17 Sep The Canadian market’s potential is still underestimated
Vincent Fraser, who has been at the helm of Croesus for a year and a half, is resolutely focused on the future. The Laval-based technology firm is modernizing its solutions, integrating artificial intelligence (AI), and exploring strategic markets like Switzerland, all while reaffirming the untapped potential of the Canadian market. In this interview, he shares his vision, priorities, and the major directions that will guide Croesus’s growth in the coming years.
Conseiller (C): What is your top priority?
Vincent Fraser (VF): Our biggest priority is to finalize our 2030 plan this fall. This plan is based on the modernization, development, and launch of new products, as well as a business plan that supports our vision.
Croesus’s vision is to simplify and humanize wealth management to ensure the organization’s longevity and place the company on a stronger growth trajectory.
C: Tell us about this growth plan.
VF: Our growth plan is primarily focused on the Canadian market, where we still see many untapped opportunities. We position ourselves first and foremost as a partner for Canadian banks and large independent wealth management groups, but we are also looking at other markets.
Currently, we are developing an initiative in Switzerland, particularly with partners, to adapt our solutions to local needs and, in some cases, bring innovations from that market back to Canada. For example, this autumn, we will present a new offering inspired by our work in Switzerland that we believe will bring long-term value to our Canadian clients. It is a smart, scalable communication solution that transforms traditional financial reports into personalized, engaging, and company-compliant videos.
Regarding the American market, we will need to find a clear position to better support our Canadian clients who operate there. It is an important market that we cannot ignore.
Our ambition, therefore, is to continue developing initiatives in Switzerland and, in the medium to long term, in the United States, but always with the same logic: to create value for our Canadian clients first, then to enrich their experience through international innovations.
The focus remains on the Canadian market’s potential, which we believe is underestimated and where Croesus can play a more significant role. That is why we are investing heavily in our teams and products to accelerate our growth in Canada. We have 230 employees now, having hired nearly 40 people since the beginning of the year.
We want to be more proactive and, in a way, more connected to reality. The reality for firms today is that their operating costs are exploding for both regulatory and technological reasons. And the types of technologies these firms must continue to use or invest in continue to increase their costs. For all sorts of reasons, some existing solutions on the market, whether from Croesus or competitors, are poorly integrated, poorly developed, and relatively complex. We therefore need to offer more simplified and better-integrated solutions and wealth management platforms. To achieve this, we are banking on AI, as well as other more traditional projects currently in development.
We have many projects and product ideas that we plan to launch in 2026 and 2027. For example, we are observing changes in portfolio management models, and we believe there is a significant, unmet need today that could simplify the lives of advisors. Unified Managed Accounts (UMAs) are a good example. It is a single, centralized investment account that pools various assets, which is very common in the United States but still not widely used in Canada. We believe this will be a strong trend over the next ten years.
C: Your presence in Switzerland thus serves to test new products or technologies.
VF: Exactly. We have to. My past experience with a company we helped develop in nine new markets taught me that agility is based on a detailed understanding of the field: understanding clients, advisors, investors, and the technologies in place.
In Switzerland, for example, we launched a solution that automatically considers the tax implications of each decision. Croesus Central analyzes portfolios, identifies tax liabilities based on the client’s residence in over 80 jurisdictions, and formulates recommendations to ensure tax efficiency. The tool considers factors such as stock categories, withholding taxes, and regional tax variations. It also allows professionals to develop personalized investment strategies, minimizing tax burdens while respecting the client’s risk profiles and investment goals. Tax suitability is a critical issue in a market like Switzerland, which has many foreign investors. Even if this need is less present in Canada, this investment enriches our solutions, which remain available to our Canadian clients.
C: Do you have plans for partnerships or acquisitions?
VF: Yes, absolutely. Partnerships are already planned. We are finalizing the presentation of our 2030 product vision to our clients. As part of this, we are exploring integrations with other players, both here and in other markets. We will make announcements to that effect. We also remain open to acquisition opportunities, provided they align with our vision and bring concrete value to our clients.
C: How are you integrating AI?
VF: AI is an undeniable opportunity, both for our organization and for our methods and solutions. Those who do not adopt it risk being left behind. But given the sensitive nature of the data we handle, we must proceed with rigor.
For over eight years, our Croesus Lab has been exploring AI applications, testing all kinds of architectures, ideas, and concepts. But I am happy to say that we will soon announce our first solutions integrating AI, designed to make our products more powerful, simplify complex tasks, and free up advisors’ time.
For example, we are working on a solution that streamlines exchanges between advisors and investors by simplifying financial information, which is often too complex. The goal is twofold: to make the digital experience more engaging for clients and to allow advisors to be more proactive. I would point out, however, that these components are integrated when they provide real added value. AI is not for everything. Some calculations and elements remain more relevant when performed by traditional algorithms rather than by AI.
One of the challenges remains the lack of AI regulation in Canada. Guidelines have been announced, but no clear policy yet exists. Having a precise regulatory framework would allow the industry to react much more easily, knowing what can and cannot be done, and so on. The establishment of AI guidelines would better delineate the responsibilities between the advisor and the firm. It would also help us develop solutions with more certainty and less risk.
C: Beyond AI, do you see other key technologies for the future?
VF: Our lead researcher and our researchers at the Croesus Lab are closely monitoring different types of technologies, such as quantum computing, but with a longer-term perspective.
For everything else, we ensure that what we do is secure. This means we are investing heavily in cybersecurity, in our teams, in new solutions, and in our information security management practices, knowing that this is certainly the number one risk for a company like ours and those in our sector. It is fundamental to our way of doing business and truly critical to the continuity of our operations and those of our clients. Croesus is certified to SOC 2 (System and Organization Controls 2), Type 2, which is the highest standard in cybersecurity, and we continue to strengthen our controls.
C: You have been president for a year and a half. What is your assessment?
VF: Very positive. I received an excellent welcome, and my vision was quickly adopted, both internally and with our clients and partners. I do not come from the wealth management industry but from an environment where innovation was at the heart of discussions, sometimes evolving at a very high speed and with a significant level of risk. So, I bring a strategic framework for how we want to position Croesus.
The first year, I worked on laying the foundations: reviewing the organization, governance, and clarifying our positioning. For the past six months, we have been in the execution phase of the 2030 plan.
I feel a strong mobilization of the team. We still have the same rigor and long-term vision instilled by our founder, Rémy Therrien. Despite everything we plan to develop for 2030, this DNA remains present, even under my presidency. For me, that is important because I think that is what made Croesus successful. And in the coming weeks, our first tangible products from this plan will be launched on the market.