News Releases
BMO Harris Private Banking today announced the launch of a unique wealth management service designed specifically for affluent Canadians in their senior years. Called "enCircle", the service lessens the burden of financial management both on seniors and their adult children, who are often busy with their own careers and families.
The enCircle Advisor works with the client and their families to tailor a plan that meets their specific banking and investment needs. The end result for most clients includes the payment of bills, investment management, estate planning, the co-ordination of filing of tax returns, applying for travel insurance, travel banking and home and health care education.
"The 32 per cent of Canadians with $1 million or more in investable assets who are over the age of 70 are a diverse group, but they all want to manage their quality of life as well as their wealth," said Jean Blacklock, Vice President, Personal Trust Services, BMO Harris Private Banking. "enCircle manages the parts of their financial affairs that the senior - or a close relative - wishes us to take on. To have that responsibility taken care of is a tremendous relief to families."
BMO Harris Private Banking is serious about serving the senior generation. As a result, it has established the enCircle Advisory Council made up of some of Canada's leading experts in geriatrics and elder care. By leveraging this expertise, enCircle provides seniors and their families with the critical healthcare resources and knowledge they need to help secure their lifestyles.
"We wanted to design a service that would be appropriate in the context of their whole lives. We recognize that all of us will eventually face health and lifestyle challenges and we want to do our best to be knowledgeable about emerging issues for seniors," said Blacklock. "Our Council members are an incredibly experienced and educated group and we are pleased that they are as enthused about BMO's ideas as we are about their input. We believe this will enable us to keep our clients well informed about home and health care resources in their community."
"Canada's 65-plus population of approximately 3.5 million is projected to double by 2020, yet this demographic and the people responsible for their care are currently chronically under serviced," said Dr. Michael Gordon, enCircle Advisory Council member and Head of Geriatric and Internal Medicine at Baycrest Centre for Geriatric Care. "We need more services like enCircle to ensure that Canada's exploding elder population and their care givers have the means to live fulfilled and dynamic lives."
According to recent Statistics Canada data, 570,000 employed Canadians between 45 and 64 are caring for both children and aging parents and 70 per cent of boomers expect to care for an older family member in the near future. Of those currently looking after an older parent and employed, 15 per cent reported having to reduce work hours, 20 per cent changed schedules and 10 per cent lost income as a result of being over extended. Canada's Association for the Fifty Plus also reported that 29 per cent of care givers had sleeping problems and 21 per cent claimed that their health had suffered.
The enCircle Advisory Council:
- Dr. Howard Bergman, Director of Geriatric Medicine and the Dr. Joseph Kaufman Professor of Geriatric Medicine at McGill University
- Joy Calkin, PhD, MSc.N, Consultant, Health Systems Management and Design. Professor Emeritus University of Alberta, Past President and CEO, Extendicare Health Services Inc.
- Dr. Michael Gordon, Head of Geriatrics and Internal Medicine and Vice President of Medical Services at Baycrest Centre for Geriatric Care, as well as Head of the Division of Geriatrics at Mount Sinai and Professor of Medicine at the University of Toronto
- Dr. Margaret MacAdam, President of the Age Advantage Inc. and Associate Professor (Adjunct) in the Faculty of Social Work at the University of Toronto, as well as co-author of Care for Frail Elders: Developing Community Solutions
- Dr. Heather MacDonald, Medical Director of Aging and Veterans Care at Sunnybrook and Women's College Health Sciences Centre and Assistant Professor in the Division of Geriatric Medicine at the University of Toronto
About BMO Harris Private Banking
BMO Harris Private Banking, a member of BMO Financial Group, serves the needs of high net worth clients and their families and helps them deal with a wide range of complex financial issues. Modeled on the private banking business of Harris Bank, BMO Financial Group's Chicago-based U.S. subsidiary, which has been managing money for affluent clients for over 100 years, BMO Harris Private Banking provides seamless North American delivery of integrated wealth management solutions.
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