Evermore Capital Inc. is a Toronto-based asset management company that is making retirement more accessible to Canadians. We spoke to the CEO and Co-Founder, Myron Genyk to learn more about them.
What is your business called and what does it do?
Evermore Capital Inc. is a Canadian asset management company that created the first and only target-date ETFs (exchange-traded funds) series aimed at retirement, the Evermore Retirement ETFs. Evermore Retirement ETFs are a one-stop solution allowing an accessible way for Canadians to invest for their retirement in an easy, low-cost way.
Evermore Capital creates ETFs that are available for purchase indirect investment accounts or through financial advisors.
What made you want to do this work?
I was good at math when I was younger, and really enjoyed its practical applications, so that’s how I ended up working in finance. Over the years, as I started learning more about myself and my values, I knew I wanted to work at companies that offered products that were truly in the best interests of Canadians.
What problem did you want to solve with the business?
Investing for retirement can be confusing, difficult, and costly. We started Evermore because we wanted to help simplify retirement investing for Canadians, and provide an easy, sensible solution. Part of this means simplifying investment selection. Part of this means providing exposure to a globally diversified portfolio of stocks and bonds that becomes less risky over time. But a big part of this means making our products low-fee, so Canadians can have more money for their retirement.
Who are your clientele/demographics?
Our clients are every day, working Canadians who are able to save money and make RRSP or TFSA contributions.
How does your business make money? How does it work?
Our funds incur an annualized management fee of 0.35%, a little bit of which automatically comes out of the funds each day.
Where in Toronto can we find your profession?
Our office is in Toronto’s financial district. You can also find us online.
What is the best question a prospective customer could ask a member of your profession when comparing services? Give the answer as well.
A general question a prospective customer could ask is “why would your competitor say I should invest in their products instead of yours?” If you ask this question enough times to enough people, you’ll start to quickly figure out who’s being honest with you, and you’ll get a really great understanding of how the business works.
Another way of framing this question is to ask them the pros and cons of investing in their products, rather than those of their competitors? What sort of diversification is achieved? What are the risks? How do they compare on fees? How do they justify higher fees?
Our product is simple, accessible, and diversified, all while offering low management fees. Target-date mutual funds have high investment fees (some as high as 2.05%), or they were only accessible to individuals who had access to employer-sponsored RRSP plans. Anyone can invest in our ETFs by opening a direct investing account or through their advisor.
What is the best part about what you do? What is the worst part?
The best part of doing what I do is using all my knowledge and experience, and that of everyone else at Evermore, and working together to do our very best so that Canadians have peace of mind when it comes to retirement investing.
I wouldn’t say it’s the worst part, but the most challenging part of my job is clarifying the many myths and misperceptions that people have about investing. The greatest myth is that investing is hard, but I disagree; today, it’s easier than ever. Like anything else, it takes a little bit of time to understand. But it’s not like dentistry; a little bit of research can go a long way.
What is your favourite joke about your own profession?
This is an old one, but it sums it up: A father and son are walking past a marina. The son says, “Such big, shiny boats! These must be really good investors!” And the father replies, “Those boats don’t belong to investors, son; they belong to their stockbrokers.”
What are your social media channels?
PAY IT FORWARD: What is another Toronto business that you love?
My favourite restaurant was Amber, in Bloor West Village, which served Eastern European food. Sadly, it closed its doors during the pandemic. One place I’ve recently discovered is this cozy restaurant near our office, Za Café Pizzeria & Bar, which has delicious food and a warm, friendly atmosphere.