BMO Private Banking, a part of BMO Wealth Management, has launched a new all-in-one service catered to high-net worth individuals (those with investible assets of $1 million or more) who are entering their golden years, along with their families.
BMO Continuity is a comprehensive new offering that provides a full suite of services tailored to address the changing financial and non-financial needs as one ages. The services offered through the program include:
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-Investment management
-Cash management and bill payment
-Private banking services
-Power of attorney for property
-Estate settlement/wealth transfer
-Facilitation of tax preparation
-Lifestyle services (concierge, health and wellness solutions)
According to Statistics Canada, there are more than 5.3 million people in Canada aged 65 or older, accounting for about 15.3 per cent of the total population.
By 2061, it is estimated that there will be more than 78,000 people over the age of 100 living in Canada.
BMO Private Banking trust and estate services vice president and national director Gord Graves said: "More and more of us are living longer, which is good news. However, this also means that many of us may eventually reach a point where we need the assistance of others. Continuity links your financial care and management to your personal health at every stage of your life ensuring you have a wealth plan that works for you now and later on – whatever may happen."
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By GlobalDataAll services offered through BMO Continuity are available for a bundled fee, which is based on the size and complexity of one’s estate.
