Burgeonvest Financial Corp. and Bick Financial Corp. today announced the formation of Burgeonvest Bick Corp., which will merge their respective investment operating companies into a full service investment advisory and wealth management firm.

Subject to regulatory approval, Burgeonvest will transfer its wholly owned subsidiary, Burgeonvest Securities Ltd., an IDA member and TSX participating member; and Bick will transfer its wholly owned subsidiary, Bick Financial Security Corp., an MFDA member, to Burgeonvest Bick at the close of business on December 31.

At the same time, Burgeonvest Financialwill transfer its wholly owned subsidiary Burgeonvest Insurance Corp. to Burgeonvest Bick. Advisors at both Burgeonvest Securities and Bick Financial Security who are dually licensed to offer insurance products will offer these products through Burgeonvest Insurance.

As before, all three subsidiaries of Burgeonvest Bick will operate as stand alone business entities under their own names.

However, in the future clients will benefit under the new enterprise since they will be free to access the specialized services and products of each of the other two companies, Burgeonvest Bick says.

Mario Frankovich, president of Burgeonvest Securities, will be CEO of both Bick Financial Security and Burgeonvest Securities. He describes the Burgeonvest Bick integrated enterprise, as a significant new entrant in the independent investment advisory world and added, “for clients who are looking for a full suite of services and products, they can find those through Burgeonvest Bick. Likewise, for advisors who are looking to provide it all to their clients, these advisors can find it all through Burgeonvest Bick.”

While the proposition of offering IDA, MFDA and insurance platforms within a single group of companies is not novel, and in fact the model is being applied elsewhere, Frankovich points out that one of a number of advantages that Burgeonvest Bick has is that each of its IDA, MFDA, and insurance operations are successful growing businesses in their own right.

The subsidiary companies of Burgeonvest Bick provide advice and service to approximately $1.1 billion of client investment assets through 11 offices in Ontario.