate on how the branch has evolved since you formed it?

LYLE LANGLOIS:  Our clients have seen their assets under management grow substantially and at each level we’ve needed to adapt and evolve with them as a branch. To meet the demands we’ve added more talent, which has increased our costs. At the same time, the market is pushing for greater transparency and lower fees, but we are small and nimble enough to adapt. Conversely, with the large banks controlling over 90% of investment advice in Canada, they have decided to reduce their product shelf to proprietary investment products leaving a significant opportunity for small independent branches like ours to stay close to our clients and guide them through the complexities of the industry.

We are hopeful that our industry will soon allow incorporation, as it offers several benefits, including enhanced governance structures and the ability to attract a broader pool of talent. This could be a natural progression for us as we continue to scale and professionalize our operations.

Could you shed some light on your branch’s approach to growth?

LYLE LANGLOIS: In addition to strong relationships, our approach to growth has been rooted in sound financial and investment advice as adverse to a sales and marketing-driven strategy. While investment performance is undoubtedly crucial, by focusing on providing sound advice, building strong relationships, delivering exceptional service, and effectively communicating our value proposition, we’ve been able to attract new clients and grow our assets under management significantly. Our emphasis on sound advice and prudent investing has been instrumental in our journey from $100 million to $555 million in AUM.

Finally, could you share your thoughts on the regulatory landscape and its impact on your branch’s operations?

LYLE LANGLOIS: Certainly. While regulation is essential for ensuring market integrity and protecting investors, we’ve noticed a trend toward over-regulation in recent years. The pendulum seems to have swung too far, with an influx of compliance requirements that often detract from our ability to focus on delivering value to our clients. Additionally, the introduction of new products driven by the sales and marketing strategies of large investment branches with substantial marketing budgets has suggested that fees are the primary obstacle to wealth accumulation. This, coupled with benchmarking portfolios against broad-based indexes, has created confusion since most client portfolios differ significantly from these benchmarks as everyone’s situation is unique. This emphasis on returns has led to more frequent trading as people chase the latest fad, which, as many leading surveys have shown, is the main culprit in reducing long-term results. While we understand the importance of compliance, striking the right balance is crucial for us to continue effectively serving our clients and navigating the complexities of the regulatory environment.

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