News Releases
Researchers at BMO Harris Private Banking were not surprised to confirm that busy executives caught up in the ‘sandwich generation' are highly receptive to a service providing a dedicated client advisor to look after their banking and financial affairs. What did surprise them, however, was an equally high level of interest in the firm's plans to deliver a complementary service that assists with time-consuming daily life chores, from transferring money to children at university to sourcing medical and health information.
The bank has just introduced enCircle™ EXEC, a comprehensive, all-in-one service that manages the financial affairs of busy professionals and provides access to professional assistance through concierge and lifestyle services.
“From banking to investing to lifestyle services, enCircle EXEC is designed to simplify our clients' lives and make it easy for busy executives to cope with the sometimes overwhelming number of details in their lives so that they can focus on other priorities, such as caring for aging parents or freeing up leisure time,” said Jean Blacklock, Vice President, BMO Harris Private Banking. “enCircle EXEC offers a peace-of-mind service for busy professionals.”
Before it was launched, BMO tested enCircle EXEC's appeal in a series of focus groups. “Executives loved the concept,“ said Blacklock.
“We heard, clearly – from time-starved, busy executives, entrepreneurs, accountants and lawyers – that if we could bundle a package of services that incorporates the comprehensive services traditionally expected from a full service private bank with access to a suite of non-banking lifestyle services, we'd have a solution that they would embrace. So we did just that,” said Blacklock.
“We built enCircle EXEC to meet the needs of 40-55 year old executives, professionals, and business owners who are trying to both care for children and aging parents, and who simply don't have the time to manage their personal day-to-day affairs as closely as they'd like to,” said Ms. Blacklock.
According to the “State of the Baby Boomer” study conducted by The Strategic Counsel for BMO Financial Group, three in five Canadian boomers with children aged 18 and over are providing some kind of financial support to their kids. Adding to the pressure, one-quarter of those boomers whose parents are still alive have one or more elderly parents that need their assistance on a regular basis. Together, baby boomers control 45% of wealth in Canada; their residences are worth in excess of $230 billion and their net worth is more than $530 billion.
enCircle EXEC was introduced following the success of BMO Harris Private Banking's enCircle™ service for seniors, which offers retirees services to manage bill payment and investments, tax preparation, facilitation of travel and medical insurance, a place to start to locate home and healthcare assistance, as well as estate and trust planning.
BMO Harris Private Banking, a member of BMO Financial Group, offers integrated wealth management solutions to high net worth individuals and families. Through the firm's sister company, Harris Private Bank, which has branches in a number of American states, BMO Harris Private Banking can also extend personalized financial services to Canadian clients who visit, travel or conduct business in the U.S.
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