Co-operators enters the wealth management space

The Co-operators is announcing a rebrand, a first in over four decades, expanding from its insurance base into “holistic, personalized financial services, investments, multi-line insurance and security.”

The rebrand includes the introduction of Co-operators Financial Investment Services Inc., a financial services arm with more than 600 advisers licensed to sell mutual funds from a range of companies such as AGF Management, CI Financial, Dynamic Funds, Fidelity Investments, and Franklin Templeton. The new unit is targeting “everyday Canadians” and there are no account minimums.

The insurer registered its financial services arm with the Mutual Fund Dealers Association of Canada back in January 2020, and its mutual fund distribution services soft-launched in July 2020. Along with its new lineup of mutual funds, the company will continue to offer investments in the annuities and segregated funds provided by insurers.

“We’ve got strength in protection and risk management, and a number of capabilities in the wealth space. We’ve really been building that capability, and the rebrand is about bringing all that to life. The wealth management space is a crowded space, but we see the vast majority of players focusing in on the affluent or mass-affluent space. Based on the client mix we have here, we’re more focused on the everyday Canadian, and this is where we see a gap in the market,” Fukuchi said. “Because of our co-operative roots, we really exist to serve unmet needs.” – Emmie Fukuchi, EVP and chief digital and marketing officer at Co-operators Group.