VANCOUVER, British Columbia, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Harbourfront Wealth Holdings Inc. ("HWH Inc.") parent company to Harbourfront Wealth Management ("Harbourfront" or the "Company") and other subsidiaries today announced its 2020 financial results and revenue increase of 34% year-over year (YOY) to the board of directors. Shareholders also received their annual dividend earlier in the month.
The growth in revenue base was underscored by a record-breaking year-end with additional advisory teams joining Harbourfront before fiscal close. In addition to strong revenue performance, AUA (assets under administration) growth also increased by 28% YOY. This marked above 2020 financial targets set out by Harbourfront pre-pandemic, and which had been temporarily affected during Q2 and Q3.
To facilitate the large transaction volume, the Company increased its operational capacity through the addition of human resources and infrastructure.
To date, the Company now employs 168 employees, consists of more than 20 branch locations nationally and has achieved regulatory approval for business Canada-wide as of January 4, 2021, in all provinces apart from Nunavut. In addition, the Company's advisors have the ability to service US clients through Harbourfront Wealth America, an investment firm registered with the US Securities & Exchange Commission.
Lynn Stibbard, CFO & COO of Harbourfront attributes the strong financial results to consistent monthly earnings despite being held against an uncertain backdrop in 2020. "Though uncertainty still remains, our integrated, multi-business model coupled with large advisory books of business continue to deliver strong financial results."
"While many firms struggled during the pandemic, Harbourfront thrived and I am proud of how quickly our team pivoted as a response in order to service their clients and maintain upward momentum," says Mark J. Pinto, President of Harbourfront Wealth Management. "This agility is directly correlated to the Company reporting its highest recorded revenue to date."
"Harbourfront is already one-quarter of the way into its business plan from a growth point of view meaning that there is more equity upside for advisors here, than at any other independent dealer," says Mr. Pinto.
"Advisors are recognizing that to do what's right for their clients, they can't ignore that Harbourfront is a leader in the alternative investment space with a robust technology platform."
The Company remains committed to its clients, employees, and shareholders. Given the many advisors committed to joining in 2021, this year's pro forma shows another record year.
About Harbourfront Wealth Holdings Inc.
Harbourfront's parent company Harbourfront Wealth Holdings Inc. has ownership of four operating subsidiaries which are comprised of three divisions: wealth management, insurance, and ownership in an externally sub-advised Canadian asset management firm specializing in alternative investments. In support of HWH Inc.'s North American growth strategy, the company also has a US presence through its ownership of Harbourfront Wealth America.
About Harbourfront Wealth Management
Harbourfront Wealth Management ("Harbourfront") is a Canadian-owned independent advisory firm servicing growth-oriented advisors and high-net worth clients. Founded in 2013, Harbourfront is headquartered in Vancouver, BC and has a rapidly growing branch network of more than 20 branches across Canada.
Learn more: harbourfrontwealth.com
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