IGM Financial (TSX:IGM) is a leading wealth and asset management company, primarily providing investment advisory and related services. The company has nearly $200 billion in client assets under administration, which includes nearly $170 billion in assets under management.
Strong business divisions The company’s activities are carried out through Investors Group (IG), Mackenzie Financial and Investment Planning Counsel (IPC). Investors Group, founded in 1926, delivers personalized financial solutions to Canadians through a network of about 3,500 consultants located throughout Canada. With nearly $100 billion in client assets under administration, IG Wealth Management offers a wide range of insurance, securities, mortgage products and other financial services.
Mackenzie Investments was founded in 1967, and is an investment management firm providing investment advisory and related services. With $70 billion in assets under management, Mackenzie Investments distributes products and services primarily through a diversified distribution network of third-party financial advisors. In 2017, IGM Financial combined the investment management functions of IG Wealth Management and Mackenzie Investments together to form a single global investment management organization to support both companies under Mackenzie Investments.
Investment Planning Counsel was founded in 1996, and is an independent distributor of financial products, services and advice in Canada. IPC is a financial planning organization in Canada, with nearly 750 financial advisors and $28 billion in client assets under administration.
Adopting industry-leading technology Recently, IGM introduced a new customer relationship management platform to IG consultants. This new platform enables consultants to seamlessly manage client relationships, improve efficiency through digitized workflows, and access data-driven reporting.
The company’s strategic transformation includes progress in the area of expense management, while still allowing it to invest in the future. IGM managed expenses during 2020 at levels below the company’s guidance. The company is focused on delivering strong earnings growth through operating leverage as it continues to drive initiatives to automate and improve operational efficiency.
New product offerings IG clients have benefitted from new product offerings and managed solutions, supported by partnerships with high-quality sub-advisors. The company recently introduced an integrated marketing campaign to recruit entrepreneurial advisors. It also relaunched a new business system which simplifies, modernizes and digitizes processes to make it even easier for advisors to deliver professional, consistent customer service.
During the year, the company achieved the highest gross retail sales in 20 years, fuelled by positive flows in IG’s mutual fund and exchange-traded fund businesses. The company’s multichannel, solutions-oriented strategy continues to drive choice and innovation for the organization and contributed to helping it reach more than $140 billion in assets under management.
Excellent shareholder results IGM is uniquely positioned to continue to drive shareholder returns and help the company’s clients achieve their financial goals. The progress and advances the company has made in innovating and streamlining the business has put it on a path to accelerated growth in the decade ahead.
The company’s diverse range of products, solutions, distribution channels and geographies puts it in a position for strong growth in the wealth and asset management industry. IGM has the people, culture and strategies that will enable it to keep innovating and growing on behalf of the company’s clients and shareholders.
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Fool contributor Nikhil Kumar has no position in any of the stocks mentioned.
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