Mallard leaves Assante for Quadrus

Prominent advisor and former Advocis chair Brian Mallard has resigned from Assante and is switching to Quadrus Investment Services.

Mallard’s entire branch, Saskatoon-based Brian Mallard & Associates, will join the London, Ont.-based firm — the mutual fund dealer arm of London Life and an affiliate of Great-West Life. Mallard says he is currently in the process of re-registering with Quadrus.

“Quadrus has a very large platform and a significant number of advisors with a wide variety of experience,” Mallard said in an interview, noting that he talked to no less than 22 firms over the last 18 months. “Great-West Life is also very committed to the distribution of securities products through the mutual fund channel and is willing to put significant financial and human resources behind that.”

The move away from Assante won’t come as a surprise to industry insiders, who believe that Mallard was unhappy with the firm’s lack of support during a difficult period, when he faced a series of significant legal challenges, some of which are still ongoing.

“We have fundamentally different views on carrying on business within the financial services sector,” reads a carefully-worded statement regarding Mallard’s departure from Assante. “Brian and his associates and the Assante Group have come to a mutually acceptable and amicable parting of the ways.”

Mallard began his career as a life insurance agent at the Canada Life Assurance Company in 1973 and attained his CLU designation in 1979. The following year, he founded Dataplan Consulting Associates, which changes its name to Dataplan Financial Services in 1987.

In 1996, Dataplan was sold to Assante and Mallard held the position of CEO until Dataplan merged with another Assante acquisition, Equion Financial, in 1998. Following the merger, he formed Brian Mallard & Associates, but retained his affiliation with Assante.

Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com