BMO bleeding brokers

BMO has cut about 30 brokers from its ranks as it slims down its advice roster, the Financial Post reports.

The most recent wave of departures happened earlier this week. FP reports that brokers are expected to have at least $600,000 in annual commissions and a healthy mix of fee-based accounts. Brokers who also provide clients with tax and estate planning are also at an advantage.

As of press time, BMO did not respond to a request for comment from Advisor.ca.

Read: Manulife Securities ramps up hiring as banks restructure

FP reports that some of the brokers who were fired found out from clients who had already been moved to another BMO advisor. At BMO, clients belong to the bank, and advisors don’t have a transportable book of business.

BMO launched a robo-advisory platform in January. The bank isn’t alone in making changes to its wealth management business. Scotiabank restructured its advisory services in December 2015, and in April 2016, at least 7% of ScotiaMcLeod’s brokers were let go, reports the Globe and Mail.

Read: TD’s hiring. Here’s why.

Some big financial firms are actually hiring. TD plans to hire more than 400 people in its wealth management business, and plans to go after more clients with more than $750,000 in investable assets.

Manulife Securities has also been actively hiring more advisors for the past three or four years. It currently employs more than 1,250 IIROC and MFDA advisors.

And RBC, which is now the fifth-largest bank in North America, “is in growth mode within Canada.”

Read: RBC just became North America’s 5th-largest bank. What’s in store for its advisors?

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.