Scotiabank, the Canadian bank which has operations in Cayman, has launched its new Scotia Wealth Management brand and integrated approach to serving clients' wealth management needs.
According to the bank, the integrated approach allows it to partner with clients by providing meaningful advice through all stages of life to help meet their financial and life goals.
“With client needs evolving, there is an increase in demand for more comprehensive advice and solutions,” said the bank.
“Scotia Wealth Management brings together a full suite of client services: financial planning, investment management, private banking, insurance, business transition planning, estate and trust services, and more, to help clients lead the lives they envision and address their evolving needs.”
James O'Sullivan, group head of Canadian banking at Scotiabank, added: "Scotiabank has been on a journey to put the customer at the centre of everything we do.
“Scotia Wealth Management is a tangible example of this global strategy. We are breaking down traditional silos and taking a team-based approach to deliver an integrated wealth management offering to our clients."
Extensive global research was conducted over the past two years through conversations with clients, customers, investors and relationship managers in key markets to develop the new Scotia Wealth Management brand, according to the firm.
The company said its research showed that the traditional industry model of wealth management is no longer what clients are looking for.
“Clients want to have two-way conversations and work with their advisors in a way that will lead to collaborative decision-making,” said the bank.
Scotiabank's new team-based approach to wealth management looks to better meet the needs of its clients by delivering a truly holistic solution that reinforces the importance of the role of advice to meet their financial needs, the bank said.
Glen Gowland, senior vice president, Canadian wealth management at Scotiabank, added: “The way clients have historically managed their wealth will be different from what they need to do to manage and safeguard it for tomorrow.
“Our wealth management specialists are able to bring clarity to complex situations and leverage their collective expertise to help our clients achieve success in all aspects of their financial lives.”
Scotiabank, James O'Sullivan, Glen Gowland, Cayman