I am deeply disturbed by some of the information about the Reeves Financial Group being circulated and I am working to have the record set straight.
As an entrepreneur, running my business has resulted in good years and lean years. The financial services industry is under constant pressure from banks and large financial institutions. Smaller firms like mine are squeezed in the middle. As a result, over the last two years, we increased the size and scope of our business to improve competitiveness. This fast expansion increased the complexity of the business and required an increased leadership and autonomy for staff running the various divisions. In retrospect, they were focused on the wrong things and didn’t manage the basic operations. Ultimately I have to take responsibility for the poor business decisions made by some staff that are no longer with my firms. Now that we have restructured, my goal now is to rebuild the business.
I have never run away from my problems – my main focus is on keeping my dedicated staff employed in a viable business and serving our clients to the high standards you have come to expect. Only one of the four divisions has been put under a trustee’s supervision. We needed to do this to stabilize and restructure the entire group of companies to ensure it long-term viability. In working with lawyers, accountants and the trustee, my goal has been to resolve fairly and equitably any debts owed. We downsized the office under the advice of the trustee. Nothing was done behind the back of our property manager and they were given full legal notice 30 days in advance of our departure. At the end of the day, all of the limited number of creditors affected will receive what they are entitled to.
Client funds have never been at risk because we do not accept client funds. As you know, if you are buying a product with one of our supplier companies, your cheques are always made payable to that company directly, not to us.
This is a tough industry with much less competition today for consumers and businesses than when I started almost 20 years ago. I have tried to find ways to keep financial service affordable and pass those savings onto my clients. Despite this set back, our operations continue and our clients are unaffected by this corporate restructuring.