2024 in Review: Growth, Integration, and a Look Ahead

2024 in Review: Growth, Integration, and a Look Ahead

As 2024 comes to a close, we want to take a moment to reflect on the milestones we’ve achieved and share our vision for 2025. Our mission remains unchanged: delivering financial peace of mind through thoughtful planning, expert advice, and a commitment to your success.

Looking Back at 2024: A Year of Integration and Consolidation

2024 was a transformative year for Innova. As we continued to grow, we focused on integrating new team members, clients, and technologies to enhance the quality of our services. It was a year defined by collaboration, consolidation, and laying the groundwork for an even stronger future.

Key Highlights from 2024:

• Integration of the Sound Financial Strategies (SFS) Team:
  • 422/425 households joined Innova (99.3% retention).
  • Over 80% of assets transferred within 60 days.
  • Conducted 300+ client meetings and completed 200+ comprehensive financial plans in the first 90 days.
  • Transitioned all SFS clients to specialized pension-style investment options.
    
    
• Welcoming two new members: a partner-track advisor and CFP
  Julie Nicholls joined us from MD Management, bringing extensive expertise in working with physicians and business owners. Her contributions have strengthened our team’s ability to serve specialized client needs.
  
  
  
  We have also strengthened our investment team with the addition of Ben Yawney, a Chartered Financial Analyst with a Masters in Economics. He will be working closely with our Portfolio Managers, particularly on the Innova Enhanced Growth fund.
  
  

• Refining the Service Advisor Model:
  We introduced service advisors to many client relationships, which:
  • Improved response times for service requests.
  • Delivered more detailed meeting summaries.
  • Increased the focus on retirement planning and personalized investment objectives.
    
    
• Technology Investments:
  At Innova Wealth, we continuously strive to adapt the latest technologies into our daily practices, including:
  • Adopting an industry-leading inbox-based Customer Relationship Management (CRM) tool to improve task management and team collaboration.
  • Fully transitioned to our new custodian (CI Investor Services) and insurance platforms (Financial Horizons), enhancing operational efficiency.
    
    
• Celebrating Investment Milestones:
  • The Innova Dedicated Defensive Fund, launched in November 2023, marked its 1-year anniversary with a +6.07% return.
  • Achieved 25% year-over-year growth, with assets under management increasing from $545M to $680M.

Looking Forward to 2025: Enhancing Services and Relationships

As we look ahead to 2025, our focus remains on deepening relationships and enhancing the services we offer. We aim to build on the strong foundation established in 2024, with initiatives designed to set new standards in client care and financial planning.

1. The Innova Advisor Playbook

One of our key priorities for the coming year is the launch of the Best Practices Initiative. This program will draw on the expertise of our seasoned advisors to create The Innova Way playbook. This resource will provide a consistent approach to advice delivery and support the development of our younger advisors through weekly training sessions.

2. Leaning into Estate Planning

Another major focus area is expanding our estate planning services. With the leadership of our Trust and Estate Planners (TEPs), Allain Labelle and David Yurich, we plan to offer a range of new services, including executor assistance, will reviews, and mock estate distribution simulations. These services are designed to provide peace of mind and clarity for clients navigating complex estate matters, with a full rollout expected by summer 2025.

3. Client Appreciation and Surveys

We’re also excited to revive our tradition of client events in 2025. These gatherings offer a unique opportunity to connect with our valued clients in a more personal setting. We’ll be seeking your feedback through an upcoming client survey to ensure these events are tailored to your preferences.

4. Centralized Data Hub

On the technology front, we are launching a new centralized information hub for internal use in Q1. This platform will streamline information management for our team and, in the future, may offer clients a secure way to update financial details like home and mortgage values.

What This Means for You, Our Valued Clients

As we grow and evolve, our commitment to your financial peace of mind remains steadfast. Our initiatives will benefit you in the following ways:

• Enhanced Service Delivery: Our expanded team of specialists ensures that you receive expert advice tailored to your unique needs. The introduction of service advisors means faster response times and more detailed updates on your financial plan.
• Comprehensive Estate Planning: From will reviews to executor assistance, our expanded estate planning services provide you with peace of mind and clarity for the future.
• Improved Client Engagement: Whether through client events or new digital tools, we’re finding innovative ways to connect with you and keep you informed.
• Managing Investments Throughout all Market Environments: We remain dedicated to navigating the complexities of the markets, protecting your capital, and growing your wealth over the long term, regardless of economic conditions.

As we embark on 2025, we want to thank you for your continued trust and partnership. We are excited about the journey ahead and look forward to supporting you in achieving your financial goals. Together, we are building a future of financial security and success.

Wishing you Health, Wealth, and Happiness for the New Year.

This publication is for informational purposes only and shall not be construed to constitute any form of advice. The views expressed are those of the author alone. Opinions expressed are as of the date of this publication and are subject to change without notice and information has been compiled from sources believed to be reliable. This publication has been prepared for general circulation and without regard to the individual financial circumstances and objectives of persons who receive it. You should not act or rely on the information without seeking the advice of the appropriate professional.