Bank of Montreal’s head of wealth management Joanna Rotenberg is leaving the bank to take on a new job.
BMO chief executive Darryl White told employees in an internal memo that Ms Rotenberg was stepping down “to pursue another opportunity” after informing the bank of her decision this week.
Ms Rotenberg’s new role has yet to be announced, but Mr White said she will help with a transition in the coming weeks and hopes to announce her successor “in the near future”. Until then, the bank’s senior leaders in wealth management will report directly to them.
“She will be missed around the leadership table,” Mr White said in the memo.
Ms. Rotenberg was one of the more prominent members of BMO’s executive team, having headed the bank’s wealth management arm since 2016. She spent 11 years at the bank after working for a decade at consulting giant McKinsey & Company, where she was a partner. .
Over the past five years, Ms. Rotenberg has been instrumental in growing the bank’s wealth management segment through both BMO Nesbit Burns Inc., a full-service advisory business, and BMO InvestorLine, a direct investment brokerage – two businesses that have seen a spike. In customer activity since the COVID-19 pandemic began.
The pandemic saw a surge in the number of investors signing up for online accounts, resulting in BMO’s trading volume jumping more than 40 percent year-on-year — including the bank’s robo-advisory smartfolio and online portfolio. Manager advice direct.
The demand for advice from clients also increased since the COVID-19 pandemic began, with BMO’s funding department completing financial plans for clients five times more often.
Ms. Rotenberg offers investors the opportunity to engage face-to-face with a dedicated investment advisor to help clients with their trading and investment decisions, as well as upgrade BMO advice to meet customized financials to make investors more sophisticated. Accelerated the plan to bring advice. plans.
Some of the growing assets managed by the bank include flows into BMO Global Asset Management’s exchange-traded fund business, another growth segment for Ms. Rotenberg, who currently manages more than $77-billion in ETF assets as of July 31. which is the second largest. ETF provider in the country.
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