Bank of Montreal 2013 Annual Report Download - page 42

Wealth Management
BMO’s group of wealth businesses serves a full range of client segments from
mainstream to ultra-high net worth and institutional, with a broad offering of
wealth management products and solutions including insurance products.
Wealth Management operates in both Canada and the United States, as well as
in select global markets including Asia and Europe.
Gilles Ouellette
Group Head
Wealth Management
Lines of Business
BMO Nesbitt Burns, our full-service investing business in Canada, offers
comprehensive and client-focused investment and wealth advisory
services leveraging strong financial planning capabilities.
BMO InvestorLine, our online investing business in Canada, offers self-
directed investors a range of tools to help plan, research and manage
investing decisions their own way, in addition to adviceDirect, the first
service in Canada that provides investing advice to online investors.
BMO’s Private Banking businesses operate in Canada, the United States,
Hong Kong and Singapore. We offer a comprehensive range of financial
services and solutions to high net worth and ultra-high net worth clients
and, under BMO Harris Financial Advisors, to mass affluent clients in the
United States.
Strengths and Value Drivers
‰ Planning and advice-based approach that integrates investments,
insurance, specialized wealth management and core banking
solutions.
‰ Team of highly skilled wealth professionals committed to providing an
exceptional 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 and asset management markets.
‰ Access to BMO’s broad client base and distribution network in Canada
and the United States.
Strategy and Key Priorities
Our vision is to be the wealth management solutions provider that
defines great client experience. Our strategy is to deliver on our
clients’ wealth management needs now and in the future by enhancing
the client experience, focusing on productivity and investing for
future growth.
Enhance our clients’ experience by delivering on their evolving
wealth management needs
2013 Achievements
‰ Developed new products designed to respond to clients’ emerging
needs, including seven new ETFs that help investors build their
portfolios more effectively. Our ETF line of business has more than
$11 billion in assets under management and is the eighth largest
fixed-income ETF provider in the world.
‰ Launched the BMO InvestorLine mobile application, which enables our
clients to track their investments, follow market trends and place
trades on the go with their smartphones.
BMO Global Asset Management is a global investment
organization that provides investment management, retirement, and
trust and custody services to institutional, retail and high net worth
investors around the world.
BMO Insurance operates in Canada and internationally. In Canada,
we manufacture life insurance, accident and sickness insurance, and
annuity products that are marketed both to brokers and directly to
individuals. Our creditor insurance division markets group creditor
insurance and internationally, we provide reinsurance solutions.
‰ Expanded Net Promoter Score monitoring to all businesses for active
measurement of client loyalty and identification of opportunities for
continued improvement.
‰ Achieved high rankings in external loyalty benchmarking: BMO Nesbitt
Burns’ Net Promoter Score was tied for first place in the latest Ipsos
Reid Full Service Brokerage Report, BMO InvestorLine led its peers in
client satisfaction in the Ipsos Reid Online Brokerage Report, and for
the seventh year in a row, BMO Global Asset Management has gar-
nered more client service awards than any other 401(k) platform in
the United States in PLANSPONSOR’s Defined Contribution Survey.
2014 Focus
‰ Attract new clients and focus on delivering a tailored offer for key
client segments.
Streamline our products and simplify our processes to increase our
productivity
2013 Achievements
‰ Increased client-facing time for our sales force through the redesign
of workforce processes, including client onboarding and lending
processes.
‰ Consolidated sub-advisor asset management mandates to fully
leverage internal capabilities and extend those capabilities globally.
‰ Reduced the number of funds that we offer in our Canadian mutual
fund lineup to provide greater clarity and simplify our client offer.
‰ Redesigned the processes, by which our internal sales teams interact
with our client-facing sales force, providing an efficient, unified view
of wealth products and services to our retail partners.
2014 Focus
‰ Continue to improve our productivity by improving the ratio of front-
line sales to support staff to increase revenue per employee.
BMO Financial Group 196th Annual Report 2013 53
MD&A