By: Brian Peters
This spring, we announced that MD Financial Management* will be acquired by Scotiabank® and operate as a distinct, stand-alone brand within Scotia Wealth Management®.
I understand that this news was unexpected and unsettling—would MD still be the same, objective company that has served the interests of Canada’s physicians for nearly 50 years? As employees of MD we can empathize. When you work at MD, objectivity, transparency and putting you as the client first is part of our DNA, and a big reason many of us chose to work here. We also questioned what the ownership change would mean for us and our ability to serve you while keeping with our values.
I’m happy to say that the answer is “yes,” MD will still be the same, objective company with the same values and mandate. MD will remain independent and continue to operate with physicians at the heart of every decision. We’ll maintain all the aspects of our organization that make us the financial firm you know and trust, while delivering even more value to all of Canada’s physicians and their families.
What will change is our ability to stay ahead of the curve in the changing financial services landscape and ensure our clients are set up for long-term financial success.
We’ve heard from clients that they want access to a broader range of financial products. You and your colleagues are looking for cutting-edge opportunities to kick start your medical careers, build a healthy practice that stands the test of time and retire the way you want. This transition is about just that. It’s about finding the best way to give you more of what you want and need, while retaining the core MD values you rely on.
Our MD Advisors will continue to work on salary and not commission, they will not be required to sell Scotiabank products. This means that you will continue to receive the independent, objective and client-centric financial advice and outstanding service you need to meet your financial goals.
So yes, our ownership is changing, we’re changing with the times. But we’re not changing who we are.
As we transition, I invite you to continue discussing your thoughts and concerns with us. We want to know how you are feeling and we hope that you will give us some time to prove to you that we remain dedicated to the financial well-being of Canadian physicians and the issues that are most important to you.
* MD Financial Management includes MD Financial Holdings Inc., MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Company and MD Insurance Agency Limited.
Brian Peters is President and Chief Executive Officer of MD Financial Management.