A Bison at the Centre of Finance
In the early 1980s, as financial markets plummeted in one of the worst downturns since the Great Depression, a newly graduated University of Manitoba alum saw opportunity where others saw despair.
In the years to come Charlie Spiring [BComm(Hons)/80] would establish himself as one of Canada’s most respected financial advisors, earning the nickname “bear-market baby” for his knack at navigating downturns.
That success, though, was built on a foundation of humble beginnings. Growing up in Winnipeg’s Charleswood neighbourhood, he was the first in his family to attend university.
“I don’t want to say we were poor, but we weren’t very wealthy,” Spiring says.
In Grade 12, uncertain of his next steps, Spiring turned to a mentor, Bill Parrish of the agribusiness Parrish & Heimbecker, for guidance. Torn between his fascination with finance and his love for animals—Spiring was considering veterinary medicine in Saskatchewan—he sought advice on which path to take.
“Bill said, ‘You’ve got to go into commerce. And don’t be an accountant—you should focus on finance.’ That advice gave me the nudge I needed,” says Spiring.
While he homed in on finance at what is now the Asper School of Business, he found the range of courses broadened his perspective and proved invaluable throughout his career.
“Statistics was amazing—it taught me probability theory,” Spiring says. “Psychology helped me understand people and communicate better, which made me a better advisor.”
After graduation, Spiring stayed in Winnipeg, joined Midland Doherty and became their top advisor within two years—a rare achievement outside major financial centres like Toronto or Vancouver. While many peers were drawn to Bay Street, he chose to build his career in Manitoba, recognizing unique opportunities others overlooked.
Part of that potential lay in northern Manitoba, where Spiring focused on remote communities like Flin Flon, The Pas and Leaf Rapids. “It was expensive, and it was cold,” Spiring says. “But all those things were a moat that kept other advisors from wanting to fly up there.”
By being one of the few willing to make the journey, Spiring built a devoted client base among professionals with significant discretionary income. His clients appreciated the personalized service, and their loyalty helped kick-start his career and set him apart in the industry.
And, when interest rates soared to unprecedented highs in the ’80s, and created uncertainty and fear among investors, Spiring showed how to thrive during market lows.
“Rates were at 20 to 25 per cent, and I made a great call on interest rates dropping. It seemed obvious to me, but not everyone saw it that way,” he says.
By anticipating the decline in interest rates, Spiring positioned his clients to reap significant benefits when rates eventually fell. “In bad times, it’s easier to see who’s good and who’s not. That’s when I make my best moves,” he says.
In 1993, Spiring founded Wellington West Holdings Inc., which grew into a $10-billion investment firm recognized as one of Canada’s Best Managed Companies for 15 years. In 2011, he sold Wellington West to National Bank for $333 million—a deal that significantly benefited his employees.
“I think there were 85 employees who made $1 million or more, but I’m most proud of the receptionist who retired with $550,000,” Spiring says. “She told me, ‘I’m going to take this money and buy a trailer out at Lac du Bonnet, and I’m going to live the rest of my life on this money you gave me.’ That means more to me than my own gain.”
But retirement wasn’t in Spiring’s plans. In 2017, he founded Wellington-Altus Private Wealth with the goal of creating the most technologically advanced, advisor-friendly firm in the industry.
“Big banks are behemoths—great to invest in but tough to work at,” Spiring says. “We built a culture where everyone thrives and grows more than ever before.”
Today, Wellington-Altus stands as Canada’s top-rated investment dealer and one of the country’s Best Managed Companies. The firm has also partnered with global giants like BlackRock, which manages over $11.5 trillion in assets, to offer premium investment products.
“We’re not afraid to approach the biggest and best in the world,” Spiring says.
Although his success could have taken him anywhere, Spiring remains deeply rooted in Winnipeg. Through the Wellington West Foundation, he and his wife Dayna invest in their community, focusing on initiatives that address food insecurity and support underprivileged populations.
During the COVID-19 pandemic, they raised more than $1 million to provide nearly 90,000 meals by partnering with local restaurants.
“We wanted to help people who weren’t in our situation,” Spiring says. “It’s all about making our dent on society.”
Point of View // CHARLIE SPIRING ON SHARING SUCCESS
For Charlie Spiring, true leadership is about lifting others up.
“When I started this business, everyone told me to own 100 per cent,” he says. “But I thought, what if I shared with my partners? Collectively, we’re 10 times better, and I only own a fraction. I’d fulfill my dream of helping others achieve their greatest moments financially and personally.”
This philosophy is woven into the fabric of Wellington-Altus. By empowering his team and hiring people who excel in areas he doesn’t, Spiring has fostered a culture of innovation and excellence. “I’ve gotten out of the way because I’ve hired the best,” Spiring says.
His advice to aspiring entrepreneurs: “Recognize where you’re not the best or what you don’t want to do. Surround yourself with talented people, empower them and share in the success. Together, you’ll achieve more than you ever could alone.”
At the University of Manitoba, Bisons are at the centre of health care, finance, Reconciliation and so much more. Wherever there’s a challenge, you’ll find UM alumni leading the charge. Explore the Bisons at the Centre campaign and meet other alumni who—like Charlie Spiring—are shaping Manitoba and beyond.