BMO Wealth Management: what do you need to know?

Summary 

Introduction to BMO Wealth Management 

Established in 2005, BMO Wealth Management has swiftly risen to prominence, bolstered by its affiliation with BMO Harris Bank. As a division of the highly regarded multinational Bank of Montreal Financial Group, BMO Wealth Management is part of a 200-year financial expertise legacy.  

BMO Wealth Management requires its clients to have a net worth of $100 million, or $30 million in investable assets. The firm currently has over $5.7 billion in assets under management and employs 75 advisors. With its American headquarters in Chicago and a strong presence across the Midwest, BMO Wealth Management primarily caters to high-net-worth individuals, single or multi-family offices, private foundations, endowments, and pooled investment vehicles. 

What services does BMO Wealth Management offer? 

From wealth planning to family office services for wealth owners, BMO private wealth management services cover investment research, asset allocation, portfolio management, advisory services, and discretionary investing. They offer trust and estate services, including personalized wealth transition planning, asset preservation, and customized trust and estate plans. 

The firm also assists clients in charitable giving, helping them develop personalized giving strategies.  

What is BMO Wealth Management’s investment philosophy? 

BMO Wealth Management’s investment philosophy revolves around creating certainty for clients in achieving their financial goals. The firm takes a client-centric approach to investing, focusing on understanding each client's financial goals and needs.  

Utilizing asset allocation strategies for wealth management, BMO crafts tailored recommendations for both short-term and long-term investment opportunities, using a variety of asset classes and high-quality, thoroughly researched securities to diversify portfolios. The company employs asset allocation software and various analyses, including quantitative, qualitative, and subjective assessments, to determine the optimal asset allocation for each client. 

As a highly regarded investment advisor, BMO Wealth Management is committed to helping clients navigate the complexities of the financial world and achieve their long-term financial objectives. 

What is BMO Wealth Management’s pricing and fee structure? 

BMO Wealth Management fees are tailored to clients' portfolios and specific investment programs. For discretionary investment management, clients can expect fees to be charged either on a retainer basis or as a percentage of assets under management. Retainer fees are negotiated with clients and are typically invoiced monthly or quarterly, either in advance or arrears. 

Asset-based fees are typically assessed quarterly in arrears. The firm implements a minimum annual fee of $180,000. Management fees are structured based on assets under management, with a tiered schedule as follows: 

Is BMO Wealth Management trustworthy? 

BMO Wealth Management reviews offer insights into the firm’s trustworthiness. It is important to assess the customer support and digital experience that clients can expect with BMO Wealth Management.  

While the following information is based on BMO Bank's overall operations, it provides valuable insights into the customer experience: 

BMO Bank offers comprehensive customer support, including access to approximately 1,000 branches across 24 states. They also provide cash bonuses for qualifying new customers. 

Their highly-rated mobile app features digital tools for account management, including the Total Look tool for comprehensive account tracking and peer-to-peer payments via Zelle. 

While generally well-regarded, some users have reported occasional issues with the app's functionality, such as glitches during money transfers and missing tax forms.  

What are the pros and cons of BMO Wealth Management? 

As with any financial services provider, there are both pros and cons to consider when evaluating BMO Wealth Management: 

Pros 

Cons 

How to open an account with BMO Wealth Management? 

Head to the BMO Wealth Management website. Once there, you will find options to call the company, find an advisor or office, or fill in your contact details to schedule a call with one of BMO Wealth Management’s wealth advisors. 

Remember that the firm caters exclusively to high-net-worth clients. The BMO Wealth Management minimum investment is $30 million or a net worth below $100 million, so if you do not meet these criteria, you'll likely need to explore other options. 

Get expert financial advice  

BMO Wealth Management offers a robust suite of financial services tailored to high-net-worth individuals and families. With its client-centric approach, transparent fee structure, and strong legacy, the firm stands as a prominent player in the financial advisory landscape, providing personalized solutions to help clients achieve their long-term financial goals.  

Connect with a trusted financial advisor through Unbiased for expert financial advice tailored to your investment needs and aspirations.