The Wealth Mosaic was lucky enough to spend time with Vincent Fraser, the newly announced President of one of our newer members, the North American FinTech and leader in wealth management solutions, Croesus. Vincent takes over the role from industry veteran and long-serving Croesus executive, Sylvain Simpson, who joined Vincent during the interview as both shared their perspectives on the news, what it means for the firm, for the industry, and what both will contribute to Croesus’ ongoing global growth.
Thanks for making the time to share your views. We appreciate it must be a particularly busy time right now. We’d like to start with what probably seems like a straightforward question: Why make the appointment now?
Sylvain: While we’re making news of the appointment official this week, this is, in fact, a process that Croesus initiated two years ago, and it’s a process that has been run in a manner consistent with our core values. We took a look at our long-term goals, and – at that point I was 59 years old – we wanted to make sure that the firm had a proper succession plan in place with regard to who would succeed me. I felt it was time for me to move to a different role within the firm, one where I could spend more time looking at the overall strategy of the firm, and work alongside someone who would be more involved in running the enterprise. We ran a rigorous selection process, with a very clear mandate, and well-defined profile; and we ran the process (along with the Board) and evaluated candidates against a very clear set of criteria.
So, this has been a long time in the making, and this week’s news represents the fruits of a well-considered, inclusive, and clear plan. The great thing about the appointment – and we’ll go into that in more detail later, I’m sure – is that I get to spend more time focused firmly on our strategy, which is something I am as passionate about today as I was back when I joined the firm some 30 years ago!
Vincent: As Sylvain has said, my appointment has been the result of a well-thought-through process. I’ve been involved with the firm for some time, as a member of the board of directors, and when we started to discuss the need for a succession plan and defined the skills for the role, it appealed pretty strongly to me, especially given my experience of growing firms with a global presence. At the time, we officially started the search for the new president, I participated in a roadshow in Switzerland. I thought about the role, and the more I thought about it, the more I liked it and got excited about it. So, when I got back to Canada, I resigned from my role as a member of the board of directors, which meant I could focus on my application in the same way as any other applicant, with no conflict of interest. I followed the same process as all other candidates, and at the end of the process, I was fortunate enough to be selected for the role. The great thing is, that Sylvian isn’t going anywhere! In his new role as Strategic Advisor to the President, he’ll be instrumental in helping me realise my vision for the firm and our five-year plan. He knows the firm, the teams, the people, and the products! So, we have a great advantage – this is a great combination, as we have very complementary skill sets.
Can you tell me then, will the appointment of Vincent have any impact on the go-forward strategy of Croesus?
Vincent: Our growth strategy has three main ‘prongs’ if you will: our products and platform; the markets we operate in; and our people and talent. Allow me to expand on each of those points briefly in turn…
- Products and platform: we’ll keep focused on delivering benefits to clients, to being relevant, and to growing up with our clients. We’ll also be sure to leverage industry partnerships, and the talent that sits inside the organisation.
- Markets: while we maintain our leadership and enviable position in Canada, we feel there are still opportunities for growth in this market. Alongside this, we shall, of course, be looking to accelerate our global expansion. As I have mentioned, I have a strong track record in this area, which I’m excited to bring to bear here at Croesus. I was heavily involved in the decision to move into Switzerland – it’s a move that is very exciting, as this is compelling us to develop and adapt our product offering for a specific market, which will ultimately see us innovate our product set, which will benefit existing and not just new markets or clients!
- People and talent: of course, we will continue to invest heavily in our people, and will be looking to create exciting opportunities for them as part of our growth agenda. We are well established as an employer of choice in Canada, but certainly won’t be resting on our laurels, as this is an achievement we will be working to maintain, if not better!
The bottom line, we will maintain our goal of expanding wealth management offerings in new international markets while continuing to grow Croesus in our long-established market, Canada. At the same time, we shall accelerate growth based on the three key factors outlined above.
Given your extensive track record and history with the firm, Sylvain, looking back, would you have done anything differently? And if so, what?
Sylvain: Short answer, no! When I joined the firm many years ago, I always wanted to see where we would be five years from then. That desire has not gone away! I’m still as excited as I was the first week I joined to see where we’ll be five years from now, and to be a part of making that happen!
And I certainly wouldn’t and couldn’t have changed the outcome of the selection process for our new president! It’s great to be working alongside Vincent, as he’s said, we have very complementary skillsets, and I am confident we’ll work very well together.
Where do you see the firm in, say, 5 years? What’s your vision for Croesus?
Vincent: Let’s make this easy, shall we?! I’ve been working with the Board on our plan for 2030, so let’s extend the answer to that question a little!
First off, we need to focus on ongoing delivery, and delivering on our 2024 targets.
We have all the ingredients we need to fuel ongoing success and to achieve our 2030 plan: we have the talent, we have the deep industry expertise, leading-edge product knowledge, and – fundamental to everything – the strength of our platform.
Taking all of that, we plan to replicate the success we have enjoyed in Canada, in other global markets. I have a strong track record in this space, and our recent move into Switzerland is the first, important step in our global expansion.
We’ll continue to innovate, look at simplify wealth management for our clients, and continually deliver client services that are second to none. At the end of the day, we plan to continue to grow, to develop our solutions, deliver outstanding work for clients, and provide great opportunities for our people.
Can you tell us a bit more about your client base? How do you think that might evolve?
Vincent: Over the years, we have built an enviable client base. We have grown with our clients, they have challenged us, we have risen to these challenges, and we have continually innovated to deliver in line with their needs. I don’t see any of that going away. And nor would we want it to!
Of course, the best way to find out what is on a client’s mind, what’s on their agendas, is to spend time with them and engage in a direct dialogue. And that’s something that is a fundamental part of my plan. I’m going to be spending a significant amount of time with our clients, listening to the voice of the customer. What do they want? What works? What do they need three years from now?
While we are very fortunate to have a loyal and established client base, I’ll also be working with Sylvain, looking at how to develop and then commercialise new solutions to penetrate new market segments, as part of our growth strategy. In that way, we’ll continue to grow our client portfolio, which, alongside deepening existing relationships, is fundamental to our future and ongoing success. Deepen and drive richer relationships with existing clients, and bring new clients on board that we can in turn excite and delight with our leading-edge, innovative solutions.
You’ve mentioned people and the Croesus culture a few times when we’ve been talking. Tell us more about what plans you have in that domain?
Vincent: I’d say a major part of our ongoing success has been our people. Croesus consistently outperforms and outranks our industry peers in independent employer evaluations. Of course, we have industry-leading technology, a great client base…but none of the day-to-day innovation, passion and ability to deliver would be possible without our people. So, it goes without saying that one of my priorities will be to continue to provide our people with the opportunity to develop, on multiple levels. We have a clear plan in place for that, and as we continue to grow, so too we will create more opportunities for our people to grow. Whether this be with partners, or in our own right.
We will continue to add capacity and capabilities. And while I can’t go into detail just yet, we do have a plan to create some additional roles at the senior level. But we won’t be doing things in a hurry. Again, consistent with our values, we will be sure to ensure the process is inclusive, and well thought through.
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Croesus Central – Portfolio Rebalancing Tool:
- Croesus offers innovative wealth management solutions that simplify wealth management
- With talent made up of over 200 people in Montreal, Toronto and Geneva, the company markets solutions focused on the needs of the wealth management sector.
- These solutions enable wealth professionals to increase productivity, improve client relationships, make informed decisions, and simplify how they manage assets under management.
- Croesus fosters human wealth and is an employer of choice, having won “Best Employer” awards many times by putting talent at the heart of its values and business decisions.
