Aside from keen business acumen and an eye for innovation, how do the world’s more than 1,800 billionaires and the roughly 15 million millionaires maintain their wealth?

Using guidance and planning from professional money managers is one of the most strategic ways that both the newly rich and those with older money continue their wealth for future generations. That’s in part because many individuals or personal investors do not have the time to carefully track financial markets nor have the knowledge to intelligently use today’s vast array of investment tools.

That is where professional wealth management firms come in.

Whether it is a traditional banking institute or a multi-family office, wealth management professionals are able to develop financial portfolios for clients that are tailored to meet personalized risk levels and long-term financial goals.

While achieving financial success for clients is a goal common to wealth management firms, results vary depending on the firm and the investment managers they employ. This makes selecting the right firm both challenging and imperative.

When seeking to select the right firm, some people choose to ask friends and family for guidance; others do research online or in financial or investment related magazines. However, another, perhaps less well-known, way to gauge the quality and results of a wealth management firm is through the financial industry awards and accolades it has earned. Being acknowledged and celebrated by one’s peers can be a clearer way to tell if a firm is a leader in their field.

financial services.

Financial Services.

In the wealth management industry, there are a variety of awards that are given out annually, two of which are the Personal Asset Management Awards and Wealth Professional Awards.

The Personal Asset Management Awards (PAM) are awarded by the Fund Intelligence Group, an industry organization dedicated to providing senior investment managers with greater opportunities for continued education and industry networking.

This year’s PAM awards were presented in New York City. Covering a range of award categories, including Best Investment Platform and Best Trustee Service, PAM also happens to serve as a healthy barometer to tell which firms or investment managers are leading the industry.

The Wealth Professional Awards, which will be presented in a ceremony later this year in Toronto, are considered among the top Canadian honours a wealth management firm can earn. Like the PAM awards, the Wealth Professional Awards cover a variety of wealth management categories. However, the Wealth Professional Awards also have a number of categories celebrating the individual excellence of asset and portfolio managers.

Ontario-based multi-family office Northland Wealth Management is among the few firms that have been celebrated by both PAM and Wealth Professional. Most recently, Northland Wealth Management was awarded the PAM Award for Best Multi-Family Office – Client Service under $2 billion. And in 2016, Northland Wealth Management’s founder and Chief Executive Officer Arthur Salzer also took home the Canadian Wealth Professional Award for Portfolio Discretionary Manager of the Year while being awarded Best Multi-Service Advisor of the Year in 2015.

“We are honoured that Northland Wealth is becoming known as the independent alternative for families looking for unbiased advice and premier service,” said Arthur Salzer at the time of receiving the Portfolio Manager of the Year award. “Our one-of-a-kind open-architecture platform provides access to the alternative investment opportunities and managers utilized by the Canadian pension plans.”

President of Northland Wealth Management, Paul Mascard, also weighed in on the award, saying: “Canadian families of significant wealth deserve tailored, financial planning and investment services, delivered with transparency and without conflict. This award demonstrates our deep relationship with and commitment to the families Northland Wealth serves.”

For Arthur Salzer, awards in the investment industry not only provide potential clients a look at which firms are high-performing, they also provide a chance for the many industry professionals who do hard work to get the acknowledgment and recognition they deserve.

“It’s fantastic that they are highlighting the hard work and dedication that family offices have for their clients,” Salzer adds.