BMO wealth management head Joanna Rotenberg to step down

Financial institution of Montreal wealth administration head Joanna Rotenberg is leaving the bank to just take a new position.

BMO main executive officer Darryl White told staff members in an interior memo that Ms. Rotenberg is stepping down “to pursue one more prospect,” following she informed the bank of her determination this 7 days.

Ms. Rotenberg’s new part has not yet been introduced, but Mr. White claimed she will aid with a changeover above the coming months and that he expects to announce her successor “in the around potential.” Until eventually then, the bank’s senior leaders in wealth management will report directly to him.

“She will be skipped all-around the management desk,” Mr. White said in the memo.

Ms. Rotenberg was a single of the a lot more popular associates of BMO’s executive workforce, owning led the bank’s wealth management arm considering the fact that 2016. She put in 11 decades at the lender after operating for a 10 years at consulting large McKinsey & Co., in which she was a associate.

More than the final 5 years, Ms. Rotenberg played a pivotal job in growing the bank’s prosperity management phase by way of each BMO Nesbitt Burns Inc., a entire service advisory company, and BMO InvestorLine, a direct investing brokerage – two enterprises that have viewed a spike in consumer action given that the COVID-19 pandemic began.

The pandemic observed a surge in the quantity of do-it-you traders signing up for on-line accounts that resulted in BMO’s trading volumes leaping extra than 40 for each cent year-around-12 months – which also contains the bank’s robo-adviser SmartFolio and on the internet portfolio supervisor adviceDirect.

Demand for assistance from customers also spiked because the COVID-19 pandemic commenced, with BMO’s wealth division completing financial strategies for purchasers 5 situations additional generally.

Ms. Rotenberg accelerated strategies to convey extra innovative advice to do-it-oneself traders by upgrading BMO adviceDirect to give shoppers the opportunity to join a person on just one with a committed expenditure adviser to assist with their trading and investment selections, as nicely full custom-made financial programs.

Some of the escalating assets managed by the financial institution involve flows into BMO World Asset Management’s trade-traded cash organization, an additional development segment for Ms. Rotenberg, which at this time regulate more than $77-billion in ETF property as of July 31, the next-major ETF company in the place.

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