Martin Langlais, Vice-Président services aux entreprises - BMO Banque de Montréal

During the past twenty years, BMO Bank of Montreal has strived to provide an enhanced financing program specifically for the independent insurance brokers in Canada.  Over that time, BMO has been a source of financing for daily operations, ownership transitions and comprehensive cash management/deposit solutions.  In short our offering has catered to every life stage of an insurance brokerage.  We are known as the bank of choice for Brokers and continue to be a proud supporter of independent brokerages across Canada.

When establishing the program, we understood that the banking needs of the insurance brokerage industry were unique and required a customized product offering.  In your industry, as in banking, only creative and innovative solutions to customer needs sets apart the leaders from the followers.  One way that we have achieved this is by maintaining a dedicated resource within BMO to keep current with industry trends and be the bank that defines great customer experience. 

Our Insurance Brokers program can be grouped into three primary areas: Financing, Daily Banking, and Group Banking. BMO is anything but traditional in its approach to facilitating buyout financing for its broker customers.  Recognizing that an insurance brokerage’s key asset is its client list, we determine the level of financing based upon an analysis of the value of the book of business. Our valuation methodology is based on applying a multiple to the commission revenues earned by the brokerage. Financing for operating, equipment, and technology needs is an integral part of our financing program and necessary for brokerages to remain viable.  In addition, we offer financing lines for brokerages wishing to engage in their own premium financing.

General banking needs are also an important element in the smooth operation of a brokerage and we can help principals better manage their cash flow needs with our suite of cash management products.  We offer a discount on all routine activity fees and highly competitive preferred rates on excess cash balances, with interest paid based upon the average balances maintained.  We know we are “getting it right” with our brokerage clients when we frequently hear that they are enjoying reduced net banking fees as a result of changing their banking to BMO!! 

Benefits do not stop at the brokerage level, as we also offer a competitive group banking program.  For brokerages that register for the group banking program, their employees can access a comprehensive suite of key personal banking products, from mortgages to term investments, all at preferred rates.  Registration is easy, at no cost to the brokerage and the brokerage does not have to bank with BMO to be able to access this program for employees. 

We continue to welcome your input and appreciate the opportunity to serve your financial needs.  BMO is proud supporter of the independent broker channel and we thank you for working with BMO