Management’s Discussion
and Analysis

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.

PCG Operating Group Review (PDF 213 KB)

Image of Gilles Ouellette

“We are helping our clients reach their goals by providing clarity on financial matters, creating innovative solutions and delivering financial and retirement planning expertise.”

Gilles Ouellette
President and Chief Executive Officer
Private Client Group


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

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.

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

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 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.

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.

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