Danielle Skipp, a distinguished industry veteran with a career spanning decades and recognized as one of WP’s 5-Star Leading Women in Wealth, is charting a new course in the Canadian wealth management landscape. As the newly appointed CEO of Sonance Wealth Partners, Canada’s latest entrant in the high-net-worth (HNW) client segment, Skipp is leveraging her extensive leadership experience to build a firm grounded in fiduciary principles and strategic growth. Sonance, backed by US private equity firm Trivest, is strategically positioning itself to capture a significant share of the HNW market by focusing on localized service, cross-border expertise, and an independent operational model.
The genesis of Sonance Wealth Partners was formally announced in October, marking the establishment of a new portfolio management partnership operating under a legal fiduciary framework. The initial foundation of the firm was built upon the integration of four established advisory practices, collectively managing approximately $2.3 billion in assets under management (AUM). These founding practices are strategically situated in Lethbridge, Ottawa, Toronto, and Arizona. According to Skipp, this geographic diversification is not merely coincidental but a deliberate strategy to foster growth and enhance client service capabilities. Sonance’s ambitious plan involves a dual focus on serving smaller, often overlooked Canadian centers and providing robust cross-border advisory services, a combination designed to penetrate the discerning high-net-worth wealth management market.
"Our end client is going to be the Canadian high net worth business owner or professional," Skipp stated in a recent interview. "We’re set up to be national and we really like the idea of local voices. The next four partner groups coming through the door, who we’re in active discussions with already, are in local places in Canada, not necessarily just Toronto, Calgary, and Vancouver. We will have partner groups in those cities, but we want to focus on some of the other fantastic towns in Canada. We want to celebrate them." This commitment to "local voices" signifies a departure from the monolithic approach often adopted by larger institutions, aiming instead to resonate with clients by acknowledging and amplifying the unique financial landscapes and needs of communities across Canada.
The Power of Private Equity and an Independent Edge
Skipp readily acknowledges the highly competitive nature of the Canadian wealth management sector, a landscape where establishing a distinct identity can be a formidable challenge for new entrants. However, she asserts that Sonance is exceptionally well-positioned to contend with more established players, largely due to the significant backing of Trivest, a prominent US private equity firm. This financial endorsement has empowered Sonance to make substantial investments in its technological infrastructure. Skipp believes that their meticulously crafted technology stack not only rivals that of firms operating at a significantly larger scale but also surpasses the often-outdated legacy systems prevalent within many traditional banking institutions.
While Trivest’s capital infusion is a critical enabler, Skipp is emphatic about Sonance’s commitment to operational independence. This independence is central to enabling its advisors to function as true fiduciaries. She defines this independence as freedom from the influence of "large producers of investment product," a distinction she argues is frequently blurred in the industry. Acknowledging the inherent challenge faced by independent firms lacking the scale to offer comprehensive services, Skipp is confident that Trivest’s backing provides Sonance with the necessary resources to build a robust portfolio management operation. This operation will be registered directly with securities commissions, bypassing the traditional reliance on regulatory bodies like CIRO, with the ultimate goal of delivering what she anticipates will be an elevated standard of service for high-net-worth Canadians.
The proposed service model is designed to address the overwhelming volume of financial information and market noise that HNW individuals currently navigate. Skipp envisions a holistic wealth management approach that empowers clients to synthesize this information, ensuring that individual investment decisions are seamlessly integrated with their broader financial plans, personal aspirations, and overall sense of financial well-being. This holistic perspective moves beyond mere asset accumulation to encompass the client’s entire financial life and personal objectives.
Strategic Growth Through Partnership and Cross-Border Acumen
Sonance’s growth strategy hinges on attracting additional advisors and portfolio management firms to its partnership model. Skipp reports that active discussions are already underway with a number of prospective partners. The core of Sonance’s proposition to these potential partners is enhanced control over client service delivery. As a partnership structure, new members gain an ownership stake, benefiting from the technological capabilities and financial scale provided by Trivest, while retaining autonomy in how they engage with and serve their clients. This model aims to offer the best of both worlds: institutional support with entrepreneurial freedom.
A key differentiator for Sonance, and a significant value proposition for both clients and prospective partners, is its specialized focus on cross-border advisory services. The decision to formally launch the partnership was solidified only after the integration of Transition Financial, an Arizona-based cross-border tax accountancy firm. Skipp highlights that a substantial number of Canadian HNW families possess cross-border financial interests, and delivering truly holistic service necessitates the ability to adeptly manage multifaceted cross-border tax, estate, and investment complexities. By integrating this cross-border expertise with comprehensive financial planning, insurance solutions, and sophisticated portfolio management, Sonance aims to carve out a unique niche in a crowded marketplace. This collaborative and specialized approach, operating outside the confines of large financial conglomerates, is intended to redefine the notion of independence in wealth management.
A Client-Centric Philosophy with Institutional Rigor
"We want first and foremost for our clients to feel that we are a caring firm," Skipp emphasized. "We will have institutional and well-financed infrastructure, but we will not be a bland institutional firm that shows up at your door. It is still your local friend and advisor who you really wanted to help your family with financial well-being discussions." This statement encapsulates Sonance’s ambition to blend the operational robustness and financial stability of a well-backed entity with the personalized, empathetic service traditionally associated with smaller, independent advisory practices.
The firm’s philosophy appears to be rooted in a client-first ethos, prioritizing genuine care and understanding. "An empathetic firm, a caring firm, a client-first firm – we can do all of that without in any way sacrificing the rigor that we bring to the operational infrastructure that allows us to give really quality service," Skipp concluded. This dual commitment to compassionate client relationships and uncompromising operational excellence suggests a strategic intention to address a perceived gap in the market, where HNW clients may feel underserved by either overly impersonal large institutions or smaller firms lacking the breadth of resources and expertise.
The establishment of Sonance Wealth Partners comes at a time when the wealth management industry is undergoing significant transformation. Increasing regulatory scrutiny, evolving client expectations, and the relentless pace of technological advancement are compelling firms to innovate and adapt. The firm’s approach, characterized by its fiduciary commitment, strategic use of private equity capital, emphasis on localized and cross-border expertise, and a deeply client-centric philosophy, positions it as a potentially disruptive force in the Canadian HNW market. Its success will likely be measured not only by its AUM growth but also by its ability to foster genuine trust and deliver demonstrably superior financial outcomes for its discerning clientele. The early strategic partnerships and the emphasis on advisor autonomy suggest a model designed for long-term sustainability and client satisfaction, aiming to redefine what it means to be an independent and client-focused wealth management firm in the 21st century.
