Acquisition aligns with Canada Life's vision to establish a leadership position in the Canadian independent advisor wealth market
- With the acquisition of Investment Planning Counsel (IPC) and its broad range of wealth management solutions – including an IIROC dealer – Canada Life is accelerating its vision of establishing a leading wealth management platform for independent advisors and their clients.
- IPC and Canada Life's existing wealth platforms create one of
Canada's largest non-bank wealth providers. - Over time, Canada Life expects to build to a single, end-to-end wealth platform, by leveraging the advantages of greater scale, a broader set of solutions and enhanced support, creating a best-in-class experience for advisors and their clients.
- IPC and Canada Life's wealth platforms will continue to operate separate from one another as the regulatory environment evolves, and the company invests in its dealer technologies.
"We are building on our strong Canadian franchise with a growing personal wealth business. This acquisition accelerates Canada Life's vision to establish a leadership position in the Canadian independent advisor wealth market," said
IPC is a leading wealth dealer and investment company operating both MFDA and IIROC platforms with 650 advisors. Upon closing of the acquisition, Canada Life will be one of the largest non-bank wealth providers in
"I'm delighted that the IPC team will be moving over to Canada Life and continue to be part of the
"We've long believed in the value of advice. IPC's strong advisor relationships will help expand access to the trusted advice Canada Life is known for," said Jeff Macoun, President and Chief Operating Officer, Canada Life. "IPC's mutual fund, securities, and discretionary dealer platforms mean advisors can grow their practices in support of the changing needs of their clients and do so within the evolving regulatory environment. Together, Canada Life and IPC will offer independent advisors practice management, planning and succession support that will help them ensure continuity of advice and service for clients. We're excited to welcome IPC to the Canada Life family."
"IPC founder
Transaction details
Canada Life will acquire IPC for a total cash consideration of
Transaction and integration costs of
A committee of the board of directors of each of
Conference call details
- Participants in from
North America : 1-800-319-4610 - Participants from the
Toronto area: 416-915-3239
Following the call, the webcast and presentation will be available at greatwestlifeco.com. The replay of the call will be available till
We are an industry leader providing Canadians options for personal insurance solutions, including life, health and dental, disability, critical illness, and creditor insurance. As a leading provider of group workplace benefit plans, we help employers and associations provide valuable benefits to their employees and members. In addition, Canada Life offers investments, retirement and wealth management solutions including annuities and segregated funds.
For 175 years, individuals, families and business owners across
Canada Life is a subsidiary of
This release may contain forward-looking information. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "will", "may", "expects", "anticipates", "intends", "plans", "believes", "estimates", "objective", "target", "potential", "pro forma" and other similar expressions or negative versions thereof. These statements include, without limitation, statements about: the timing (for completion and integration), cost (including integration costs) and expected benefits and performance (including impact on clients, advisors, fees, margins, assets under administration (AUA) and assets under management (AUM), revenue synergies, accretion, and expected impact on LICAT, as well as the timing thereof in each case) of the acquisition of IPC and sources, amounts and timing of funding therefor, and otherwise concerning
Forward-looking statements are based on expectations, forecasts, estimates, predictions, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance, mutual fund and wealth industries. This information has been provided to the reader to give an indication of the Company's current expectations concerning the impact of the IPC acquisition and such statements may not be suitable for other purposes. They are not guarantees of future performance, and the reader is cautioned that actual events and results could differ materially from those expressed or implied by forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance that they will prove to be correct. Whether or not actual results differ from forward-looking information may depend on numerous factors, developments and assumptions, including, without limitation, the severity, magnitude and impact of the COVID-19 pandemic (including the effects of the COVID-19 pandemic and the effects of governments' and other businesses' responses to the COVID-19 pandemic on the economy and the Company's financial results, financial condition and operations), the duration of COVID-19 impacts and the availability and adoption of vaccines, the effectiveness of vaccines, the emergence of COVID-19 variants, geopolitical tensions and related economic impacts, achievement or waiver of conditions to closing of the acquisition of IPC, assumptions around sales, fee rates, asset breakdowns, redemptions and market returns as well as the ability to integrate the IPC acquisition, leverage and achieve anticipated synergies, and client and advisor behaviour, Lifeco's, Canada Life's and IPC's reputation, market prices for products provided, sales levels, fee income, expense levels, taxes, inflation, interest, global equity and capital markets (including continued access to equity and debt markets), industry sector financial conditions (including developments and volatility arising from the COVID-19 pandemic), business competition, impairments of goodwill and other intangible assets, the Company's ability to execute strategic plans and changes to strategic plans, technological changes, breaches or failure of information systems and security (including cyber attacks), changes in local and international laws and regulations, changes in accounting policies and the effect of applying future accounting policy changes, changes in actuarial standards, unexpected judicial or regulatory proceedings, catastrophic events, continuity and availability of personnel and third party service providers, the Company's ability to complete strategic transactions and integrate acquisitions, unplanned material changes to the Company's facilities, customer and employee relations or credit arrangements, levels of administrative and operational efficiencies, changes in trade organizations, and other general economic, political and market factors in
The reader is cautioned that the foregoing list of assumptions and factors is not exhaustive, and there may be other factors listed in filings with securities regulators, including factors set out in the Company's Management's Discussion and Analysis for the year ended
1Based on AUM in the case of Segregated Funds and otherwise AUA |
SOURCE Canada Life
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