Canada Life acquires Investment Planning Counsel
Canada Life, a subsidiary of Great-West Life, has reached an agreement to acquire Investment Planning Counsel , an independent wealth management firm, from IGM Financial . This acquisition extends Canada Life’s wealth management reach and capabilities, helping advisors to better meet the diverse and changing needs of more Canadians.
“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. The addition of IPC, a business we’ve had keen interest in for some time, positions Canada Life for strong organic growth and further investments in market consolidation that supports our strategy.” – Paul Mahon, President and Chief Executive Officer, Great-West Lifeco and Canada Life.
IPC is a 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 Canada1 with over 4000 advisor relationships and more than $85 billion in assets under administration.
“I’m delighted that the IPC team will be moving over to Canada Life and continue to be part of the Power Corporation of Canada group of companies. This transaction provides Canada Life with the opportunity to deepen their presence in the Canadian wealth market and assist IPC in achieving its full strategic potential. Canada Life will be a strong owner of this business.” – James O’Sullivan, President and Chief Executive Officer, IGM Financial.
“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. 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 ensure continuity of advice and service for clients. We’re excited to welcome IPC to the Canada Life family.” – Jeff Macoun, President and Chief Operating Officer, Canada Life.