Veritable Wealth Advisory opens in old BMO branch
‘We’re building something that’s going to be here a long time,’ CEO says
Veritable Wealth Advisory is newly open in the landmark former BMO bank building at 130 Simcoe St. in downtown Peterborough.
CEO Doug Robinson co-founded the firm three and a half years ago with a dozen other finance specialists.
A temporary Peterborough location was opened in March 2019 in the Inclusive Advisory building on the northwest corner of George and McDonnel streets.
A year later, Veritable’s staff went to work from home in the ongoing COVID-19 pandemic while 130 Simcoe St. was under extensive interior renovation.
Veritable also has locations in Burlington and in Kingston.
Robinson said seven of the firm’s 13 staff work in Peterborough and he expects to add two new hires to the local office later this year, with more to come later.
“We’re definitely hiring — we’re open to grow,” he said.
Robinson lives in Peterborough and previously worked in finance in the city before starting Veritable.
He said Veritable offers a range of services: succession planning, estate planning and business growth planning, for example, as well as tax preparation and more.
“That’s our lane,” he said. “We know the business, and we give expert advice to improve their (clients’) lives.”
Robinson describes Veritable’s clients as “people who have very complex financial needs” and a busy work life, too: business owners immersed in day-to-day operations, for example, or doctors or dentists running a practice that includes staff and overhead.
“With all the stresses they have in their lives, the last thing they need is financial stress,” Robinson said, adding that there are “tons” of people who fit that profile in Peterborough.
Veritable is renting the space on a long lease: Robinson expects to be there at least 20 years.
The 1960 building — which was the Bank of Montreal until closing for good in August 2019 — is a designated heritage building. While the exterior retains modernist features such as the frieze in gold mosaic tiles and the exterior black marble panels, the interior has been remodelled with new conference spaces and work spaces.
The building was designed by German-born Eberhard Zeidler, the city’s most prominent modernist architect of the 1950s and 1960s.
Robinson said both the building owner and the firm paid for interior renovations — and, although he won’t say exactly how much it cost, he said it was seven figures.
It’s worth it because they plan to be a lasting downtown firm, he said. He tells new hires they can expect to retire from Veritable.
“We’re building something that’s going to be here a long time.”
Veritable’s website is at veritablewealthadvisory.com.