David Christianson is spending his first months of retirement sailing and spending time with his wife, Vera, and their two granddaughters.Supplied
In this new, ongoing series, Onward, advisors discuss their succession plans and transitions to retirement.
David Christianson, age 70
After more than 40 years of advising clients, retired life for David Christianson has been a whirlwind of gatherings with extended family and friends, usually involving sailing in the summer on Lake of the Woods and skiing at Sun Peaks, B.C., in the winter.
His quest to find a successor for his business was 15 years in the making.
The hunt for a successor
Mr. Christianson joined Macdonald, Shymko & Co. Ltd. in Winnipeg in 1982 before selling to Wellington West Capital Inc. in the 2000s, which was sold to National Bank Financial Wealth Management (NBFWM) in 2010.
He branded his practice Christianson Wealth Advisors and served 120 client families, mostly professionals and business owners. Some were his clients for the full four decades and many of their children followed suit.
He says his ideal successor needed to care about what clients wanted to achieve in their lives and be patient with helping them through that journey.
He originally thought some of his long-time colleagues would take over his business. But by 2015, differing views and philosophies had him looking elsewhere.
Although he worked alongside many contenders, they often focused too much on portfolio management or scaling their business as fast as they could, he says.
Mr. Christianson seriously considered merging his book with another senior advisor at NBFWM, but that advisor’s team disbanded first. The person remaining from that team focused exclusively on portfolio management and was not the “people person” Mr. Christianson’s clients expected, he says.
“I realized that succession by merger was not going to work for our clients – or for me, for that matter,” he says. “That’s when I realized I was going to have to develop internally.”
In 2016, he hired Paul Kawchuk, who Mr. Christianson says has been described as his clone because of their shared philosophy about money as a tool to make people’s lives better.
Mr. Kawchuk wasn’t fussed about scheduling long meetings with clients to talk about personal goals or other issues on their minds.
“We went way beyond investment advice because that’s what clients needed,” Mr. Christianson says. “Clients wanted a holistic approach and that takes time.”
In 2022, Mr. Kawchuk convinced his former business schoolmate, Andrew Froese, to join the practice. The pair originally trained as actuaries before moving into financial advice, and they formed a natural connection with Eric Nipp, a portfolio manager on the team, Mr. Christianson says.
The transition
Mr. Froese joined the other two in the ongoing process of taking over more of the practice’s day-to-day procedures while Mr. Christianson concentrated on client meetings, strategy and mentorship.
“It was a very gradual succession,” he says. “That has been my plan.”
In July, 2022, Mr. Kawchuk and Mr. Froese officially agreed to take over the business. The purchase was financed by National Bank, with the two of them paying off the loan over time.
Mr. Christianson stayed on until retiring in January this year. Around the same time, they renamed the practice Current Wealth Advisors, retiring the name Christianson Wealth Advisors. Mr. Christianson signed on as their client.
Advice for retiring advisors
Mr. Christianson doesn’t mince words: retiring advisors will likely kiss a lot of toads before finding the perfect succession match.
But in the end, he says he’s glad things worked out the way they did and landing the right successors was worth the wait.
“The ideal succession is one in which it’s seamless and looks easy, even though it takes a lot of time and work,” he says. “We also grew the business over the past eight years, so I ended up with a bigger retirement nest egg than had I sold earlier.”
He also advises outgoing advisors to move out of the way once the succession plan is established.
“Agree on a timeline and stick to it,” he says. “I’m lucky because the guys didn’t want to push me out. I was quite willing to step aside but there was never any conflict.”
Life after advice
During the transition period, Mr. Christianson got ready for his next chapter by wintering at a ski hill, working remotely and travelling during the shoulder seasons.
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Now in his eighth month of retirement, he’s sailing and spending time with his wife, Vera, and their two granddaughters. An avid bass player, he hopes to reunite with his classic rock band to play some gigs.
He performed regularly for a decade before the pandemic hit and would love to resurrect the group after reconnecting with bandmates for his recent 70th birthday party.
Are you a retired financial advisor or financial planner who recently sold your book of business? Globe Advisor would love to speak with you about your experience. Candour, especially around the finances, is appreciated, and your name and photo will be used for the column. Please e-mail dgage@globeandmail.com and include a brief synopsis of your situation.