News Releases
BMO Nesbitt Burns, BMO Financial Group's full-service investment firm, has formally established a Wealth Advisory practice for clients with diverse individual and family financial management needs.
The Wealth Advisory practice offers interested clients a primary advisory source on a range of integrated issues, including inter-generational family support, income and lifestyle protection, and estate planning. The new advisory service complements BMO Nesbitt Burns' existing brokerage and financial planning expertise and capitalizes on the services available throughout BMO's Private Client Group.
"Recent research indicates that the number of affluent households in Canada is projected to double by 2012 and managing their needs requires an advisory service that integrates the complete spectrum of financial solutions," said Connie Stefankiewicz, Senior Vice-President and Managing Director, BMO Nesbitt Burns.
According to recent BMO Nesbitt Burns research, more than 90 per cent of clients are interested in financial planning advice that includes counsel on key life events, such as assisting aging parents, setting up a philanthropic program or facilitating a business succession. Approximately 85 per cent of clients want that advice to come from a single advisory source who can ensure that a client's entire network of interests are working in harmony towards a common goal.
Building on the Firm's reputation for training leadership, 75 BMO Nesbitt Burns Investment Advisors are in the process of completing the comprehensive four-month Wealth Advisor Training Program. BMO Nesbitt Burns expects to have 200 fully trained Wealth Advisors by the end of 2005.
Similar to a BMO Nesbitt Burns Investment Advisor, a Wealth Advisor's mandate is to tailor a solution that incorporates a client's complete set of needs, interests and aspirations. Based on these evolving elements, the Wealth Advisor assembles and manages an extended team of experts, including accountants, lawyers, insurance professionals, and tax and estate specialists in facilitating the client's disparate needs. Advanced tax services and advice will also be available to clients through an exclusive national arrangement between BMO Nesbitt Burns and PricewaterhouseCoopers LLP.
The wealth advisory team is trained on building an integrated practice that offers three key advisory umbrellas, including financial planning, portfolio management and estate planning. Each area also includes sub-specialties, such as:
- Retirement planning
- Insurance planning
- Credit and banking strategies
- Income and asset protection
- Wills and inheritance management
- Tax efficiency
- Business financial services
- Philanthropy
"All of our Investment Advisors are well-equipped to provide clients with customized strategies that further a wide range of financial goals. Through BMO Nesbitt Burns' own training and accreditation program, IAs will be formally designated as Wealth Advisors and will be able to offer additional expertise that is focused on providing integrated financial solutions," said Stefankiewicz.
BMO Nesbitt Burns is part of BMO Financial Group's Private Client Group. The Private Client Group provides integrated wealth management services in Canada and the United States and has total assets under management and administration and term investments of $285 billion at April 30, 2004.
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