Business as usual at Vernon investment firm

Opportunities sought as Canaccord Financial goes in a new direction

Trevor Perepolkin

Trevor Perepolkin

A Vernon investment office is moving in a new direction.

Options are being pursued after Toronto-based Canaccord Financial announced Monday it’s closing 16 branches across the country, including the one in Vernon.

“We’ve anticipated this change for many months,” said Trevor Perepolkin, assistant manager of the Vernon branch.

“They are moving to a more global institutional business model.”

Perepolkin points out that the 30th Avenue office was an independent operator through Canaccord and is locally owned.

“We’ve been working proactively on other options that allow us to continue to do business as usual,” he said.

Perepolkin would not comment on possible options, but says plans will be announced soon.

The Vernon branch has eight employees.

“We have a long-standing relationship with the community through the sponsorship of organizations and events and that will continue,” said Perepolkin.

In a statement, Canaccord says the decision to close 16 branches allows it to concentrate resources in major centres.

“This initiative will allow us to make additional investments in markets where we see the most opportunity for future growth,” said John Rothwell, Canaccord Wealth Management president.

Canaccord is also reducing the number of advisors at its remaining locations by 35 advisory teams. That will leave 180 teams across the country.