BMO starts senior citizen financial management service

By Staff | May 13, 2015 | Last updated on May 13, 2015
1 min read

BMO Private Banking is starting an all-in-one service for seniors with investible assets of $500,000 or more.

Read: Gifts for new retirees

BMO says the service, called Continuity, provides:

  • 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)

There are more than 5.3 million people in Canada aged 65 or older, according to Statistics Canada, and they account for about 15.3% 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.

All services offered through BMO Continuity are available for a bundled fee, which is based on the size and complexity of one’s estate. The fee starts at 2.1%, and declines with more assets invested. The effective rate on a $1-million account is 1.85%.

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The staff of have been covering news for financial advisors since 1998.