MONTREAL, QC, August 8, 2019 - Echelon Wealth Holdings Inc. (Echelon), the parent company of Echelon Wealth Partners, has acquired Financiere FCL Inc. The transaction maintains Echelon’s commitment and participation in the Quebec Immigrant Investor Program (QIIP) providing Echelon with international expansion of wealth management. Over the next 12 months, FCL will be completing a rebranding strategy to align itself with the Echelon brand.
QIIP allows applicants to obtain permanent residence through a passive investment. Investments must meet criteria to be eligible for the program including a legally acquired net worth of $2 million, 2 years of suitable management experience, investment of $1.2 million into a passive government guaranteed investment for 5 years bearing no interest and intent to settle in the province of Quebec. There are 22 current financial intermediaries registered in the program, including Echelon Wealth Partners, and approximately 1900 permitted new applicants a year.
The executive team of FCL, CCO Richard Audet and CFO Francesco Pasin, will remain with the organization in the short-term to assist in the transition of Echelon Wealth Partners’ new management team inclusive of Marco Zaino and Directors, Louis Cavalaris and Doug Glover.
Echelon Wealth Partners intends to transfer its QIIP quota to FCL once the required proficiencies are met. The QIIP will remain the focus of the company; however, FCL will be expanding their offering to include advisory and investment management to high net worth international clients, leveraging the current services available in the Echelon network.