Less than a month after restructuring its operations, BMO Private Wealth Canada has adjusted its leadership.
Meghan Meger, who was appointed co-head of BMO Private Wealth Canada with Geoff Newton on June 1, 2022, is now the sole head of the division, according to a LinkedIn post by Deland Kamanga, group head of wealth management with BMO.
Newton is no longer with BMO. In the post, Kamanga thanked Newton, who joined BMO in 1997, for his leadership and contributions.
Kevin Barnes has been named head of private wealth, North America. Barnes joined BMO as head of wealth advice in March from Toronto-Dominion Bank, and had reported to Meger and Newton.
Shannon Kennedy, who had been interim head of U.S. Private Wealth, has been permanently appointed to that role.
Meger and Kennedy will report to Barnes, and all three will serve on BMO Private Wealth’s executive committee.
Wednesday’s changes were made to “strengthen our North American advisory structure,” Kamanga’s post stated. “This is an opportunity to establish a North American franchise with top wealth professionals on both sides of the border, focused on a holistic and best-in-class client experience.”
The moves are the latest in a series of changes facing financial advisors with BMO Private Wealth.
The brokerage also restructured during the same period, with the bank merging BMO Private Banking and BMO Nesbitt Burns Inc. under the banner of BMO Private Wealth Canada and Asia in 2019. The “and Asia” part of the banner was quietly dropped after 2020.
Less than a month ago, BMO Private Wealth Canada eliminated several roles as the brokerage consolidated its regions to four from six, with all regional presidents reporting to Barnes at the time. Those presidents now report to Meger, as do Julie Marche, head of operational excellence; Matt Berry, national director of private wealth recruitment; and John Aiello, national director, banking, advice.