BMO Financial Group has formed a panel of distinguished Canadians to counsel it on emerging issues related to the changing realities of retirement.

The New Retirement Advisory Council is chaired by John MacNaughton, former CEO and founding president of the Canada Pension Plan Investment Board, former president of BMO Nesbitt Burns and a director of major Canadian corporations.

Council members come from a variety of disciplines, including medicine, law, broadcasting, public policy and research. The other members are: Dr. Michael Baker; Mel Cappe; Don Coxe; Allan Gregg; Elena Hoffstein; Moshe Milevsky; and Pamela Wallin.

“Our clients are increasingly considering issues that have not traditionally been included in the retirement planning equation, including health and wellness, professional and career development, family wealth management, elder care and philanthropy,” said Gilles Ouellette, president and CEO, Private Client Group, BMO Financial Group. “To ensure that we stay abreast of developments in other fields and can provide new and creative ideas to meet broader client needs, we have taken the unique step of asking a group of distinguished Canadians to assist us. Their combined knowledge and expertise will stimulate and challenge our thinking and inspire us to be even more proactive and innovative in the ways we meet the evolving needs of our clients.”

BMO recently conducted the most comprehensive survey on Canadian retirement compiled to date, which revealed that the majority of Canadians, 45 years of age and over, want to retire the word retirement because it lacks relevance today.

One outcome from the research was the creation of the New Retirement Advisory Council, which was set up to provide insight and guidance to BMO regarding the issues, strategies and solutions related to the new retirement facing baby boomers in Canada. The Council will advise BMO about emerging trends and issues for boomers, retirees and those who are just starting to prepare for the next stage of their lives, with a view to assisting the organization in educating and informing clients.

The Council will participate in ongoing discussions with BMO as well as client education and information events. BMO will also leverage the Council’s expertise to develop materials and solutions for clients and to help educate BMO employees about various retirement-related issues.

“The Council members see this as a real opportunity to play a constructive role in helping to define this new retirement,” said MacNaughton. “We will respond to the bank’s desire to define their strategy to develop new and creative approaches to retirement planning.”

The first meeting of BMO’s New Retirement Advisory Council was held on September 7. Members reviewed the structure, role and mandate of the Council as well as BMO’s extensive work on its new retirement initiative to date. The group discussed issues and opportunities related to retirement and developed the Council’s agenda going forward.