One of the few constants in life is change, but it still came as a surprise to many when the Canadian Medical Association negotiated the sale of the CMA's investment arm, MD Financial Management, to Scotiabank. Some physicians took to social media suggesting that they had been "betrayed" and wondered how the $2.6 billion dollar proceeds of sale would be applied and for whose benefit.
Another surprise was the fact that unwittingly, by agreeing with the MD Privacy Policy, MD clients had consented to all their personal data being shared and accessible to Scotiabank for the marketing and product promotion purposes of the bank. Instead of a requirement to "opt-in" to the sharing of personal data, clients have to contact the MD Trade Centre to "opt-out"…clients were automatically opted-in to Scotiabank's data base unless they took control of the situation.
This has left many physicians feeling very unsettled with the loss of something they felt they had an ownership stake in through the dues they paid to the CMA. Furthermore, it is assumed with change there will come more change, and leaving members with very little recourse or voice now given they are just another client of the bank.
The one positive from this transaction is that the inertia that often stopped investors from exploring their options is now broken. If you or your colleagues are concerned about the change, or just want to discuss the alternatives, we can provide an independent, objective assessment of what it might mean for you and your family.
Call us at (905) 829-4994 or 1 (888) 829-4994 and ask to speak with Mark Winson or Kevin Riddell. Wise Riddell Financial Group has been working with medical professionals for over 30 years. We understand your issues and have cost and tax efficient solutions suited to the incorporated professional.
