BMO Financial Group merges Harris Bank and M&I Bank's financial adviser networks
BMO Financial Group has created BMO Harris Financial Advisors, a network of professionals committed to serving the financial planning and wealth management needs of BMO Harris Bank clients.
The newly formed group brings together financial advisers from Harris Bank and M&I Bank (both part of BMO Financial Group) and draws on the experience and knowledge of 165 financial advisers serving clients in 11 states.
BMO Harris Financial Advisors' combined business totals more than USD2.5bn in discretionary assets under management and more than USD9bn in brokerage assets.
"We're committed to seeking out synergies within the BMO Harris Bank and M&I networks that will enhance our ability to service our clients," says Terry Jenkins (pictured), executive vice-president and head, Harris Private Bank. "This expanded network of financial advisers will work collaboratively to deliver a holistic financial service experience. With the launch of BMO Harris Financial Advisors, we are more uniquely positioned than ever before to provide an exceptional client experience."
The BMO Harris Financial Advisors team will be working with technology to assist clients with financial planning and to guide them through wealth management services such as asset management, insurance, income planning, education planning, and retirement planning.
Tools include Pershing broker-dealer solutions, the Albridge wealth reporting platform, which provides consolidated reporting and trading capabilities, and Envestnet's end-to-end money management platform for proposal generation, investment management and performance reporting.
BMO Harris Financial Advisors will also be delivering an in-house asset allocation strategy and will incorporate third-party managers in conjunction with proprietary funds. The result is a blend of managed money solutions ranging from the BMO Managed Asset Allocation Program (MAAP) to BMO Strategic Fund Portfolios, among the first bank-sponsored all-exchange traded fund managed money solution in the industry. The managed money programmes are complemented by a full suite of brokerage and insurance products and services to help meet client wealth management needs.
"Consolidating our broker-dealer business into a single entity will enable us to focus on servicing mass affluent retail investors looking for the best minds to address their financial planning and wealth management needs," says Mike Miroballi, president, BMO Harris Financial Advisors. "Clients of BMO Harris Financial Advisors will benefit from innovative technology, an extensive product line, and superior customer service due to our broad presence."
- Special Reports
- How to set up a hedge fund