Travis Forman: Strategic Wealth Management Tips for Entrepreneurs

Innovative, pioneering, and client-centric — these are the hallmarks of Travis Forman‘s illustrious career in wealth management. As the portfolio manager and principal of Strategic Private Wealth Counsel (a part of Harbourfront Wealth Management), Forman has carved a niche in the financial world that resonates with growth, innovation, and a keen focus on alternative investments.

With over 25 years of experience, Travis Forman is not just any wealth manager. He is the architect behind one of the fastest-growing wealth management practices, renowned for its substantial growth in assets under management (AUM). His journey from a bank teller at the Royal Bank of Canada to a pioneering figure in wealth management is a testament to his dedication and expertise in the field.

Forman’s foresight led to the development of a collection of private investment pools, diversifying into private debt, real estate, and equity and propelling Willoughby Asset Management’s private pools to over $1 billion in AUM in under five years. His approach is not just about numbers; it’s about making a tangible difference in the lives of clients, notably carving a unique path by catering primarily to female clients in a traditionally male-dominated industry.

In this interview, Travis Forman shares his journey, strategies for growth, unique client focus, and views on the future of wealth management. Join us as we delve into the mind of a visionary who is redefining wealth management and empowering clients through strategic and innovative financial planning.

Career Journey and Expertise

SBS – Can you share your journey in wealth management and what inspired you to focus on this field?

Travis – I started in the industry working for Royal Bank of Canada (RBC) as a bank teller. During this time, I came across the world of financial planning and had my “aha” moment. I had spoken with a colleague several times about the world of wealth management, and she ended up making an introduction that landed me a job in the space. It’s been over 25 years, and I can confidently say that going down this path was the best decision I have ever made.

I currently serve as the portfolio manager for Strategic Private Wealth Counsel, a wealth advisory practice that operates as part of Harbourfront Wealth Management. Strategic Private Wealth Counsel switched to Harbourfront in 2016.

I play a pivotal role in the formulation of private funds. Over the span of less than five years, including the challenges posed by the pandemic, I’ve successfully tripled the size of my wealth management business. Additionally, I’ve spearheaded the expansion of these private investment pools, achieving an asset under management (AUM) milestone surpassing $1 billion. In addition to SPWC, I was one of the founding architects of Willoughby Assets Managements Private Funds.

Growth Strategies

SBS – What strategies have you employed to achieve such rapid growth in AUM?

Travis – I’m proud to have played a role in the early effort to make alternative investments more accessible to a wider Canadian audience, contributing to the growth in AUM. Making private investments part of retail portfolios has allowed us to reduce market correlation and potential risk while maintaining long-term returns. This is a simplified explanation of a very complex strategy! It has demonstrated wonders for clients over the years.

Seven years ago, I started developing the private pools mentioned earlier, and today, they have over a billion in AUM, with thousands of households participating as investors. This success has positioned our firm as a pioneer in the field, and it’s satisfying to see our competitors also incorporating private investments into their offerings. 

Our overall goal is to create a smoother investment experience, improving the chances of success in financial plans and ultimately benefiting the retirement outlook for Canadians. 

“If you want to manage more money, ask more people to manage their money.” I can’t recall who said it, but it’s brilliant for people in my business. People often believe that if you create a value proposition, business will come to you, but this is not the case. You definitely need a value proposition, but business is not coming to you on that alone. You must tell the public about your value proposition and then ask them for their business.

Client Focus

SBS – You have a unique focus on female clients. What prompted this decision, and how has it shaped your approach to wealth management?

Travis – This is true, but it actually wasn’t a focus. Rather, it happened organically. Our team works with anyone who needs support in financial planning and with their investments. But yes, it is somewhat unique that our practice happens to have a large female client base, as traditionally speaking, the industry at large has served primarily male clients. I support gender equity and equality, with the belief that everyone in Canada should have access to solid financial advice. Over the last few years, I’ve increased my efforts to educate and inform people about financial well-being. As a result, the business pipeline for Strategic Wealth Counsel is now more robust than ever before.

Wealth Management Challenges

SBS – What are the most common challenges entrepreneurs and business owners face in managing their wealth? 

Travis – The primary challenge I see is a lack of comprehensive financial planning, which often results in insufficient resources for long-term goals, such as retirement or business succession. Nowadays, with unpredictable inflation rates, housing prices, and volatile markets, we as a society need to begin working towards our long-term financial goals even sooner. Typically, by the time it crosses our minds to begin creating a financial plan, most of us are already behind. The best thing you can do is speak with a financial advisor who can at least get you started. Because I work in wealth management, I see an immensely stark contrast between people who have financial plans and those who don’t. And trust me, it can make a huge difference.

Here are some tips I recommend if you want to invest:

1. Open an investment portfolio if you don’t already have one
2. Make sure you’re investing in the correct type of investments and that they are adequately diversified. This is key as diversification can reduce the impact of market volatility and may make your returns more efficient over the long term
3. Invest outside of the market and specifically in alternative investments such as private debt, private equity, and private credit
4. Seek advice from a financial advisor/portfolio manager
5. Stay on top of your goals and be realistic. Your primary goals might be to preserve capital, manage risk, and gain peace of mind, but it will take time to happen, and that’s ok!

Alternative Investments

SBS – Could you explain the role of alternative investments, like private debt, real estate, and equity, in a diversified portfolio?

Travis – Absolutely. Most of us are familiar with traditional assets like stocks and fixed income, but there’s a wider range called alternative investments or alts.

These include private real estate, private equity, private debt/credit, and more. Alternative investments demonstrated proof of value during the grand financial crisis, showing they were resilient and could grow in times of crisis. Take a look at the piece I contributed to the Globe and Mail on alternative investment, which goes into more detail. Alternatives are important because of their unique risk and return features, making them valuable in portfolios. Including them helps diversify holdings and reduce overall portfolio risk.

Wealth Growth for Retirees

SBS – What strategies do you recommend for retirees to grow their portfolios while managing risk?

Travis – In general, equity purchases such as stocks, ETFs, or mutual funds are the most easily accessible investment options. However, publicly traded investments in a typically diversified portfolio are a successful strategy over time but come with volatility. Standout market corrections are Tech Wreck 2000, Financial Crisis 2008, Dec 2018, COVID-19 2020, and Inflation 2022. For many Canadians, this volatility is unsettling and can lead to ill-timed investment decisions that affect long-term plan success.

In general, stocks are the most easily accessible investment option for the average investor, but we saw what happened during the pandemic. A majority of Canadians lost their nest eggs, and when you’re close to your retirement, that’s not something you want to be worried about.

Industry Trends

SBS – What emerging trends in wealth management should entrepreneurs and business owners be aware of?

Travis – Truthfully, I think the trends that came into place almost three years ago are finally entering a period of maturity. This year will be a testament to growth in the areas of digitization, more personalized wealth management (especially for younger generations), and increased investment growth in the areas of private equity, debt, and private real estate. We’ll also see a larger portion of female clients in the industry due to the wealth transfer that’s currently underway.