As a successful lawyer, we’re guessing you got where you are with a mix of talent, grit, discipline, luck (meeting the exact right teacher at the exact right moment, say), and more than just a little bit of control. Thriving practices, like portfolios, are built on an accumulation of smart decisions. Your decisions. So, the idea of handing day-to-day investment authority to someone else might not sit naturally.
But discretionary wealth management isn't about giving up control. It's about gaining access to institutional-calibre investment expertise, sophisticated portfolio construction, and asset classes that are typically reserved for pension funds, endowments, and other large investors.
Through Lawyers Financial's partnership with Fiera Capital, clients with $1 million or more in investable assets can access a discretionary private wealth program built on the same disciplined investment philosophy that supports the management of approximately C$160 billion in assets (as at March 31, 2026) for institutional, private wealth, and financial intermediary clients worldwide. What does that look like in practice? We spoke with Michael Ligeti, CFA, Investment Counsellor at Fiera Capital. If you choose Lawyers Financial's private wealth program, Mike is one of the investment professionals who could become part of your team.
Q. What are some advantages of the discretionary wealth management model for a private wealth client?
A. One, we start with a deep dive on your personal goals and priorities—and not just investments. This is key for developing a strategic asset allocation that aligns with your objectives and constraints.
Two, it lets you focus on what you do best—lawyers are often extremely busy people. If you're retired, you can focus on enjoying that while we manage the day-to-day oversight of your portfolio.
Three, it also removes the emotional tendencies that can get in the way of making good decisions when we try and manage our own investments.
Q. Who's a typical private wealth client?
A. In addition to lawyers, many are successful professionals and entrepreneurs. They've usually worked for 30 years or more, saved diligently, and ended up with sizable investment portfolios.
Q. Were many of your clients managing their own investments before joining Fiera?
A. Yes, some were, but one day they realized they're just too busy to give their portfolio the attention it needs. That's often the case with Lawyers Financial clients. Or they may decide they want broader diversification than a traditional stock and bond portfolio can provide.
Another factor in recent years is that bonds haven't always been doing what traditional investors expected, which was to stabilize their portfolio when equities decline.
Other clients come to us when they retire because they want regular investment income but are unsure of the best way to do that themselves.
Q. Is Fiera's approach to private wealth management influenced by how you manage investments for institutions?
A. Yes, it's a very consistent approach. Obviously, there are some nuances with individuals and families having registered accounts and different liquidity needs and circumstances than institutions. But the underlying architecture applies to both in terms of our investment platform and expertise. In both cases, that means portfolios may include public equities, public fixed income, private equity, private credit, and real assets.
RELATED: What are real assets and how can they diversify your portfolio?
Q. Are there similarities between institutional and private wealth priorities?
A. Broadly speaking, yes. Keeping up with inflation is one similarity and stability is another. Individuals can have a variety of investment goals and building long-term savings for retirement is usually a primary one. So that would tilt a bit more towards growth than an institution needing specific income levels to fund annual disbursements. But in the end, both value stability and protecting the purchasing power of their assets over time.
Q. How do you develop a client's long-term investment strategy?
A. The discovery process I mentioned drives it and the output is important because a client’s strategic asset allocation has been statistically shown to have the largest impact on portfolio results over time. If you're young and have a long time horizon, that may call for more growth assets than if you just retired and prefer to prioritize capital preservation and income. How much risk are you comfortable with? What are your assets and liabilities? What are your tax considerations? These all factor into how we allocate to different asset classes.
This is an ongoing process. We periodically review what's changed in your life and how it might affect the objectives and constraints of your portfolio.
Q. Do you work with anyone from Lawyers Financial as part of that process?
A. Yes, frequently. By the time we meet with a new client, they've often been through a financial planning and insurance review with Lawyers Financial planners, wealth specialists, or advisors. That can really enhance the strategic asset allocation discovery process with important context. We value the partnership and work with them regularly.
Explore whether discretionary wealth management is right for you
Combine the personalized guidance of a Lawyers Financial wealth specialist with Fiera’s long-term track record and demonstrated expertise.
Start by connecting with a wealth specialist. They’ll ask about your needs, goals, timelines, and risk tolerance, and can arrange for a private wealth consultant from Fiera Capital to join your team.
Written for Lawyers Financial by Chris Goldie, a Toronto-based writer and editor.
Discretionary wealth management services sponsored by Lawyers Financial are offered through Fiera Capital Corporation, an asset management firm registered as portfolio manager in all provinces and territories of Canada.
