Hello Friends,
New beginnings. The term fits the situation it describes so darn well that it has become a meme. What makes a new beginning? This beginning happens to be running a business in an industry that I never previously considered.
One year’s pinnacle is another year’s foundation
I won’t cover this story’s prelude but it is amusing to me how important every step of the journey is, even when you don’t see the connectivity until you look back. This story starts with events that happened throughout my entire career and true to form, collides my legal career with entrepreneurism. But like Star Wars, I’ll hop over those prequels.
The story really starts this summer, when I was visiting Darvin Zurfluh, an old business acquaintance (and now partner and friend). He spoke about feeling diluted as an entrepreneur because he was running two businesses. The earlier of the two businesses and the one that built his wealth, was in need of a new leader and a change in direction.
I did not know he was referencing me as the change agent that day.
He made a light-hearted comment about my acquisition of his business that summer day at his lakefront beach, as two of my daughters played in the sand. I thought it was merely a playful comment between entrepreneurs. The kind of thing people say that are always balancing the extreme efforts of the entrepreneurial gig with the primary success factor entrepreneurs’ regularly hold to the highest regard: the control of time.
So when, a few weeks later, Darvin reached back out in earnest, I began to realize how serious he was. It was at that point that I recognized that there would be a great opportunity in entering this new business and Dear Reader, that’s when I actually took an entire day to reflect and reset.
I did not yet have the vision for myself running this business that I’ll describe next and specifically, I could not see how it aligned with my definition of success.
The big difference between the business and my prior definition of success? Pinnacle Wealth serves thousands of accredited investors across Canada, and I have always seen my greatest fulfilment when serving a small group of people that I really care about. For a day there, the difference in impact felt too far to bridge.
How our labels of ourselves shape us
I saw myself as a ‘family office guy’. I labeled my ability to make an impact as a focus on those very high net worth families. But I came to realize that the label was getting in the way of something I feel very strongly of: wealth philosophy is for almost everyone.
I often hear in response to this blog that the topics only lightly resonate when one of you dear reader’s say something like ‘Hoffs, I like your writing, but my wealth is not that big’. This always makes me wince, because:
–> any amount of wealth transitioned between generations contains the issues and opportunities I think and write about; and
–> pursuit of transitional wealth, a pursuit of so many people, has an enormous impact on one’s day-to-day life, even if there is not yet wealth to transition.
I have always held this key perspective yet also always needed to shed the family office focus to make the greatest impact.
What is Pinnacle Wealth?
My new opportunity will bring my perspective to the thousands of investors served by Pinnacle Wealth. Pinnacle historically focused on the importance of private investments within investment strategy.
The vast majority of our 10,000 clients, around 99.7%, have less than $5M in investable assets. This became a big indicator to me that many Canadians seek investment advice atypical of the traditional wealth management world.
The vision is to bring high quality wealth advice to our community. Our unique reward is finding the right balance of illiquid private investments; the historical strong suit of Pinnacle. Private markets are a growth area in the traditional wealth management world, they call them “alts” or “alternatives” and this has been our primary focus at Pinnacle for 14+ years.
To best picture what we are, compare us to a real estate brokerage house. Instead of buying and selling homes, our 70+ brokers across Canada buy and sell private investments. These folks lead with these private investments but do a lot more than that for their clients. They are wealth advisors, and one of my big focus areas is supporting their continuing journey as the talented trusted advisors within strong advisor ecosystems that their clients want and need.
A sidebar about the private markets and capital formation
At Pinnacle Wealth, we have a 14 year history of delivering differentiated returns from the stock market. Sometimes for good, sometimes for bad, there have certainly been some painful lessons along the way. Not all asset managers within the private markets, it turns out, are capable of building successful investment businesses that meet their targeted returns. But as founders of this regulated industry 14 years ago, when the term Exempt Market Dealer came into being and we were one of the first to register for the status with the Securities Commissions across Canada, we have seen pretty much everything. I plan to rely on that collective wisdom as we expand to deliver on all aspects of wealth management.
When doing my due diligence, I checked in with the Alberta Securities Commission about Pinnacle, our principal regulator. I was very pleased that they saw how important Exempt Market Dealers are to capital formation. Without the private markets, new local businesses and industries simply do not form. They need capital at various stages of growth to fully form. You will hear me speak about our role in supporting and building the communities we live in and care about and using the term “capital formation” often as a result.
