FirstOntario Credit Union (118,000 members, $5 billion in assets) has expanded its partnership, allowing members to have direct access to a trust and estate consultant with Concentra Trust, a wholly owned subsidiary of Concentra Bank, Canada’s wholesale bank and trust company for Canada’s credit unions.
“Our members now have access to a dedicated and experienced trust and estate consultant to focus on the transfer of assets, executorship and trust to full their estate planning needs,” Ejaz Nadeem, vice-president, wealth at FirstOntario stated in a media release this past May. “The addition of this new role in cooperation with Concentra Trust is the first of its kind in Ontario and will complement the full suite of wealth management services our credit union currently offers,” Nadeem added.
Karen Bradley, vice-president, estates and trusts at Concentra Trust, stated that a comprehensive wealth management strategy that includes specialized estate and trust services is “becoming a cornerstone offering for credit unions to serve their members.”
Strategic Insight, a Toronto research firm, projects that about $1 trillion in personal wealth will be transferred from one generation to the next in Canada by 2026. ◊