Tim Burt, Cardinal's CEO, said the 15-year-old firm's growth really took off six years ago, back when it had just $100 million in client assets. That's when it expanded its referral relationships with national Mutual Funds Dealers Association (MFDA) firms, by offering to split their 1.5 per cent management fee, and pitching its services to their planners.

"I'm assuming (our growth rate) will slow, but we haven't seen any indication of that. Once you reach a certain size, it's harder to keep it up," he said.

"(Burt) really sells the steak, not the sizzle," he said Tuesday. "They research extremely well and tend to have low turnover in the portfolio. That shows conviction in the names they add."