First Avenue Investment Counsel

What First Avenue Investment Counsel does

First Avenue Investment Counsel is a Toronto-based, founder-owned multi-family office and investment management firm founded in 2008 by Kash J. Pashootan. The firm advises high-net-worth and ultra-high-net-worth individuals and families on portfolio management, tax integration, estate and trust planning, family governance, philanthropy, and dispute resolution. Core products include a Private Client Offering with direct portfolio manager access, a Family Office Offering centered on an Advisory Board that coordinates external tax, legal, and trust advisors, and a Family Financial Statement that consolidates all assets quarterly. The firm also manages distinct equity mandates (Momentum, Dividend, Growth) and offers real estate alternative investments through its affiliate EMBLEM Developments Inc. The technology stack is conventional for the sector; there are no proprietary AI/ML products, and operational security is supported by independent custody through Raymond James Ltd and registration with the Ontario Securities Commission.

The firm operates on a fee-only model with no commissions or trailer fees, generating revenue from investment management fees on approximately $4 billion in AUM (as of September 2024), supplemented by family office advisory fees and affiliated real estate co-investment economics. Go-to-market is direct: the firm does not use third-party distributors and instead relies on thought leadership via recurring BNN Bloomberg appearances, earned media in outlets such as the Wall Street Journal, Bloomberg, and the Globe & Mail, and an insights blog and email newsletter. The firm employs 11-50 people across offices in Toronto (headquarters) and Ottawa, and is led by CEO Kash J. Pashootan, President Leah Boyd (joined 2024), CIO Brian Madden, and COO/CFO Joseph Chiu.

Customer segments are exclusively HNW and UHNW families seeking a fiduciary, conflict-free alternative to commission-based advisors. The firm's competitive positioning rests on direct relationships with investment decision-makers, employee capital alignment with clients, integrated planning across the full balance sheet, and an in-house alternatives deal pipeline via EMBLEM Developments. With no parent company, no outside equity backing, and registration and monitoring by the Ontario Securities Commission, the firm is independently controlled and capitalized.

Name

First Avenue Investment Counsel

Legal name

First Avenue Investment Counsel

Website

https://firstavenuecounsel.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

First Avenue Investment Counsel is a Toronto-based, fee-only multi-family office and investment manager founded in 2008 that advises high-net-worth and ultra-high-net-worth families on portfolio management, integrated wealth planning, and family office services, supported by a second Ottawa office and an EMBLEM Developments real estate affiliate.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Fee-Only Advisory (FSAEAAAL)

akta.pro secondary industry

Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA)

Keywords

• Wealth management services
• Family office services
• Investment management
• Portfolio management
• Financial planning advisory

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Management Fees: First Avenue generates revenue through investment management fees, likely based on Assets Under Management (AUM), consistent with industry practice for wealth management firms. The firm operates on a fee-only basis without commissions or trailer fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

First Avenue Investment Counsel is a boutique multi-family office and investment management firm that delivers discretionary portfolio management combined with fully-integrated financial, tax, estate, and family office planning. The firm manages equity mandates (Momentum, Dividend, Growth) and provides direct investment team access to high-net-worth individuals and families on a fee-only fiduciary basis with no commissions or trailer fees.

Product overview

First Avenue Investment Counsel offers a unified wealth management platform combining portfolio management with comprehensive financial planning services. The core offerings consist of the Private Client Offering for portfolio management with direct investment team access, and the Family Office Offering providing Advisory Board services, wealth planning coordination, family education, and philanthropy guidance. The firm also manages investment mandates (Momentum, Dividend, and Growth) across equities, and offers real estate alternative investments through its EMBLEM Developments affiliate.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Client Offering
• Family Office Offering
• Momentum Mandate
• Dividend Mandate
• Growth Mandate

Quantifiable outcome

• 11% dividend compound growth over the past decade (TMX Group holding mentioned in investment outlook)
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Raymond James LtdcoreOthersRaymond James Ltd serves as the preferred custodian for safekeeping of client assets, providing online access and audited account statements. This independent custodial relationship ensures separation between portfolio management and asset custody, with one of North America's most sound financial institutions providing institutional-grade security.
• Pediatric Oncology Group of Ontario (POGO)coreOthersFirst Avenue has made a $100,000 commitment to POGO through their internship program and annual fundraiser. The partnership supports children and youth with cancer, survivors, and their families through the firm's POGO Internship Program that hires resilient youth who have survived cancer.
• EMBLEM Developments Inc.coreStrategic or Co-development PartnerEMBLEM Developments is an affiliate of First Avenue that manages real estate development projects. Projects include Robinson Village I-III (completed 2022), 1 Jarvis in Hamilton (exited 2024), Mississauga I (ARTFORM), Hamilton II (The Design District), and Mississauga II (Arte Residences). These alternative investments are part of First Avenue's portfolio diversification strategy.

Scale indicators1 record

Recent moves6 records

Expansion highlights6 records

Direct peers

• Gluskin Sheff + Associates: Canadian boutique wealth manager serving high-net-worth individuals with discretionary portfolio management and fee-only advisory. Closely comparable in business model, target clientele, and emphasis on discretionary investment counsel for affluent Canadian families.
• Burgundy Asset Management: Toronto-based independent investment counsel managing equity and balanced mandates for institutions, foundations, and HNW families. Comparable in fee-only discretionary model, Canadian HNW client focus, and boutique-scale AUM.
• JC Clark Ltd: Toronto-based private wealth and multi-family office serving ultra-high-net-worth families with bespoke investment and estate solutions. Directly comparable in target clientele (UHNW families), multi-family office offerings, and boutique Toronto footprint.
• Northwood Family Office: Canadian multi-family office providing investment management, tax, estate, and concierge wealth services to affluent families. Directly comparable as a Canadian multi-family office competitor targeting HNW/UHNW families with integrated advisory.
• Mawer Investment Management: Calgary-based independent investment manager offering multi-asset and equity mandates to institutional and private wealth clients. Comparable as a Canadian boutique with a research-driven, long-term investment philosophy and fee-only structure.
• Letko Brosseau Asset Management: Montreal-based independent investment manager focused on global equities and multi-asset mandates for private clients and institutions. Comparable as a Canadian boutique discretionary manager with a strong long-term track record and HNW private client franchise.
• PWL Capital: Canadian independent wealth management firm with a network of advisors serving affluent individuals with fee-only discretionary portfolios and financial planning. Comparable in fee-only advisor model, Canadian HNW client focus, and multi-office national footprint.
• Connor, Clark & Lunn Financial Group: Canadian-owned independent asset manager with multiple boutique investment teams serving institutional, private wealth, and family office clients. Comparable in fee-only Canadian wealth management with multiple equity strategies and HNW/Family Office exposure.

Broad incumbents

• CI Private Wealth (CI Financial): Canadian wealth management platform with a national advisor network serving affluent and high-net-worth households. Comparable in HNW wealth advisory offerings but operates at much greater scale with a broader product shelf and bank-distribution-style model.
• Richardson Wealth Limited: Canadian independent wealth advisory firm serving affluent families, entrepreneurs, and professionals through a national advisor network. Comparable in serving HNW Canadian families but broader in scope, larger in headcount, and includes commission-based advisors.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-avenue-investment-counsel-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Avenue Investment Counsel