Olivier Brasseur of KHB Capital at CI Assante Wealth Management in Montreal.Supplied
In Buy the Book, advisors discuss their experiences acquiring a book of business, from practice valuation to client retention.
Olivier Brasseur, a 34-year-old certified financial planner and chartered investment manager for KHB Capital at CI Assante Wealth Management Ltd. in Montreal
As a commerce student at Concordia University in 2013, Olivier Brasseur needed a summer internship leading into his senior year.
He was hired by Earl Kaplin and Jeremy Hampson, senior financial planners and partners with Kaplin Hampson Associates at CI Assante Wealth Management. The firm specializes in holistic wealth management for ultra-high-net-worth (UHNW) families, including portfolio management, tax planning and estate planning strategies.
After a successful summer stint, Mr. Brasseur was invited to stay on while he finished his studies.
“They said, ‘Just graduate and stop worrying so much about your GPA and grades. We want you to keep working for us,’” Mr. Brasseur says.
During his senior year, he worked for the duo part-time and then joined full-time after graduation. He earned his securities and insurance licences as well as the chartered investment manager designation.
In 2017, the duo offered Mr. Brasseur what they called a “sweat equity” deal. The arrangement would see him become a partner of the business.
The book
The book at Kaplin Hampson Associates is made up of 85 UHNW households, representing $450-million in investable assets. Mr. Brasseur says most households span three to four generations, from grandparents to kids in their teens and 20s.
The clients hold managed money products, exchange-traded funds, private credit, private equity, and mining stocks with flow-through shares in their portfolios.
The sweat equity deal the partners carved with Mr. Brasseur was a five-year arrangement in which he would acquire a 10-per-cent stake in the business. Over that period, 40 per cent of his income went toward a 7.5-per-cent stake in the business, and after five years, he would purchase the other 2.5 per cent.
But Mr. Brasseur exceeded business expectations, so Mr. Kaplin and Mr. Hampson decided to shorten the vesting period to four years and increase the ownership interest to 15 per cent.
“He paid blood, sweat, tears and cash into this deal,” Mr. Hampson notes.
Ownership amounts increased gradually in the ensuing years. By December 2025, Mr. Kaplin retired after 42 years, with Mr. Hampson and Mr. Brasseur each owning 50 per cent of the business.
Olivier Brasseur, right, with Earl Kaplin, centre, and Jeremy Hampson, left.Supplied
The price
Mr. Brasseur paid three times recurring revenue for his portion of the book, more than the industry average of 2.5 times. Because he purchased the book in phases, he and the partners would calculate the total trailer fee at the end of the year and make the deal based on that.
“I would go and get financing, give them a cheque for that amount, and then as of Jan. 1, I would start to make that income right away,” he says.
The transition
Mr. Hampson notes that the firm has never operated on a siloed, individual advisor model, preferring to emphasize a team-based approach to serving clients. So, when Mr. Kaplin progressed toward retirement, there was no abrupt or forced transfer of client relationships.
Both Mr. Hampson and Mr. Brasseur had been with the firm long before the transition took place. Mr. Brasseur notes that he was involved with clients from the get-go as a commerce student.
“That’s how you ensure your investment [in the acquisition] is going to continue growing – by the investment of time and energy spent with the clients,” Mr. Brasseur says. “I think we’ve had one client leave in the time I’ve been here, and it was an estate.”
Mr. Brasseur and Mr. Hampson separated the book’s workload by client personality profiles and their own skill sets. While they manage day-to-day relationships individually, they still spend time reviewing all files to stay abreast of every client.
“We also like to remind clients that should something happen to one of [us], someone can still help them,” Mr. Brasseur explains.
Besides the two partners, the firm employs an office manager and an administrative assistant, as well as a junior advisor.
“We want to groom him into becoming a full-fledged advisor like Jeremy and me,” Mr. Brasseur says of the junior advisor.
Advice for buyers
Mr. Brasseur says prospective buyers need to think beyond getting a good deal for a practice done quickly, which means taking on more risk.
“They’ll come in cold turkey and … may lose half the clients because the clients don’t have a relationship with the new person,” he says.
He advises buyers to get involved with an established advisory team.
“While you may not get all the benefit upfront, the long-term value is tenfold,” he says. “You’re being rewarded with the trust of the client over time.”
Are you a financial advisor or financial planner who recently bought a book of business? Globe Advisor would love to speak with you about your experience. Candour, especially around the finances, is appreciated, and your name and photo will be used for the column. Please e-mail dgage@globeandmail.com and include a brief synopsis of your situation.