2020 was a year of unique challenges. It demanded that BlueShore Financial demonstrate agility and resiliency in the face of change; and that we find new ways to connect with and serve clients, while remaining financially strong and stable.
We all had to adapt to the ever-changing circumstances brought on by the pandemic. Many of our clients were quick to switch to doing more of their banking remotely – whether through online or mobile banking, by phone or live chat with our Solution Centre, or by email or video conference with our advisors. Our employees were equally responsive in adjusting to new procedures and processes designed to ensure that our clients continued to receive exemplary five-star service and advice, all while keeping important safety protocols in place. Together, we’ve found new ways to collaborate, communicate and conduct business, to help ensure the safety of BlueShore clients, employees and communities.
Despite the pandemic and economic constraints, BlueShore grew steadily in 2020. Net Operating Income (NOI) reached a record $32 million (including a one-time gain of $9 million), Assets Under Administration (AUA) hit the $6.5 billion mark and Return on Retained Earnings (RORE) was 15.5%. We are proud of these results, during what was an unpredictable 12 months.
Our engaged employees form the foundation for our success. They go above and beyond to support every client, particularly in these unparalleled times. At BlueShore, we make it a priority to support our staff through progressive people practices and ongoing and transparent communication. The positive corporate culture this creates was once again recognized, with Kincentric naming BlueShore a Best Employer in Canada for a tenth consecutive year.
Thank you for continuing to choose us as your financial partner for today and the road ahead.
Allan Achtemichuk, Chair, Board of Directors
Chris Catliff, President and CEO