Udiaver says it is still “early days” for Invisor, which has received favourable press coverage, but he is optimistic that the market will catch up to what he sees as a service that’s ahead of the curve. “That required guts and belief for what he started.” One of those mentors, Ashok Bhatt, a chartered business valuator and financial entrepreneur, says Udiaver demonstrated his entrepreneurial ability when he gave up a good paying job to take a huge risk. Udiaver says he couldn’t have taken the leap without the support of his wife, who went back to work when he started Invisor, or his valuable mentors. The company, which is now headquartered in a spacious 2,000 square-foot office in Oakville, Ontario, opened for business in May 2015. In 2014, he quit his job, partnered with Dan Poole, whom he studied with while pursuing a master’s of business administration at Queen’s University, and co-founded Invisor. His entrepreneurial vision started to take shape: launch an investment portfolio management service that “really helped all Canadians irrespective of how much money they had,” and leverage technology to do it. Digging deeper into the issue, he discovered that there were close to 14 million households in Canada that weren’t being targeted by financial advisors because their focus was on the less than one million households that were of high net worth.
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“Why should someone wait until they get a certain amount of money before they get access to professional advice?” he questioned. It was this conversation that planted the seed for creating Invisor, an online financial service for investment portfolio management. The associate replied that the balance on his two children’s registered education savings plan (RESP) accounts and his registered retirement savings plan (RRSP) were now high enough that an advisor would be happy to help. Curious, he asked what made him “eligible” at this time and not before. He went into a bank one day to get a vehicle loan, and, while there, the associate informed him he was now eligible for financial planning services. “I happened to be there at the right time.”Īfter more than a decade of working in banking positions including vice-president of risk management and vice-president and director of investment management, Udiaver had a personal experience that inspired an idea and a desire to venture out on his own as an entrepreneur. “Oftentimes, immigrants wait a long time to get a job in an area that ’re looking to work in,” says Udiaver. He landed the job, and quickly moved his family to Mississauga, where he still resides today. Udiaver’s credentials - having worked in Dubai at KPMG and for the ANZ Banking Group - made him a solid candidate. Udiaver says he was lucky within days of landing in Canada, a friend connected him to a headhunter looking to fill a job at TD Bank in the wealth management area.
“I wouldn’t say it was a barrier in my case … but for many folks that come from different parts of the world, be very challenging.”įinding a job came next. “It’s really about establishing yourself from a financial perspective, even establishing a credit history,” he says.
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He was expected to come up with 120 per cent of the credit limit on his credit card, and to pay several months’ rent upfront versus just the standard first and last. In both cases, he found that he needed an established credit history in Canada, which he didn’t have - a hurdle many newcomers face, he says.
Settling in downtown Toronto at first, Udiaver faced two initial challenges: getting a credit card and renting an apartment. “And, in general, I think the economy has always done really well relative to many other parts in the world.” “What we really liked about Canada was the openness, the diversity,” says Udiaver. The immigration process went quickly, and Udiaver landed in Toronto in January 2001 - “at the peak of winter,” he says, laughing - just shy of his 30th birthday. The couple heard positive stories about the Canadian immigration experience, which prompted their decision to apply to come to Canada when they were expecting their first child. Two years earlier, in 1999, Udiaver and his wife, Maithili, got their first taste of life in Canada while visiting family here. “ great example of things we take for granted here that many people don’t have access to.” “I was thinking about back in India - there are no doors,” says Udiaver, explaining the significance the seemingly mundane, everyday occurrence had on him. The train was stopped because the doors wouldn’t close due to a technical issue. Photo by Saajid Motalaīeing on a stalled GO train is one of Invisor CEO Pramod Udiaver’s most vivid memories after immigrating to Canada from India by way of Dubai, 15 years ago.
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