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The sale of MD Financial Management to Scotiabank®

Why was MD sold to Scotiabank?

MD was sold to enable the CMA to offer new opportunities to kick start medical careers, address physician burn-out, and support health care improvements. The sale was also about finding the best way to give MD clients more of what they want and need—while retaining the core MD values they rely on.

MD clients have told us that they love the objective guidance and deep understanding of physicians that their MD advisors provide. However, we’ve also heard that our clients want access to a broader range of financial products. And, they’re looking for help to build a healthy practice and chart the future they want for their careers and their families.

MD has been an industry leader on many fronts and we want to be able to continue to evolve to meet our clients’ financial needs and life goals. Being part of the Scotiabank family will enable us to enhance our full suite of products and services, across multiple channels, while still providing the objective advice and deep knowledge that our clients have come to expect. This next phase in our journey will enable us to deliver even more value to all of Canada’s physicians and their families.

What happens to MD—and its clients—now?

Our aim is to make the transition seamless for MD clients. MD will operate as a distinct, stand-alone brand within Scotia Wealth Management®, and Scotiabank is firmly committed to preserving MD’s unique physician-specific approach to financial services. MD’s staff, advisory and management teams will remain in place. Similarly, we expect clients’ MD Advisor, Portfolio Manager, specialists and other members of their financial support team to stay the same.

Will I still get unbiased advice from my MD Advisor?

Yes! MD Advisors will retain their independence and continue to work on salary and not commission—which means that you’ll continue to receive the independent, objective and client-centric financial advice and outstanding service you need to meet your unique financial goals.

MD Advisors will not be required to sell Scotiabank products to MD clients. Unbiased investment advice is central to Scotia Wealth Management’s Total Wealth approach.

What can I expect going forward?

At MD, it remains business as usual. Moving forward, though, becoming part of the Scotiabank family will enable us to complement our existing products and services and deliver even more value to our clients. Also, Scotiabank intends to grow MD’s suite of services and expand the breadth and depth of the specialized financial advice we offer. This will enable us to meet more of the needs of physicians and their families at all stages of their lives and careers.

Also, as of June 1, 2018, MD’s services are available to all Canadian physicians and their families—not just CMA members—broadening access to the entire medical profession.

With decades of physician-focused experience, we are confident this evolution will meet our clients' values—and help them achieve their financial goals.

Find out more about the sale of MD to Scotiabank

For more information about the sale of MD to Scotiabank, please review:

If you still have questions, please contact your MD Advisor, Portfolio Manager or the MD Trade Centre.

* 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.