Commentary from industry professionals and others

"The initiative to undertake research into a sector of growing importance is applauded and this study will make a valuable contribution to a greater understanding of the financial service expectations of Canada's wealthiest families."
Keith Sjogren, Director, Strategy Consulting

"Our experience at NUVO over the past eight years has brought us a clear perspective on Canada's affluent. This Report confirms what we know: Canada's wealthiest individuals are proactive and creative in the way they approach their investments and lives. They seek out meaning in every activity and are well aware that money in and of itself does not buy happiness: they seek out meaning in every activity."
Pasquale Cusano, Founder and Publisher, NUVO Magazine

"Ordinary millionaires are usually defined as those with $1-$10 million net worth. The TrueWealth Report is unique in that it zeroes in on the extra-ordinary millionaire: those with $10+ million. Indeed, this is a rare - even elusive - group. While the focus of the survey is on Canadians, this category consists of but four-tenths-of-one- percent of US households. I suspect the proportion is similar in Canada.

In several important ways, the Canadian and U.S. extra-ordinary millionaires are similar. They both crave privacy and are concerned about security issues. Both tend to be philanthropic on a large scale. Both, for the most part, earned their wealth through hard work and investments, with very few having inherited it. This provokes the universal question of how to inspire the same level of ambition in the next generation.

The bottom line: it is relatively easy to live the low profile life of "the millionaire next door." It can be hugely challenging to be a good steward of extra-ordinary wealth."
William D. Danko, PhD
Willam D. Danko, PhD is chair of the marketing faculty at the State University of New York at Albany. He is the co-author of The Millionaire Next Door, and is working on a new book: Richer Than A Millionaire.

"I am not surprised at the percentage of UHNW persons who collect art. It is consistent with their appreciation of the finer things in life - representing success, culture and having arrived."
Barrie Mowatt, President and Owner of Buschlen Mowatt Fine Art Galleries Ltd.

"The automotive ownership findings of the TrueWealth Report bear out Mercedes-Benz Canada's share of market in the high luxury segment. Truly discerning affluent consumers have always chosen - and repeatedly in many cases - Mercedes-Benz flagship models as their car of choice."
Marcus Breitschwerdt, President and CEO of Mercedes-Benz Canada

"I found the results of this report to be interesting. They confirmed a number of trends which speak to the challenges of wealth management. I personally noted with interest the trends toward art collecting and philanthropy, both of which I heartily endorse."
Jake Kerr, CM, OBC Lignum Investments Ltd. CEO Member

"These results confirm our experience at Benefic Group: People of faith are committed to charitable giving irrespective of their financial situation. Wealthy individuals and families also often feel a sense of obligation to give back to their communities and towards public good works due to their fortunate circumstance irrespective of religious motivation. Wealthy sophisticated donors always appreciate strategic tax advice, making their giving more economically efficient and meaningful."
Blake Bromley, LLB, Principal, Benefic Lawyers

"What seemed to stand out to us from the results of this report is how important it is to provide security to one's family. Many successful families continue on their path to finding significance in their lives - establishing values and then charting a course to live accordingly with passion!"
Peter and Rita Thomas, President - Life-Pilot, The Thomas Foundation Founder, Century 21 Real Estate, World Presidents' Organization, International Director

"Does money buy happiness? I would say a qualified, 'yes.' Does it provide meaning in one's life? I would say a resounding 'no.' As I have accumulated more wealth, I have found that the power, influence and freedom that sometimes goes along with that has given me the opportunity to devote myself to creating things that give me meaning. Ultimately, true wealth and satisfaction come from offering others what you have to give."
Lorne R. Segal, President, Kingswood Properties Ltd.

"Estate planning takes on more importance as the level of family wealth increases. Questions arise around intergenerational wealth transfer as well as philanthropic interests, which ultimately leads to developing a proper plan involving various structures like Family Trusts, etc."
Edgar Frechette, LLB Partner, Fasken Martineau Estate and Trust Specialist

"Really wealthy investors only invest in venture capital or private equity investments with their 'risky' portion of their overall assets, focusing on conservative strategies for the remaining bulk of their wealth."
Peeyush Varshney, LL. B., Varshney Capital Corp

"As someone who has been through succession in our family business three times, I think this survey points to some important themes that we as a family didn't address very well. Now, in my role as an advisor to business families, I am excited about the opportunity to assist others in dealing with these important issues."
David C Bentall, Founder, Next Step Advisors

"Working on the business is as important as working in the business. Developing an optimal succession strategy is crucial - whether it involves an inter-generational transfer, management buy-out, Income Trust/IPO monetization, or sale to a third-party."
Josephine Margolis Nadel, LLB Director, Centre for Entrepreneurs and Family Business, PricewaterhouseCoopers

"It is so important for UHNW individuals to have a solid understanding of their values. Our private family office group concludes this because wealth tends to positively and negatively amplify individual personalities. Significant wealth does not necessarily make life easier. The complexities of life created by wealth can be quite stressful for families. We do everything we can to assist in this area, helping families feel more at ease about their wealth."
V. Thane Stenner, CIM, FCSI, Managing Director - Stenner Investment Partners, Author - True Wealth: An Expert Guide for High Net Worth Individuals (and their advisors)

To download your complimentary copy of the 2006 Stenner Investment Partners TrueWealth Report, please click the link below. For more information about the Report, or to contact a representative of Stenner Investment Partners, please call toll free: 1 (866) 359-2865 or email: stennerinvestmentpartners@gmppc.com.

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