Gavin McCrodan is the Chief Investment Officer and one of the cofounders of Huxton Black, a FinTech company based out of Hamilton. In advance of our upcoming event hosted by him, Breaking Into Finance, we sat down with Gavin to pick his brain about Huxton Black, financial advice, and why they set up shop in Hamilton instead of Toronto.
Hamilton HIVE: Tell us a little bit more about what you do!
Gavin: My name is Gavin and I'm a mathaholic. I analyze numbers for myself and others regularly to minimize risk, and maximize returns.
Hamilton HIVE: Tell us more about Huxton Black - where does the name come from, and what are you doing differently from other Financial Shops?
Gavin: Cossette, a creative agency that we have a close connection to, put us through an incredible brand architecture process. They get all the credit for our name and branding.
We're a full-service wealth management company harnessing technology to cut costs. The savings we generate from efficiency gains are passed on to clients. They like that. We save them lots of money compared to the traditional cost structure for wealth management. We also cap our fees. That's an industry first. Lastly, we have a broad offering of solutions for investments and insurance that aren't typically offered by a single provider.
Hamilton HIVE: And what would you say is the most exciting thing about working in this field for you and for your partners?
Gavin: Our team has deep roots in finance and technology and have worked for some of Canada's largest firms. We're most excited about our independence and the opportunity to change the status quo for business owners and investors.
Hamilton HIVE: YPs are excited about cryptocurrency and real estate as investment opportunities. Do you have any advice about these fields?
Gavin: Real estate has a proven track record of creating wealth. We like it as an asset class. We invest in real estate for clients that are okay taking on a bit of risk. You don't have to be a landlord to make money in real estate. Cryptocurrencies, on the other hand, are like the wild wild west. People are investing without knowing what they are getting in to and the volatility is off the charts.
Hamilton HIVE: Do you have any advice for Young Professionals looking to make investments? Anything to do or avoid?
Gavin: Be disciplined. Get advice if you're not prepared to do your own research, but don't settle for your parent's high cost mutual fund advisor. Skip the avocado toast (is that really a thing?) and save monthly - you'll be glad you did.
Hamilton HIVE: Speaking of avocado toast, what’s your favourite place to go in Hamilton?
Gavin: I grew up in TO so I'm still learning about some of the hidden gems. A favourite spot for lunch is Noodle Me. It has changed my life. I enjoy exploring new spots every chance I get. Got a recommendation for me? Email me here firstname.lastname@example.org.
Hamilton HIVE: So you’re from Toronto -- why Hamilton?
Gavin: Hamilton is an incredible city. Our team could have chosen a Bay Street address, commuted for dozens of hours a week combined, paid triple the rent, been one of hundreds of Finance Co's jockeying for position in TO. But what for? We have great relationships around this fine city and are proud to be Hamilton's first FinTech company building a national brand.
To learn more about Gavin and Huxton Black, and to get more advice about investing as a young professional, get your tickets to Breaking into Finance, happening February 21st at REDCHURCH Cafe & Gallery.
Andrea is a Mohawk Alumna, Theatre-lover, and Hamilton Cheerleader. She works as the Director of Operations at Hello Cannabis, helping people get safe, legal access to medical cannabis. Andrea is passionate about supporting small business and entrepreneurs, and sits on the HIVE 2018 Executive as Vice Chair.