Ep 433: When You 10X Your Advisory Firm To Over $20M Of Revenue… And Want To 10X Again with Cameron Passmore
Apr 15, 2025
auto_awesome
Cameron Passmore, CEO of PWL Capital, takes listeners through his journey of scaling his wealth management firm from $2 million to over $20 million in revenue. He reveals how serving early Shopify employees and building a strong content engine drove client acquisition. Cameron discusses the strategic merger for future growth, investments in data management for improved client experiences, and the importance of networking in uncovering new business opportunities. His insights on creating a planning-first approach stand out in the Canadian financial landscape.
Cameron Passmore grew PWL Capital's revenue from $2 million to over $20 million by seizing opportunities within the Shopify ecosystem and building relationships.
The firm's success in client acquisition has been greatly enhanced through a strategic content engine, generating over 1,100 inbound leads in one year.
Passmore's focus on technology investment, including a data lake, has streamlined operations and improved client service through data-driven insights and proprietary tools.
Deep dives
Cameron Passmore's Growth Journey
Cameron Passmore, CEO of PWL Capital, transformed his firm from managing $2 million to over $20 million in revenue over a decade. This significant growth was largely fueled by his early engagement with Shopify, where he provided financial services to its CEO and employees, which led to a surge in assets under management following the company's IPO. Passmore emphasizes the importance of seizing opportunities and being proactive, illustrating this with the unexpected growth trajectory his firm took after building relationships within the Shopify ecosystem. Ultimately, this partnership laid the groundwork for a broader strategy, enabling PWL Capital to serve thousands of clients while positioning itself as a major player in the Canadian financial advisory market.
Digital Presence and Lead Generation
PWL Capital experienced remarkable success in client acquisition, generating over 1,100 inbound leads and welcoming more than 200 new clients in just one year, primarily through thoughtful content strategies. Their extensive digital footprint, including the Rational Reminder podcast and engaging YouTube channel, serves as a core component in attracting new clients, demonstrating the value of providing educational resources in financial planning. By delivering insightful white papers and online seminars, the firm has effectively positioned itself as a thought leader, allowing them to address potential clients' pain points directly. This approach has proven beneficial in nurturing relationships and facilitating conversions from passive listeners to active clients.
Innovations in Financial Technology
Cameron Passmore's commitment to technology investment has led PWL Capital to develop institutional-quality data management systems aimed at enhancing client experience and operational efficiency. The implementation of a data lake and a dedicated technology team has allowed the firm to streamline decision-making processes and create tools that align with their unique planning methodology. This focus on technology is not merely cost-driven; rather, it is centered on enhancing client service and incorporating data-driven insights into their advisory process. By building proprietary analytical tools, PWL Capital elevates its advisory services, ensuring they remain competitive in a rapidly evolving marketplace.
Embracing Change and Growth
Following PWL Capital's initial 10x revenue increase, Cameron Passmore actively envisioned strategies for achieving the next phase of growth, focusing on becoming a 'company of consequence.' This vision included exploring opportunities for mergers and acquisitions to facilitate further expansion and strengthen the firm's impact within the financial sector. Despite receiving multiple acquisition offers that primarily prioritized financial gain, PWL Capital ultimately decided to partner with OneDigital, a U.S.-based financial services conglomerate, recognizing the advantages of their operational support and growth strategies. This calculated decision reflects a commitment to not only financial growth but also a desire to positively influence the financial advisory landscape in Canada.
Team Structure and Collaboration
PWL Capital emphasizes a collaborative team structure, with a strong focus on delegating responsibilities to optimize client service delivery. The firm operates using a diamond team model that includes a lead advisor, planning associate, and operations specialist to effectively manage approximately 175 families per team. This structure promotes inter-team collaboration and allows for seamless service delivery, particularly benefitting clients through consistent communication and engagement. By empowering advisors and enabling them to work together, Cameron Passmore fosters a culture of knowledge sharing that enhances client experiences and overall firm performance.
Successful Adaptation and Future Aspirations
As PWL Capital embraces its partnership with OneDigital, the firm is poised to leverage its combined strengths for accelerated growth and the enhancement of client services. This collaboration not only provides necessary financial backing but also the potential for acquiring other like-minded firms, reinforcing PWL Capital's market position. Passmore's ability to adapt and cultivate opportunities within changing industry dynamics underlines the importance of agility in the financial advisory sector. The firm aims to build a robust network of talent and resources, thus expanding its reach and impact in the Canadian financial planning landscape while striving for collaborative growth in the future.
Cameron Passmore is the CEO of PWL Capital, a wealth management firm based out of Ottawa, Canada, that oversees just over $5 billion Canadian dollars (or approximately $3.5 billion U.S. dollars) in assets under management for 2,400 client households. What’s unique about Cameron is that after growing his firm’s revenue from $2 million to over $20 million as an independent firm over the past decade, he recognized that the next phase of growth required a different approach. By combining with a larger financial conglomerate, he positioned the firm to pursue another 10X growth opportunity in the decade ahead.
Listen in as Cameron shares how his firm achieved explosive growth by serving early Shopify employees, building a content engine that has served as a key driver of inbound leads, and differentiating through a planning-first, passive investing approach that is not typical in the Canadian advice landscape. Cameron also discusses his firm's investment in an institutional-grade data lake to enhance the client experience, how their planning teams operate efficiently at scale, and why always being open to new connections has led to some of his biggest business opportunities.
