Mediocre Bank - Private Wealth Advisor BMO Financial Group Employee Review

Way too many people have been there for decades and are coasting, especially in the support roles. The bank's technology is so old and inefficient that the bank's efficiency ratio is in the 70's. Peer banks are in the 50's. There are major problems getting their act together on numerous fronts which include; competitive credit card products, retail banking client experiences, mortgages, wealth management, and in private banking. In fact if you look at BMO's wealth management clients most are between the ages of 70 to 90 years old. These are clients from Harris Bank days. It shows the lack of success BMO Wealth Management has had in acquiring new clients. This once again translates back to average products and services being delivered by average employees with seriously dated back room technology. Another big problem in BMO wealth management is TURNOVER. In my first year with the bank 12 people left my department out of 20 some employees...almost 50%. turnover. When calling on existing clients, many say "Oh you be gone in two years so why should I get to know you". Some clients have had 5 advisors in the 7 to 10 years. The bank has little patience to develop new business hence the turnover. The advisors that stay are ones that have good books inherited from others. This has led to a huge problem of favoritism within the wealth management business units. This favoritism borders on outright discrimination where in one wealth management office discrimination was seen based on gender and on age. Discrimination came in the form of who got what accounts, branch banks, leads, offices, etc. I witnessed retaliation by a manager and by the regional manager against to those who spoke up against these actions. Retaliation included termination. All in all, BMO could be a great bank. Their commercial bank is much better and stronger than the retail and private bank. Many of the good people serving in the retail and private banking groups are frustrated. They see what I just described. They feel their hands are tied. Why is this happening? It is because the people in the managing director and regional president roles are very weak. BMO is a big believer in promoting within. Just because someone is a good portfolio manager or a good PWA does not make them a good managing director or regional president. Weak management leads to high turnover, mismanaged policies, inefficiencies, favoritism, discrimination, frustration and lack of real progress.