Bank of Montreal (BMO) TD Financial Services & Fintech Summit summary

Recent performance and outlook

• Achieved 7% PPPT growth and 3% positive operating leverage despite overall quarterly disappointment due to credit issues.

• Operating businesses met expectations and are positioned for continued growth, though revenue pressures persist in both Canada and the U.S.

• Wealth division saw 14% AUM growth and is gaining new households and accounts.

• Set up for constructive markets and expects to maintain strong performance.

Industry trends and client needs

• Shift from investment-only services to holistic solutions including estate, retirement, and tax planning.

• Growing demand for insurance products as part of comprehensive wealth solutions.

• Significant generational wealth transfer, with $3 trillion expected to move to women, prompting tailored support and tools.

Strategic initiatives and differentiation

• Merged investment advisors, counselors, and private bank to offer integrated wealth solutions.

• Built specialized financial planning teams, including estate and insurance experts, accessible from mass affluent to ultra-high net worth clients.

• Unified Canadian and U.S. wealth operations under one leader, standardizing best practices and technology.

• Streamlined technology stack from 40-50 to 4-5 applications for efficiency.

• Deep connectivity with commercial and retail platforms, with advisors co-located in branches.