The rumours in last week’s article in the Globe and Mail have been confirmed with today’s announcement that Scotiabank will sell their ownership in HollisWealth to Industrial Alliance (iA) effective in the third quarter of 2017.
We view this change positively as this acquisition will make HollisWealth a member of one of the largest independent advisory network in Canada. Industrial Alliance is a major player in Canada as they manage $126 billion in assets with over four million clients. They use National Bank as the custodian of client accounts, which brings the same level of stability we’ve been accustomed to. Industrial Alliance is a publicly traded company, listed on the Toronto Stock Exchange under the symbol IAG and will become one of the largest non-bank wealth management firms in Canada.
We want to assure you that it is business as usual. There is no material change to our personnel, processing and systems. Of equal importance is that over the years, we have fiercely guarded our independence in order to offer the best possible solutions to meet your wealth management needs. Your advisory team, Vandermeer Wealth Management, is an independent firm and we are not employees of Scotiabank nor will we become employees of Industrial Alliance.
While there may be some aspects of this transition that will require further clarity, rest assured that in the weeks and months ahead, we will monitor this transition on a continuous basis. We will undertake the necessary due diligence of this new association with Industrial Alliance to ensure we are aligned with the right partner to best serve your needs.
We wanted to make sure we communicated this news to you in a timely fashion and we will continue to keep you updated of any pertinent developments. As always, please feel free to contact us with any questions you may have.
Thank you for your continued loyalty and the trust you have placed in our team to manage your wealth. We truly appreciate it and we hope that you and your family have an enjoyable holiday season.