Nicola Wealth founder and chief executive officer John Nicola has taken the first step to transitioning his company’s leadership, announcing this morning he will hand over the reins as CEO to his son Chris Nicola by the end of 2025.

John Nicola will become the executive chair of the board of directors when he formally steps down as CEO of the Vancouver-based company, which he formed in 1994. He is currently also chairman of the board.

John Nicola’s experience in the industry extends back five decades, to 1974.

“Nicola Wealth has always been about creating a legacy of innovation and leadership,” John Nicola said in the announcement. “This transition is not about stepping back, but rather focusing on areas where I can continue to provide strategic insight and mentorship to ensure the firm’s long-term success.”

He plans to remain actively involved in the firm’s operations, particularly in the areas of philanthropy and client service, while also mentoring the next generation of leadership.

Over the years he has earned numerous accolades and recognitions, including Ernst & Young Entrepreneur of the Year (twice in the Pacific Region, then nationally in 2022); B.C. CEO of the Year (small-medium private company) by Business In Vancouver (2016); and being named one of Canada’s Most Admired CEOs. In 2023, he received the Lifetime Achievement Award from Wealth Professional.

Chris Nicola's career

Chris Nicola is also an experienced entrepreneur, having co-founded and served as chief technology officer at direct-to-consumer digital wealth management platform WealthBar in addition to his experience within Nicola Wealth. 

He is currently Nicola’s chief strategy officer, involved in shaping and executing the company’s long-term strategy and growth initiatives.

“I’m honoured to step into this role at such a pivotal time for Nicola Wealth,” Chris Nicola said in the announcement. “Our team has a clear vision of what’s next, and we’re committed to driving transformational growth while maintaining our commitment to client-centric service.”

He originally joined Nicola Wealth in 2000, spending a couple of years with the firm as a software engineer managing a variety of project before moving into the software development sector. 

He is a graduate of Queen’s University and holds both a bachelor of science, engineering in applied math (computing and communications), and a master of science in applied math. 

He is a board member of Vendasta and is the founder and president of the Polyglot Software Association.

Other executive moves

Over the past 30 years, Nicola Wealth has grown from $80 million in assets under management) to over $16 billion across a range of investment vehicles. 

The privately-owned firm serves high-net-worth individuals, families and institutions. Today, it manages assets for clients across Canada, with advisors in B.C., Alberta and Ontario.

As part of John Nicola’s transition, several senior members of the executive team will have expanded mandates in addition to Chris Nicola’s ascension to CEO.

David Sung will become executive vice-chair of the board and president of institutional; Bijal Patel transitions to chief investment officer, and Vanessa Flockton will become president, private wealth.

Jamie Duncan, a longtime senior member of Nicola Wealth’s operational team, will move out of her role as chief operating officer over the next year, shifting her focus to expand the firm’s philanthropy platform while remaining a member of its board of directors.

“Our transition plan is a testament to the strength of our executive leadership team and our commitment to continuous improvement,” John Nicola concluded in the announcement. “We have a very bright future ahead.”