We raise capital for Canadian business ideas at various stages of risk although we rarely if ever venture into venture capital – the most common area of capital formation but the area with the most risk of loss of capital. We have raised over $1.3B for Canadian businesses and historically about half of our raise has been into real estate of various types (multi-residential apartment, commercial, industrial, development projects, etc.)
So here we go – a new beginning
A big one. Coming at me at the right time, I’m the perfect guy for this opportunity. Thank you Darvin for trusting me with your baby – it is hard to hand the reins over as a Founder. Yet he and I know, with me as CEO and with the opportunities Pinnacle has available and primed before I arrived, we are building great things together.
Life as an entrepreneur is winding and difficult, but if you are careful about how you define success, you can find insane fulfilment. Sometimes, that fulfilment will arrive from tried and true routes and sometimes it will meander into new beginnings.
You find chances to serve others in meaningful ways only if you look. Which is why I sign off every blog with:
To the journey,
This month’s blog wouldn’t have happened without Chat GPT; it is heavily heavily edited by me (Grammarly says it is 0% AI which is impossible!) but I could not have attempted to incorporate the 33 blogs without it.
Here is a list of all of the prior blogs that Chat GPT and I prepared to setup this blog:
1. Time is Your Greatest Asset
You can always earn more money, but you can’t make more time. Use it wisely, or watch it slip away.
2. Trusts Aren’t Cages
A trust should empower your heirs, not trap them in a gilded prison. Build responsibly.
3. Entitlement Will Kill Your Legacy
Entitlement is like rust—it corrodes from the inside. Gratitude, on the other hand, builds resilience.
4. People are Compound Interest
Invest in your people—the returns are exponential.
5. Education and Strategy Build Wealth
Your financial empire needs a toolkit: books, conferences, and great advice.
6. Power Requires Purpose
With great power comes… you know the rest. Use yours wisely.
7. Discipline is the Foundation
No tree grows tall without strong roots. Discipline grounds success.
8. Strategy First, Always
Running headfirst without a plan? You’ll burn out. Strategy bridges dreams to outcomes.
9. Impact is the Best ROI
What’s the point of wealth if it doesn’t make a difference?
10. Your Ecosystem Defines You
Strong networks aren’t just nice—they’re necessary. Build symbiotic relationships.
11. Stewardship is About Vision
Being a steward is more than managing assets. It’s about leading with heart and clarity.
12. Simplicity Wins
Complexity is the enemy of clarity. Simplify wealth management.
13. Families are Entrepreneurs Too
Entrepreneurial spirit isn’t limited to business—families can embody it.
14. Perspective Changes Everything
Sharpen your lens, and growth will follow.
15. Wealth Equals Well-Being
If your wealth isn’t improving your life, what’s it for?
16. Culture is a Petri Dish
Experiment with your culture—it’s where growth and success thrive.
17. Control is Influence, Not Chains
Leadership isn’t about micromanaging. It’s about empowering others.
18. Rain Grows Roots
Challenges aren’t setbacks—they’re opportunities to grow.
19. Family Offices Are Legacies in Action
Done right, a family office is a legacy factory.
20. Sacrifice is the Cost of Greatness
Every choice has a cost. Pick your sacrifices wisely.
21. Mentorship is a Superpower
A mentor can shorten your learning curve by decades. Seek them out.
22. Abundance is a Strategy
An abundance mindset is more than optimism—it’s a growth tactic. Use it.
23. Self-Care is Selfless
When you prioritize yourself, everyone benefits.
24. Family Governance is Peace of Mind
Good governance isn’t bureaucracy—it’s harmony for generations.
25. Privilege is Potential
Privilege isn’t the destination—it’s the starting point.
26. Legacy is Built Daily
Your legacy isn’t someday—it’s every choice you make now.
27. Balance is a Moving Target
Well-being is a dance, not a destination. Keep moving.
28. Money is a Tool
It can help or hurt—it depends on how you choose to use it.
29. Ask Yourself ‘Why?’
All the wealth in the world means nothing if you don’t know what it’s for.