Building your financial future. Discretionary Portfolio Management Services

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1 Building your financial future Discretionary Portfolio Management Services

2 A personalized approach To achieve financial independence What s the difference between an Investment Advisor and an Investment Advisor who also is a Portfolio Manager? The main difference is that Investment Advisors who have received Portfolio Management training recognized by regulatory authorities, are able to make discretionary decisions on a client s account in order not to miss out on any market opportunities. This personalized discretionary management, reserved for wealthy and institutional clients, is offered at National Bank Financial through Investment Advisors who are also Portfolio Managers. What is a Portfolio Manager? A Portfolio Manager is an investment professional certified by securities regulators who has Discretionary Management authority. Portfolio Managers must be certified as a CIM (Canadian Investment Manager) or CFA (Chartered Financial Analyst). These two certifications are granted by recognized organizations that operate completely independently of National Bank Financial. Portfolio Managers must also have accumulated several years of experience as an active registered full-service brokerage representative. They can also qualify by having accumulated several years of experience as a research analyst with a company that is a member of a self-regulatory organization. In addition, National Bank Financial requires relevant experience in managing or analyzing investments, a history of above-average portfolio management performance and adherence to its compliance criteria Discretionary Portfolio Management Services To be a Portfolio Manager, Investment Advisors must meet strict criteria in terms of education and overall investment experience. What qualifications are required to be a Portfolio Manager? As a Portfolio Manager, candidates must meet stringent criteria which are among the highest standards in the Canadian investment industry. At National Bank Financial, a select group of Investment Advisors have earned the required qualifications. If you received this pamphlet from your Investment Advisor, it means that he or she is part of this exclusive group of advisors who can provide Discretionary Portfolio Management Services. Not only do these advisors have the highest level of qualification in the industry, they also possess professional distinctions that testify to their ability and commitment to adhere to the highest professional and ethical standards. National Bank Financial has therefore appointed them as Portfolio Managers and authorized them to act with the support of its portfolio management department.

3 National Bank Financial Wealth Management is one of the top six investment dealers in Canada. The firm can trace its roots back to 1902, a time when many of its current competitors had yet to see the light of day. National Bank Financial, a subsidiary of National Bank of Canada is an integrated firm. Present in all regions of Canada, the firm also has operations in the United States and in Europe. National Bank Financial combines individual advisory and brokerage services with institutional brokerage, corporate finance, and third-party securities clearing and brokerage services. It employs over 3000 people working in offices located in Canada s major urban centres. Benefits of doing business with a Portfolio Manager 1. Personalized management and communication Having a Portfolio Manager as your Investment Advisor brings a human dimension to discretionary management. By entrusting your investments to someone you know well, you can make sure that your assets are managed with your priorities in mind. You will enjoy a personalized business relationship, unparalleled portfolio management skills and a better overall client experience due to the benefits of discretionary management. 2. A rigorous process Although advisors are fully qualified to oversee your investments, National Bank Financial provides additional support and will work to ensure portfolio integrity through our Portfolio Manager supervision committee. This committee monitors the following aspects on a regular basis: Compliance with the parameters set out in the investment policy Securities held in the portfolio are suitable for the investor The model s relative performance meets expectations Observance of regulatory policies and procedures 3. The flexibility to quickly adjust your portfolio to market changes Portfolio Managers are able to make immediate changes to a portfolio without waiting for client approval. With financial information circulating faster than ever, managers need to act quickly. Portfolio Managers can make the decisions required in the space of a few minutes if necessary, thereby enabling you to take advantage of market opportunities. 4. Fees tailored to your portfolio With Discretionary Management, monthly management fees represent a fixed percentage of the value of your portfolio and will be adjusted accordingly rising as your assets increase in value and falling should your investments incur a setback. This fee-based relationship provides the manager the freedom to look after the clients best interests without having to take transaction costs into consideration. Portfolio Managers serving as Investment Advisors are not compensated for the number of trades they execute, but rather for their expertise and the range of services they provide. Furthermore, Portfolio Management Fees for a taxable, non-registered account are generally fully or partially tax-deductible.

4 Franco G. Zava, LL.B., CIM Portfolio Manager National Bank Financial Wealth Management Franco Zava is a licenced Discretionary Portfolio Manager and Investment Advisor. Beginning in 1997, he has worked in various capacities in the financial services sector. Prior to that, Franco practiced securities law at one of Canada s largest law firms based in Toronto. Born and raised in Winnipeg, Manitoba, Franco earned his Bachelor of Arts degree in Economics from the University of Western Ontario in Thereafter, Franco earned his Bachelor of Laws Degree from the University of Toronto, and went on to article and practice in Toronto in the area of Securities Law with one of Canada s largest law firms at the time, Lang Michener. Franco continued in the practice of law in Ottawa and in 1995, moved to Victoria B.C. Soon after arriving to Victoria, Franco began his career as an Investment Advisor at BMO Nesbitt Burns. In 2004, Franco joined Canaccord Capital where he became licenced as a Portfolio Manager. While at Canaccord Capital, Franco attained the position of Vice-President and Branch Manager. In 2012, Franco and his team, formed Zava Portfolio Management Group and joined one of Canada s largest bank-owned investment dealers, National Bank Financial Wealth Management. At National Bank Financial, Franco and his team continue to serve their clients with truth, honesty and hard work, the very values that have earned the trust of Franco s longstanding and newer clients. Franco and his group are committed to working with clients in meeting their financial goals using our tailored investment portfolios focused on capital preservation, moderate growth and attention to a unique financial plan. Franco G. Zava LL.B, CIM National Bank Financial Suite 700, 737 Yates Street Victoria, BC V8W 1L6 Telephone Toll free franco.zava@nbc.ca

5 National Bank Financial offers... Private Portfolios The first approach is our Private Portfolios an investment vehicle exclusive to National Bank Financial. This investment solution allows you to directly own a wide range of individual securities while enjoying certain characteristics specific to mutual funds, i.e. diversification, risk management and a performance history all without the drawbacks or fees usually associated with the latter. Investing in a Private Portfolio automatically provides you with the benefit of having a discretionary-managed mandate on this part of your investments. While always adhering to specific guidelines, Private Portfolios are adjusted by the manager as often as required by making certain trades to better adapt to market conditions or to take advantage of investment opportunities. Discretionary Portfolios The second approach available at National Bank Financial is a program designed specifically for investment advisors registered as portfolio managers whose high net worth clients are looking for personalized service, which is only possible with discretionary management of the entire portfolio. The portfolio manager prepares an investment policy statement and constructs a portfolio based on an in-depth examination of the client s financial situation and investment needs by selecting securities that meet specific criteria. The portfolio manager will regularly monitor your account, assessing performance and ensuring that asset allocation is in line with the original policy statement rebalancing as required and of course identify and take advantage of market opportunities. Discretionary Portfolios provide portfolio managers with the latitude they need to manage all of your investments. You entrust your savings to a portfolio manager, who will make all the necessary decisions involved in the day-to-day management of your portfolio in keeping with your investor profile, restrictions, constraints and investment objectives. In summary, Private Portfolios provide you with discretionary management for part of your investments, while Discretionary Portfolios address all your assets.

6 Managing the world s most important investments: Yours! National Bank Financial is an indirect wholly-owned subsidiary of National Bank of Canada which is a public company listed on the Toronto Stock Exchange (NA: TSX) (05/2012) nbf.ca