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Retired Canadian Couple Warns Other Retirees to Secure Financial Portfolio Before Relocating Abroad


Montreal, QC -- (SBWIRE) -- 06/02/2015 -- Retired Canadian couple Sheila and Soren Madsen are warning other retirees to explore options for securing their financial portfolio prior to retiring abroad, after the Bank of Montreal (BMO) suddenly discontinued servicing their accounts.

The Madsens, who reside full-time in Mexico, are still paying taxes in Canada and have been banking with BMO since 1987. The couple trusted the institution with managing their finances and planning their retirement through its investment arm – BMO Nesbitt Burns, which continued to monitor their portfolio after the couple's move to Mexico in 2009. However in January 2014, BMO Nesbitt Burns informed the couple via email that they could no longer service any clients living in Mexico. To date, the institution has still not provided a reason for the decision, even after exhaustive correspondence from the Madsens.

Sheila Madsen says, "This is an emotional and financial betrayal. My grandfather was a Bank of Montreal branch manager in Toronto and, one way or another, I have been a BMO client for 68 years. It was my first bank and I later chose to plan my retirement with them. I grew up trusting this bank and now they have fired me."

The bank's correspondence, which was signed by Charyl Galpin, Co-Head Private Client Division, BMO Nesbitt Burns Inc stated:
"Unfortunately, due to certain requirements in Canada and in your jurisdiction, we are generally no longer able to continue offering our products and services to you competitively and cost-effectively… As we discussed, it's rooted in clients falling under the jurisdiction of the regulators of the countries in which they have elected to officially reside, our being required as a firm to comply with those regulations and those jurisdictions making it impossible or prohibitively expensive for us to do so…"

Soren Madsen, who has been a client of BMO since 1992 had this to say: "Many Canadians are immigrants and may wish to retire in their home country. They won't be able to count on BMO. Thousands of Boomers will continue to explore their options of retiring in different countries but wish to secure their financial portfolio in a Canadian bank. Before you leave home ask your bank if they can service you 'in your jurisdiction'."

For additional information, contact:
Soren Madsen