Medical doctor wearing blue uniform holding happy funny smiling piggybank

Bank of Nova Scotia announced on Wednesday it has launched a suite of banking and wealth management services designed for physicians.

The Scotiabank Healthcare+ Physician Banking Program was developed in collaboration with MD Financial Management, which Scotiabank acquired from the Canadian Medical Association (CMA) last year, adding more than $49 billion in assets under management and administration to Scotiabank’s Wealth Management business. MD Financial now operates as a standalone brand within Scotia Wealth Management.

Wednesday’s announcement positions Scotiabank to compete with TD’s Wealth Management for Health Care Practitioners program, which launched in December.

Scotiabank’s offering is tailored to medical students and residents, as well as practising and retired physicians, the company said in a release. Clients will have access to MD Financial wealth management advisors and portfolio managers, as well as MD Financial’s self-directed and autonomous investor services.

When Scotiabank acquired MD Financial, the CMA entered into a 10-year agreement to exclusively promote MD Financial and Scotiabank as preferred providers of financial products and services to physicians and their families in Canada. According to the CMA, 88,000 of the country’s doctors are members of the association.