For many business owners, the journey begins with a simple goal: build something meaningful. But over time, new questions emerge. How do you grow without losing sight of your values? How do you create success that lasts beyond yourself?
At the Private Wealth Canada West Forum on April 29, Nicola Wealth’s Founder, Chairman, CEO, and CIO John Nicola joined board member and Rethink Founder Tom Shepansky for an honest, reflective conversation about that journey, sharing what it takes to build a successful company and what it means to leave a meaningful legacy.
Their discussion, now available as a podcast, touches on the experiences and principles that helped shape Nicola Wealth’s evolution by helping both clients and staff reach their full potential, and offers real insight for business owners navigating growth, succession, and the next phase of their leadership.
Early Influences: Mentorship and Mindset
John’s journey began in 1974, sparked by two formative experiences that would shape his path: a mentor named Bill Abbott and the kind of books that don’t just inform, but shape values. “Bill was basically everything I wanted to be,” John recalled. “He had a great life, a great family, and taught me what relationship management was really about.” John learned what it meant to have a “client-first” mindset, and that relationship, brief but profound, laid the foundation for how he would go on to build not just a practice but a successful firm grounded in trust and integrity.
Books like The Road Less Traveled by M. Scott Peck and The 7 Habits of Highly Effective People by Stephen Covey offered other lessons—chiefly, that nothing worth doing comes without effort. “There’s no such thing that’s worth anything that isn’t hard and painful,” John said. That mindset, the willingness to endure and grow, became a defining trait of Nicola Wealth’s DNA.
Scarcity vs. Abundance in Business Ownership
Entrepreneurs often wrestle with control. The instinct to hold tight to equity, profits, and decision-making authority is understandable, but it can also be limiting.
John tells a story from the early days of his career that illustrates this tension. After distributing meaningful bonuses to his staff, equal to 10 percent of their annual salary, he received pushback from peers in other departments and firms. While some groups gave token gifts at year-end, his approach raised eyebrows. His colleagues and competitors told him it made them look bad. John didn’t waver. “I said, ‘I’m not the problem here. You are.”
That moment crystallized something for him: generosity isn’t just good ethics, it’s good business. His team was happy, productive, and loyal. And that culture of shared success became a cornerstone of how he would lead.
When John founded Nicola Wealth in the early 1990s, he owned 100 percent of the firm. Today, he owns less than 40 percent. But as he points out, that smaller share has become exponentially more valuable. “My 38 to 39 percent share today, along with dividends, is 300 times more valuable than my original 100 percent.”
Why? Because sharing success didn’t diminish the value of what he built. It amplified it.
Perspective is Everything
At Nicola Wealth, employees become eligible for profit-sharing from day one. Over the last decade, this has averaged 20 to 25% of base pay. Far from being a cost center, this model has driven stronger financial performance. “When profit sharing was 10%, our operating expense ratio was 35%. Now that profit sharing is 20 to 25%, our operating expenses are down to 27%,” John shared. “That’s not an expense. That’s a return on capital.”
This philosophy doesn’t just apply to staff. Nicola Wealth’s long-term client retention rate is over 98%, compared to the industry average of 91–93%. And over 80% of new clients come from referrals. When people are invested, literally and figuratively, in the outcome, they stay.
That kind of track record hasn’t gone unnoticed. In recognition of his unconventional but deeply effective approach to leadership—one rooted in generosity, long-term thinking, and shared success—John was recently named a 2025 inductee into the Business Laureates of British Columbia Hall of Fame. The honour reflects not just what he has built, but how he built it: with integrity, vision, and a belief that doing right by people is also good business.
Playing the Infinite Game
John is a self-described disciple of Simon Sinek’s The Infinite Game, and it shows. While others chase quarterly results, he has always focused on the long arc of value creation. “There’s no endgame where you win. You just keep playing the game and, eventually, pass the baton.”
In a world that often rewards immediacy, John views patience and discipline as a strategic advantage. Rather than reacting to every market cycle, his approach has been to stay focused on the fundamentals, trusting that consistency over time creates meaningful results. It’s a mindset rooted in resilience—one that many entrepreneurs strive for, but few sustain.
Legacy and Community
For John, “sharing the pie” doesn’t end with employees or shareholders. It extends to clients, the broader community, and the next generation of leaders. Whether through corporate philanthropy or personal giving, John and his wife Claire have prioritized social impact and partnering with organizations that share the firm’s values of innovation. “We didn’t do 100% of this on our own. Mentors, peers, and community supported us. Now, we have an obligation to pay it forward.”
That philosophy is embedded into the firm’s structure and strategy. Rather than relying solely on traditional advertising, the firm focuses on sponsoring organizations and events it believes in. “It’s branding through contribution,” John said.
Rethinking What We Leave Behind
As John prepares to transition from his role as Chief Executive Officer to Executive Chair of the Board of Directors, the firm he built stands as a testament to what’s possible when you focus not just on outcomes, but on people.
John has instilled a culture of personal accountability, innovation, and shared success. He is proud of the Executive Leadership Team, led by Nicola Wealth's President, Chris Nicola, and confident in their ability to carry forward the firm’s mission of elevating the standard of wealth management in Canada. As he steps back from day-to-day operations, John remains focused on mentorship and strategic guidance, continuing to support the firm’s evolution and impact.
For the entrepreneurs and business owners who make up the heart of Nicola Wealth’s client base, his story is a powerful reminder: legacy isn’t just what you own. It’s what you share, who you empower, and the values you embed into everything you build.
