By Fred Pinto, CFA, ICD.D, CEO of CFA Society Toronto
In 2026, CFA Society Toronto marks 90 years since a small circle of investment professionals began meeting in 1936 to sharpen their craft and advance the practice. In the decades since, private wealth management has transformed from traditional brokerage and product access to holistic, multi-asset advice shaped by alternatives, platform-driven distribution, evolving fee models, and a more complex mix of client goals spanning liquidity, legacy, governance, and values. Yet one constant remains: when decisions are consequential and emotions are real, clients ultimately rely on trusted judgment.
The wealth and investment management industry is evolving rapidly. Technology continues to advance, artificial intelligence is becoming part of everyday workflows, and clients now have access to more information than ever. Portfolios are growing more complex, investment options are expanding, and expectations around service, transparency, and personalization continue to rise.
While it is natural to assume technology will eventually replace advisors, the opposite is true. As tools become more powerful, the importance of human judgment, ethics, and trusted relationships becomes clearer. Technology can analyze data, generate scenarios, and produce insights in seconds, but it cannot understand personal context, manage emotion, or take responsibility for decisions. That responsibility remains firmly human, highlighting the importance of the human quotient.
Artificial intelligence and automation are now embedded across the industry. Tasks that once took hours, from portfolio analysis to meeting summaries, can be completed in seconds. At the same time, the rise of DIY investing apps, online communities, and social media advice means clients often arrive with opinions shaped by trending content or popular voices. The advisor’s role has shifted from being the sole source of information to being a trusted interpreter and guide, helping clients separate signal from noise.
Product complexity, fee pressure, and heightened scrutiny have further raised the stakes. Investment menus now include alternatives, co-investments, structured products, and leverage, while clients and regulators increasingly demand clarity around fees, incentives, and conflicts. Trust has become a key differentiator, built through consistency, transparency, and the willingness to walk away from opportunities not aligned with a client’s long-term interests.
Generational change adds another layer of complexity. A historic transfer of over CAD 1 trillion of personal wealth from baby boomers to their heirs is underway this year (see or download study)with founders and heirs often viewing risk, liquidity, and time horizons differently. More women are becoming primary wealth holders, and new wealth from technology-driven industries is shaping expectations around speed, access, and engagement. Bridging these perspectives requires empathy, adaptability, and strong communication, while remaining grounded in sound investment principles.
Navigating this environment calls for a deliberate, human-first approach:
• Leaning into the human quotient
Advisors are stewards of clients’ wealth, not just selectors of products. This role is most visible during periods of volatility or unexpected life events, when calm guidance and perspective help clients stay focused on long-term objectives.
• Balancing concentration and diversification
Many founders have built wealth through concentrated positions and conviction. Respecting that history while introducing structured risk frameworks allows for entrepreneurial upside without compromising long-term stability.
• Communication during turbulence
Proactive outreach, clear explanations, and context around market movements help clients distinguish short-term volatility from structural changes, preventing reactive decisions that undermine long-term plans.
• Using transparency as a trust builder
Clear explanations of fees, product choices, and trade-offs reinforce confidence and demonstrate alignment with client interests. Transparency becomes a feature of the relationship, not just an obligation.
• Bridging generations and new client types
Structured discussions and governance frameworks involve heirs before major liquidity events. Educating the next generation through events, small mandates, and ongoing dialogue builds financial judgment, not just trading confidence. Advisors can adapt delivery and channels to meet expectations around speed, digital access, and values while maintaining core principles such as discipline, diversification, and client-first decision-making.
• Using AI and platforms wisely
Artificial intelligence works best as a force multiplier, not a replacement. Technology can handle preparation, analysis, and first drafts, freeing time for conversations, judgment, and relationship-building. Decisions on product fit, risk trade-offs, governance, long-term allocation, and family dynamics remain fundamentally human.
As complexity increases, wealth professionals need both technical rigour and the ability to apply it to real lives. The CFA Charter reflects deep investment expertise alongside a broader professional toolkit, including ethics, judgment, and clear communication, so charterholders can translate markets, risk, and portfolio choices into advice aligned to client goals and constraints.
Additionally, the CFA charterholder program also emphasizes judgement and decision-making that prioritize long-term alignment over short-term opportunity, including the discipline to say no when ideas do not serve clients’ objectives. Ethics and accountability are embedded throughout the curriculum and reinforced through ongoing professional commitment to the Code of Ethics and Standards of Professional Conduct.
Reflecting the growing importance of private wealth, Level III of the CFA Program now offers a Private Wealth Pathway that builds on the core curriculum and explores the private wealth management industry, including advisory business models, family dynamics, and goals-based planning.
How CFA Society Toronto supports professionals navigating these challenges:
• Content and curriculum
Private wealth management, portfolio construction, alternative investments, ethics, and client-first duty are core parts of the CFA body of knowledge. Ongoing research, continuing education, and updates on emerging issues such as artificial intelligence, digital platforms, evolving fee structures, conflict management, and generational change help practitioners stay technically sharp and relevant.
• Standards and trust
Ethics and professional standards provide a practical framework for navigating conflicts of interest, transparency, and complex client situations. The CFA Institute Code of Ethics and Standards of Professional Conduct help differentiate between selling products and advising with a fiduciary mindset, even when regulatory expectations vary. This consistency reinforces trust and professionalism across the industry.
• Community and thought leadership
Through conferences, panels, publications, and events such as the Wealth Management Conference, Equity Symposium, The Analyst publication, and Diverse Dividend, CFA Society Toronto fosters dialogue on both emerging trends and enduring principles. The Society brings together a community that reflects the multifaceted diversity of the investment and financial services industry, offering opportunities to learn from peers, share insights, and contribute to the future of the profession.
In fast-moving times, it is the human quotient that endures. Professionals who thrive blend technology with judgement, ethics, and genuine relationships, delivering advice that holds up across market cycles and generations.
As CFA Society Toronto enters its 90th year, we remain focused on one core promise to practitioners: membership empowers you to thrive wherever you are in your career by connecting you to a community of peers, practical learning, and leadership opportunities that strengthen judgment, credibility, and long-term client trust. For wealth professionals navigating complexity, that combination of community, competency, content, and credibility is what helps advice hold up across market cycles and generations.
Fred Pinto, CFA, ICD.D, CEO of CFA Society Toronto
Fred is responsible for CFA Society Toronto’s overall strategic direction and management. Core to this mandate is continuing to deliver outstanding member value, promoting high ethical standards in the investment industry and increasing the visibility of the charter with multiple key stakeholders. He sits on the Board of Directors of CFA Society Toronto. Fred brings over 25 years of leadership experience in the Asset and Wealth Management industry and also sits on other Boards and Advisory Councils. Fred holds a BA (Honours) from the University of Toronto, an MBA from the Richard Ivey School of Business at Western University and received his ICD.D designation.
ABOUT CFA SOCIETY TORONTO
CFA Society Toronto is the world’s largest Society of CFA® Charterholders, dedicated to supporting the professional and business development of more than 11,500 members. With a focus on education, networking, and thought leadership, CFA Society Toronto empowers finance professionals to excel in a dynamic and competitive global market. Founded in 1936, CFA Society Toronto is a not-for-profit organization affiliated with CFA Institute, the global body that administers the Chartered Financial Analyst (CFA) curriculum and sets voluntary, ethics-based performance-reporting standards for the investment industry. For more information, visit cfatoronto.ca. Chartered Financial Analyst® and CFA® are registered trademarks owned by CFA Institute.
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