OTTAWA, ON, May 31, 2018 – Today marks a new era of financial services for Canadian physicians, as the Canadian Medical Association (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 10-year collaboration between Scotiabank and the CMA.
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.