Major challenges have occurred in recent years, both individually and globally. The financial world has had its share, shaken by technological change and new investor behaviour. Expectations have changed and new models are emerging, revolutionizing the way things are done.
At fdp, we took advantage of the exceptional circumstances of this period to examine our direction and refocus our offer. Bernard Fortin, Vice-President, Private Management, explained to us the vision that drives his teams and that reflects the firm’s evolution.
Why this questioning about fdp’s mission to its clients?
All organizations go through phases of evolution. Usually they come in ten-year cycles and we’re no exception. We wanted to look ahead, towards the next decade, and define ourselves differently. We questioned ourselves to identify how we’re different from other private management firms, in order to determine the direction we should take.
So how are we different?
We have very deep identity roots, which are our heritage and which our clients recognize, because they are unique. fdp was created by professionals to respond to the financial needs of professionals: it’s our raison d’être and we’ve been committed to serving them for more than 40 years. These roots are the very reason for our existence in the market. We create value for a very special clientele: our longstanding clients endorse this difference that brought them to us, and new clients, drawn by our commitment, find that we see them not only as people, but also for their professional expertise.
How is this knowledge so special?
Our doctors, dentists, pharmacists, notaries, architects come to us because they immediately feel that we understand who they are, what their challenges are, how they need our expertise. They don’t have to explain to us what they do and the particularities of their profession, because we already know them. They don’t have to tell us about their career stages, because we know about each of them. As soon as they arrive, they feel known and recognized: when you become a client at fdp, you’re at home.
The financial world is changing rapidly. How can fdp move forward while retaining its identity roots?
We’ve spoken a lot with our shareholders to understand the current and future expectations of their members. The message we received is clear: build the future from our identity roots, while moving the firm to modernity, that is, technological modernity, and modernity in its products and services. Evolve while retaining what sets us apart and what creates value for our clients. We are therefore reviewing our service standards to make them even more effective and more focused on their expectations.
Is this understanding of needs done through surveys?
In part. Obviously, we conduct surveys periodically, but it’s mostly by talking to our clients that we learn what they need. At fdp, everyone talks to clients, and our clients also talk to our entire team. From the wealth management advisors to the tax specialists, notaries, portfolio managers… even the chief investment officer and the president speak to clients because it’s essential. We belong to them, and our clients want people who can be part of their professional ecosystem, who are able to understand their day-to-day life, from university to retirement.
What will this fdp evolution look like?
Our clients expect fdp to be a world-class firm that uses high-performance platforms and that clearly expresses to its clients and the industry its raison d’être and how it operates. At the same time, they want a firm that stands out for its proximity and that can provide them with honest, independent advice on an ongoing basis.
Our purpose has always been clear to our advisors and our employees: now we need to express it even more clearly to our clients.
In closing, Bernard, I’d like to ask you what brought you to fdp. Why did you come to work here?
I like to give meaning to my work. Each day, I strive to create as much value as possible for our clients. I’ve been in the industry for a long time and was looking for a private management firm that’s different from the others. What attracted me to fdp was this human dimension that is pervasive. The more people I met who worked there, the more this dimension became evident. At fdp, everyone speaks the same language: creating value in the lives of our clients is not only essential, it’s the very reason for our mission. It’s truly unique.
When deciding on fdp’s direction for the next growth cycle, we were all unanimous and enthusiastic about the idea of building from our roots, with an emphasis on modernity and performance, in order to build our future and that of our clients.
I’m very proud of this general buy-in and above all its benefits for both our clients and our employees: we’re fully committed to our professionals, whatever their assets, whatever their stage of life, they’re all important for us and they all have access to a set of personalized, modern services designed for them. The future looks exciting!
