Running an Influential Finance Firm
With Danny Popescu
Danny Popescu is a passionate visionary in the world of wealth management. In this episode of The Business of You, Danny shares some of his guidance on finance, being a great employer and making an impact.
In 2013, Danny Popescu founded Harbourfront, an independent wealth management firm. Danny launched Harbourfront with an $11 million personal investment and within 9 years, established a $425 million enterprise value when Boston-based Private Equity firm, Audax Group bought a stake in the firm. With roughly 250 employees in 25 branches across Canada, Harbourfront is one of the fastest growing independent dealers now on track to establish a $1.5 – $2 billion enterprise value by 2027. At 46, Danny was named one of Canada’s Top 50 Industry Leaders of 2021 by Wealth Professionals.
As CEO, Danny oversees the operations of Harbourfront Wealth Holdings’ four underlying businesses including its Investment Dealer, Asset Management Firm, and US investment arm. Danny also created the Harbourfront Gives Foundation which raises money for a number of Canadian charities. The Harbourfront Gives Foundation has donated over $300,000 to 54 charities as of July 2022.
Thinking outside the box
Before Harbourfront, the large majority of investment advisors across Canada were limited to investing their clients’ dollars the old way – exclusively in publicly traded securities, with no allocation to private investments.
Danny and a group of seasoned wealth advisors strategized a solution to the investment limitations in Canada. At Harbourfront, seasoned wealth management professionals offer harmonized advice that intricately weave defensive portfolio construction, income planning and projecting, tax minimization planning, estate preservation, and trust management, all with a continuous focus on the management of risk. It’s unlike anything that existed in Canada before.
Using psychology to connect with employees and clients
When asked about his ability to connect with clients and staff, Danny cites his secret to success – human psychology. By assessing the way people think, he can advise his clients to build a lasting and meaningful financial legacy.
Danny encourages his clients to consider nontraditional methods of building wealth – also minimizing their risk and protecting their life savings. By focusing on diversifying portfolios and offering alternatives to publicly traded securities, Danny ensures that his clients build a future for themselves and their families.
“I am fortunate to be a good generalist. I have decent knowledge of marketing to sales, business development, organizational skills and interpersonal skills. I think psychology is really important when you’re working with people.”
“I don’t gamble. If I don’t see how something will unfold, I don’t make a move on that initiative.”
“I understood the psychology of decision-making and human beings. It was helpful in learning how advisors think.”
“When I am hiring people, I don’t put too much focus on where they went to school. We’re making an investment in them. We say hey, can this person fit in here and essentially provide a return on investment of hiring them? We put far more stock in their personalities, work ethic, ambition and communication skills.”
“Your employees need to understand why they’re doing what they’re doing. We teach them how they fit into the overall goal, and why their roles are valuable to the organization. We also try to speak to the end goal and vision, how they are benefitting the consumer.”
“The ethics that we have towards our employees, I think that translates towards clients. People feel that they work at an organization that treats them fairly, and treats them with respect.”
“Money is not just made by investing in businesses in the stock market. You can invest in private businesses looking to invest capital. You have a lot more available in the pool of companies in the private space. Don’t be limited to public securities.”
“Most clients are not just looking to get rich overnight – they are looking to protect their life savings. A balanced approach between multiple asset clients is what they like.”
Links mentioned in this episode:
Learn more about Harbourfront Wealth Management by visiting their website at www.Harbourfrontwealth.com
Connect with Danny Popescu on LinkedIn at https://www.linkedin.com/in/popescugroup/
Read about the Harbourfront Gives Foundation at https://harbourfrontgives.org/
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