WE STARTED THIS
BMO’S BC TEAM OF CANADA’S OLDEST FINANCIAL INSTITUTION “ASSEMBLES” AS ONE BANK TO GET IT DONE FOR THEIR CLIENTS – AND THEY’RE JUST GETTING STARTED!
Only a nancial organization operating with BMO’S “One Bank” approach can navigate the diverse challenges of today’s business world. BMO is Canada’s oldest incorporated bank— and Vancouver Magazine caught up with its B.C. & Yukon executive team to speak to their expertise on leadership, capital sourcing, investment expansion, wealth management and corporate nance. It is clear that BMO’S ability to rally the various partners within the team for the common good of the customer is both a strategic advantage and a catalyst for this business to “punch above its weight”
Q&A Michael Bonner, Senior Vice-president & Regional Head, B.C. & Yukon Division, BMO Financial Group
Q: You’ve led teams across the country, from Halifax to Toronto and Vancouver—what are the crucial components that inspire them?
MB: People are people and for the most part they want to be successful, be immersed in a great culture and be part of something bigger. I think any good leader wants to be able to inspire people so that they may unlock their potential and achieve optimum performance. It’s good for them personally, for their organization and for customers.
Jamie Rogers, Managing Director, Head of Investment & Corporate Banking, British Columbia, Global Co-head Metals & Mining
Q: Capital sourcing is so global now— what do clients need to be mindful of?
JR: With this globalization comes volatility and our clients are increasingly looking at ways to mitigate the risk to, and impact on, their strategic growth plans, to manage their own capital structures eectively and—more importantly—to rely more than ever on their banking and capital markets partners to operate e ciently and successfully navigate an ever-evolving global capital markets environment.
Michael Wood, Senior VicePresident, Managing Director & Regional Manager, Western Canada, BMO Nesbitt Burns Inc.
Q: What is changing in expansions in investment advisory and nancial planning businesses?
MW: Change is driven by technological advancement, regulatory requirements, an aging demographic; increasing expectations of clients, and the competitive environment—as we no longer compete with just the other banks, but also the likes of Google and Amazon. At BMO our resources have enabled us to adapt to these changes and oer solutions that go far beyond building investment portfolios.
Jennifer Muench, Vice-president and Managing Director, BMO Harris Private Banking, B.C.
Q: What are the best tax-ecient solutions to protect wealth?
JM: One concept is the use of a permanent insurance policy as an investment to take advantage of the signi cant tax bene ts provided for insurance policies versus taxable non-registered investing. transferring a portion of the surplus cash ow/assets to a permanent life insurance policy will reduce future taxable income by accessing the tax-deferred growth of an exempt policy. Upon death, these accumulated sums can then be transferred tax e ciently to heirs.
Andrew Hung, Head, Corporate Finance, B.C. division, BMO Corporate Finance Division
Q: What are the challenges you face in such a competitive market?
AH: The key opportunity is to make banking simple so our clients can focus on building their business, accelerating their plans and ultimately being successful. Our group represents 13 lines of businesses presented to the market as a uni ed platform where we put the customer at the centre of everything we do.