OTTAWA, May 31, 2018 /CNW/ - Today marks a new era of financial services for Canadian physicians, as the Canadian MedicalAssociation (CMA) announces that MD Financial Management (MD) will be joining forces with Scotiabank to deliver premium services to all Canadian physicians and their families. The sale of MD to Scotiabank, expected to close in the fall, leads to an unprecedented
Scotiabank plans to maintain what has made MD successful—its people, its unique physician model, and its brand—while looking to complement the financial planning and management services available to serve the distinct needs of MD's physician client base. Going forward, MD clients should expect even more options, customized for each stage of the physician "life cycle," from tailored financial solutions for medical students and residents to an expanded suite of financial support for practising and retired physicians.
Beyond the exciting opportunities being created for existing and future MD clients, the Canadian medical community and their patients will see significant benefit from Scotiabank's pledge to invest $115 million over the next 10 years in support of a vibrant medical profession and a healthy population. With this affinity agreement, Scotiabank recognizes the valuable work the CMA has done on behalf of the medical community and is looking to help amplify this by working collaboratively to achieve exponential gains in medical and health care.
As part of our continued commitment to member engagement, the CMA will also be making membership even more accessible. Starting in 2019, medical students, residents and retired physicians will see their membership fees waived. The annual membership fee for practising members will be reduced to $195. The new membership fee structure is intended to be more accessible, engaging more physicians in advocacy on the health issues and causes that matter to Canadians.
"Teaming with a Canadian institution that is community-minded and committed to health and families represents an unparalleled opportunity to deliver impactful change from coast-to-coast-to-coast. This new relationship with Scotiabank will enable us to take our advocacy and philanthropy to the next level," Dr. Brian Brodie, Chair of the Board, CMA
"The CMA has a rich history of driving progress in Canada's health care landscape, and with this collaboration, its ability to shape policy and advance health improvements will be significantly enhanced. With the continued support of its membership and its partners, the CMA is uniquely positioned to act as Canada's change-agent for better health." – Tim Smith, CEO, CMA
"The MD Board of Directors is very proud of the successes of our wealth management company, and today marks the next era for MD Financial Management within the Scotiabank family. Physicians and their families will continue to be in very good hands." – Dr. Suzanne Strasberg, Chair of the Board, MD Financial Holdings Inc.
"We're excited by the opportunity to expand the solutions available to our clients and to deliver on a wider range of physicians' financial needs, at all stages of their careers. MD clients will continue to receive the same high-quality advice and support as they do today, with the MD team remaining in place and available to clients. Our priority continues to be helping our clients achieve financial well-being." – Brian Peters, President and CEO of MD Financial Management Inc.
BMO Capital Markets served as financial advisor to the CMA and Stikeman Elliott LLP served as legal advisor. PwC provided an independent fairness opinion to the CMA Board of Directors in connection with the transaction.
About the Canadian Medical Association
The Canadian Medical Association unites 85,000 physicians and physicians-in-training on national health and medical matters. Formed in Quebec City in 1867, the CMA's rich history of advocacy led to some of Canada's most important health policy changes. As we look to the future, the CMA will focus on advocating for a healthy population and a vibrant profession.
About MD Financial Management
MD has one main goal: to help Canada's physicians achieve financial well-being.
MD has more than $49 billion in assets under administration and is dedicated to serving Canada's physicians and their families. MD provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. For a detailed list of these companies, visit mdm.ca.
SOURCE Canadian Medical Association
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