Bank of Montreal 2010 Annual Report Download - page 53

Private Client Group
Private Client Group (PCG), BMO’s group of wealth management businesses, serves a full range of client segments,
from mainstream to ultra-high net worth, as well as select institutional markets, with a broad offering of wealth
management products and solutions. PCG operates in both Canada and the United States, as well as in China and
the United Kingdom.
Strengths and Value Drivers
• A planning and advice-based approach that integrates investments,
insurance, specialized wealth management and core banking solutions.
• A team of highly skilled wealth professionals committed to providing
a great client experience.
• Brand prestige, recognition and trust.
• Strong national presence in Canada, as well as strategic positioning
in select high-growth U.S. and emerging wealth management markets.
•
Access to BMO’s broad client base and distribution network in
Canada and the United States.
• A culture of innovation focused on achieving competitive advantage.
Challenges
• Evolving client needs based on changing demographics and rapidly
advancing technology.
• Increased regulatory complexity requiring proactive engagement
and oversight.
• Erosion of consumer confidence in market performance.
• Competition for top talent.
Our Lines of Business
Full-Service Investing operates as BMO Nesbitt Burns to offer
Gilles Ouellette
President and Chief Executive Officer
Private Client Group
” We are helping our clients reach
their goals by providing clarity on
financial matters, creating innovative
solutions and delivering financial
and retirement planning expertise.”
Our Strategies
Our vision is to be the wealth management solutions provider
that defines great client experience. Our strategy is to
strengthen and build our client-focused wealth management
offering and invest for future growth. Our priorities include:
•
Strengthening our client-focused wealth offering by focusing on
our clients’ holistic wealth management needs and delivering
best-in-class financial products and services.
• Building collaboratively by expanding our client offering
through effective partnering across BMO Financial Group.
•
Selectively investing for future growth through acquisitions,
expanding our offering and widening our geographic reach.
Our Path to Differentiation
•
Deliver a personalized financial planning experience to our clients.
• Build a culture of innovation.
• Attract, develop and retain superior talent.
Key Performance Metrics and Drivers 2010 2009 2008
Increase (decrease) in assets under
management and administration (%) 12.7 7.5 (13.7)
Increase in full-time employees (%) 4.9 1.7 3.7
Employee engagement index (%) (1) 75 74 75
Performance measures exclude the impact of businesses sold or transferred and the impact
of changes in the Canadian/U.S. dollar exchange rate.
(1) Source: BMO Annual Employee Survey, conducted by Burke Inc.,
an independent research company.
BMO Asset Management operates in Canada, the United States and
the United Kingdom, providing the highest standard of investment
management services.
BMO Insurance operates as two businesses: BMO Life Insurance,
which focuses on creditor insurance, and BMO Life Assurance, which
concentrates on life insurance and annuity products and services.
Caution
This Private Client Group section contains forward-looking statements.
Please see the Caution Regarding Forward-Looking Statements.
comprehensive, client-focused investment and wealth advisory services,
leveraging strong financial planning capabilities, a broad range of
internal and external partnerships and highest-quality products.
Self-Directed Investing operates as BMO InvestorLine. We understand
and anticipate our clients’ needs and offer a range of tools to help
self-directed investors plan, research and manage investing decisions
in their own way.
Private Banking operates as BMO Harris Private Banking in Canada
and Harris Private Bank in the United States. We deliver a planning and
advice-based value proposition to high net worth and ultra-high net
worth clients, offering a comprehensive range of services.
Retail Investments operates as BMO Mutual Funds, BMO Guardian
Funds and Group Retirement Services, and includes our joint venture
with the mutual fund company Fullgoal (China). Our Funds businesses
offer clients innovative investment solutions across a range of channels.
Our Group Retirement Services business provides record-keeping and
administrative services for defined contribution pension plans.
MD&A
BMO Financial Group 193rd Annual Report 2010 51