You get Harbourfront Wealth Management, an independent Canadian firm established in 2013 by CEO Danny Popescu. He started the company with a vision to expand investment offerings beyond traditional asset classes, and his focus on innovation within the wealth management sector has paid off. 

After starting with an enterprise value of $11 million, Harbourfront Wealth Management has grown that number to $425 million in nine years. Popescu believes that offering private securities has been central to his firm’s success. Tie that to an employee-owned firm culture, and the result is an agile firm that represents a fresh approach for a traditionally conservative industry. 

Here’s what Danny Popescu had to say about his firm’s relevance to the broader investment landscape. 

Harbourfront Wealth Management has grown considerably. What do you think is the most important factor behind that growth? 

The first thing we’re really proud of is that we’re changing the way Canadians invest.  We have a big focus on pension-type investment solutions and our clients have embraced that element of our services. Over 25% of our assets under management are held in private securities, which is very rare in Canada right now. 

I think the other significant factor is our management structure at Harbourfront Wealth. We have a unique model for advisors, where employees and advisors are partners of the organization rather than just employees at a big company where the shareholders are all external. So those are big things that set us apart and have contributed to our growth.

How would you describe the company culture at Harbourfront Wealth Management? What have you done to create the culture that you wanted? 

What’s surprising to a lot of our employees is that I tend to be a very informal CEO. Often people have this perception of the gray-haired CEO sitting at the top in a corner office. I try to be very personal and down to earth, focused more on collaboration and relationship building. 

I find that’s a great start. When people realize, “Hey, this is a transparent organization,” that really sets the tone. We have a culture that encourages advisors to choose a path that’s best for their practices and their clients, and we help one another along the way. 

 Many of our leadership team tend to take a similar down to earth management approach and it comes through across the organization. 

Also, although we certainly work hard at Harbourfront Wealth, we also like to play hard.  We have amazing conferences and AGMs and maintain a big emphasis on fun within the culture of the organization. 

You’ve talked a lot about the importance of your employees to your firm’s success. Do you have any guidance, based on your experience, in how to find and retain the right people for Harbourfront Wealth? 

Having the right people in place is absolutely critical. But it’s never an easy task to get right. Offering incentives and support to staff is a great place to start. For example, we recently launched an Employee Stock Option Program earlier this year, called our Grow Together Program, and that has been a real success. The idea is that our employees can share in the success of the organization they’re helping grow.

As far as finding the right talent for Harbourfront Wealth, oftentimes when I interview an executive, I ask them to put together a business plan before the interview. I really want to know how they envision the part of the organization they will manage. I ask them to put together a plan of what their first week, first month, and first 90 days will look like. What are they going to do during that time? What impact will they make? Given a great deal of autonomy within a supportive environment, how will they manage? Their ideas are telling, and I can then envision what their impact in the organization could be like and quickly tell if we’re on the same page or not.

Over the past ten years, what has made you most happy about Harbourfront Wealth Management’s success and growth?

That’s a good question. I think what really resonates is hearing advisors say they should’ve made the move to Harbourfront years earlier. It just tells me that we’re doing something special, giving advisors the ability to offer the best options for their clients. Seeing that kind of independence and happiness also validates the vision that we had when we started the firm. It was and still is to be independent. To help our purpose-driven advisors with improved access and the tools they need to make a real difference in their business and the lives of their clients.

Being able to continue to innovate and bring new investment opportunities to a greater number of Canadians — this is what really makes me happy in leading Harbourfront Wealth and what I want to continue to do.

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How can we get the most out of these spaces? And, relating to the design, what aspects of the space are important to maximizing productivity, appealing to as many different working styles as possible, as well as enhancing well-being and inspiring user creativity?

What is Coworking?

First, we need to understand exactly what coworking is. Coworking is a type of working space in which people from different teams and companies come together to work in a single shared space.

Using a coworking space can have many benefits, both on an individual and an organisational level, and we will look at how the design and features can impact this.

Who Would Use a Coworking Space

Various businesses can use a coworking space effectively, however, when launched in the early 2000s, they would mainly attract solo workers and web entrepreneurs.

They can be a good fit for businesses entering new markets, those who don’t want to the risk of a long-term lease, as well as companies who are seeking to cut down on large amounts of unused office space, as remote working increases.

As well as the traditional start-ups and sole traders utilising the spaces, users now also include well-known and even multi-national, global organisations.

Important Features of a Coworking Space

To ensure users get all of the benefits out of a coworking space, there are elements that need to be considered in relation to how they look and the facilities they contain.

Types and design of workspaces are important

The core functionality of a coworking space is as a place to work, and it is paramount that this aspect is the focus.

It is vital to have quieter areas, as even in a shared space there are times where individuals will need to focus on something intensely. There should also be areas in which workers can take private and confidential calls, so consider a soundproofed booth, away from the rest of the space.

Also important is having practical spaces to work – i.e., making sure there are sufficient sockets to plug in laptops and chargers. Consider usability, but also the finish and design – for example making sure that any fixtures and fittings, including the sockets and any electrical enclosure boxes are of the highest standard and finish.

For everyone it is important to have practical places to work, different seating types and even features like beanbags and steps can all provide places for optimum productivity. Natural lighting throughout has many benefits, including creating a welcoming atmosphere, enhancing vitamin D and energy levels and generally elevating workplace satisfaction.

A change in scenery from the normal desk can increase productivity – 69% of office workers say that their productivity increases if they are able to work in a variety of settings throughout the day. This can also open the door to collaboration with others in the space – a potential breeding ground for a fresh set of ideas.

A meeting of minds

As well as ensuring individuals have enough practical spaces to work, a coworking space should also have areas or rooms for team meetings.

Just like the working areas, meeting room offerings should vary. There is a place for the more traditional meeting room, but consideration should also be given to booths, sofas and spaces in a kitchen or foyer, where teams can break out and discuss ideas.

As well as a range of designs, think about alternative sized meeting rooms to cope with different teams, to help reduce the risk of larger spaces being wasted for smaller teams, and vice versa – large teams being unable to find a suitable space.

Facilities and collaboration

With workstations and meeting rooms covered off; attention should be given to what other facilities your space will contain, as well as the emphasis on the collaboration.

Just as a kitchen area can become the heart of the home, a well thought out kitchen in a coworking environment can become one of the most important and collaborative places.

When teams are making teas and coffees, as well as lunches, this can be a source of interaction and spark a conversation.

As well as potentially developing ideas for work, interaction can boost the social aspect – 79% of users say that being in a coworking environment expanded their social networks, with 83% feeling less lonely.

A nice kitchen area could couple as a meeting and breakout space and could be where company updates and briefings are held.

Coffee machines, water coolers fresh fruit or even beer fridges can encourage people to leave their desks and contribute towards creating a collaborative culture. Again, ensure enough power sockets are in place, to allow people to work in these spaces too.

Offering a comfortable working environment is an essential aspect of the coworking space. With the right facilities, design, and ethos, your coworking space can become a collaborative location for business to thrive.

Sources

33 Captivating Coworking Statistics [2023]: Facts And Trends You Need To Know – Zippia

What is coworking? (wework.com)]

25 Trending Remote Work Statistics [2023]: Facts, Trends, And Projections – Zippia

Meeting Rooms for Hire in London | TOG (theofficegroup.com)

The kitchen is the heart of the home | BBC Good Food

9 Benefits of Natural Light in the Workplace (Office Spaces) (avantisystemsusa.com)

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