BMO Financial Group is boosting its financial planning and wealth management services by merging its Harris Bank and M&I Bank advisor networks to create BMO Harris Financial Advisors - a network of over 230 professionals with some $12 billion in client assets.

BMO Financial Group is boosting its financial planning and wealth management services by merging its Harris Bank and M&I Bank advisor networks to create BMO Harris Financial Advisors - a network of over 230 professionals with some $12 billion in client assets.

Led by 165 advisors from Harris Bank and M&I, BMO Harris Financial Advisors’ combined business comprises over $2.5 billion in discretionary assets under management and more than $9 billion in brokerage assets.

“We’re committed to seeking out synergies within the BMO Harris Bank and M&I networks that will enhance our ability to service our clients,” said Terry Jenkins, executive vice president and head of Harris Private Bank. “This expanded network of financial advisors will work collaboratively to deliver a holistic financial service experience.”

Mike Miroballi, previously head of BMO Harris Financial Advisors, assumes the role as president of the combined business. He reports to Jenkins.

Meanwhile, Dean Urbanski, who has served as national director of sales for M&I Financial Advisors, now assumes the same role for the combined team under BMO Harris Financial Advisors. Bill Crain has served as chief financial officer for M&I Financial Advisors and now assumes the role of chief operating officer of BMO Harris Financial Advisors, the firm confirmed to Family Wealth Report.

Technology, products and client service

A key focus of the new network is its technological capabilities. The firm has adopted Pershing’s broker-dealer solutions, as well as the Albridge wealth reporting platform - which provides consolidated reporting and trading capabilities - and Envestnet’s money management platform for proposal generation, investment management and performance reporting.

The new advisor network will also provide an in-house asset allocation strategy, which will include both third-party managers and proprietary funds for its programs. Among the programs will be an all-exchange traded fund offering.  

The bank will provide brokerage and insurance products and services alongside money management.

“Looking forward, we will continue to expand and add to our team in order to help Americans with financial planning and asset allocation,” said Dean Urbanski, BMO Harris Financial Advisors’ head of sales.

In other recent developments, in June BMO Financial Group completed the purchase of CTC Consulting, a registered investment advisory firm in Portland, OR, and merged the business with Harris MyCFO, its ultra high net worth business in the US.