Richardson Wealth and Fidelity Clearing Canada Enter into Strategic Agreement Accelerating Growth Strategies of Both Companies in Canada

Toronto, ON, August 26, 2021 – Richardson Wealth Limited (Richardson Wealth), a wholly owned subsidiary of RF Capital Group Inc. (TSX: RCG) (RF Capital), and Fidelity Clearing Canada ULC announced today a strategic agreement under which Richardson Wealth will adopt Fidelity Clearing Canada’s leading advisor technology platform, fueling the digital transformation of Richardson Wealth and accelerating the ambitious growth plans of both companies.

Richardson Wealth investment advisors, who manage $34 billion in client assets for high net-worth families (as of June 30, 2021), will benefit from this agreement with a global leader in capabilities and scale. Fidelity’s global group of companies has over CAD $14 trillion in assets under administration (as of June 30, 2021), including CAD $4 trillion in their custody, clearing and trade settlement business.  Fidelity Clearing Canada, together with Fidelity Investments Canada ULC, represent over CAD $222 billion in assets under administration and management. (as of June 30, 2021).

Fidelity Clearing Canada’s uniFideTM platform will provide Richardson Wealth investment advisors with a leading suite of customizable tools to improve both the advisor and client experience.  As part of the agreement, Fidelity Clearing Canada will provide custody, clearing and trade settlement services.

“For many years, Fidelity Clearing Canada has made significant investments in developing innovative, client-centric wealth management solutions for investment advisors and dealers,” said Andrew Wells, Head of Fidelity Canada. “We are proud to deepen our relationship with Richardson Wealth and bring our trading, clearing and custody and trade settlement expertise and solutions to their investment advisors and clients, helping them continue to grow and succeed over the long term.”

“This is an exciting opportunity to continue to add scale and further position us as one of the leading providers in the Canadian investment services market,” added Scott MacKenzie, President of Fidelity Clearing Canada. “Our two businesses already have a strong working relationship and complementary corporate cultures, which will help facilitate a smooth transition to Fidelity’s uniFide technology platform.”   

“This is a game changer,” said Kish Kapoor, President and Chief Executive Officer of RF Capital. “Richardson Wealth and Fidelity Clearing Canada are both companies with rich family histories and a shared philosophy centred around putting advisors and their clients first. The scalability that comes from the agreement with Fidelity Clearing Canada to take advantage of their world-class technology puts us in a stronger position to focus more intently on our core business of providing exceptional wealth management services.”

Commenting further, Mr. Kapoor said, “For our shareholders, this allows us to achieve cost savings by leveraging Fidelity Clearing Canada’s scale and it moves our business to a more variable cost structure.  By partnering with a best-of-breed provider of digital solutions, we are also reducing the need for significant future technology investments and will be able to free up that capital to accelerate our organic growth and advisor recruiting to achieve our goal of tripling assets under administration to $100 billion.”

Subject to the receipt of necessary regulatory approvals, Richardson expects to move to Fidelity’s leading-edge advisory technology platform in fall of 2022.

About RF Capital Group Inc.

RF Capital Group Inc. (RF Capital) is a TSX-listed (TSX: RCG) wealth management-focused company.  Operating under the Richardson Wealth brand, the Company is one of the largest independent wealth management firms in Canada with $34 billion in assets under administration (as of June 30, 2021) and 19 offices across the country. The firm’s Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high net worth or ultra-high net worth families and entrepreneurs. The Company is committed to maintaining exceptional fiduciary standards and has earned certification – determined annually – from the Center for Fiduciary Excellence for its Separately Managed and Portfolio Management Account platforms. Richardson Wealth has also been recognized as a Great Place to Work™ for the past three years, a Best Workplace for Women, a Best Workplace in Canada and a Best Workplace for Mental Wellness. For further information, please visit our corporate website at www.rfcapgroup.com and www.RichardsonWealth.com.

 

About Fidelity Clearing Canada ULC

Fidelity Clearing Canada (FCC), a leading provider of custody and clearing services, provides robust, flexible, and scalable solutions to registered broker/dealers, portfolio managers, and investment advisors. Clients rely on us for expertise in wealth management, technology, trading, and business transition, which gives them the freedom to focus on what they do best – helping end investors achieve their financial goals. Fidelity Canada is one of Canada’s Top 100 Employers for 2021, one of Greater Toronto’s Top Employers for 2021, and one of Canada’s Top Employers for Young People for 2021. For more information, please visit  https://clearing.fidelity.ca   

 

Investor and media contacts

For RF Capital
Rocco Colella
Managing Director, Investor Relations
647-297-5788
[email protected]

For Fidelity Clearing Canada (media)
Chris Pepper
Vice President, Corporate Affairs
416-795-7762
[email protected]