Industrial Alliance Insurance and Financial Services (iA) is purchasing the fourth-largest independent advisor network in Canada.

iA announced late yesterday that it is buying HollisWealth from Scotiabank. The financial planning firm has 800 licensed advisors, 400,000 active client accounts and over 300 locations across Canada. The insurer has been steadily adding distribution capacity since 2000, during which time it has acquired 25 wealth management firms. This most recent transaction will make iA one of the largest non-bank wealth management advisory firms in Canada and will increase its assets under administration by $34 billion, bringing it to a total of about $75 billion.

"800 client-focused advisors across Canada"

"The addition of 800 client-focused advisors across Canada will give us a truly national network and additional scale, which will create new growth opportunities and allow for continued investment and innovation in client solutions," says iA president and CEO Yvon Charest. "With our shared culture of providing client-focused wealth management advice, HollisWealth will continue to benefit from the depth and backing of a large financial institution, while preserving the entrepreneurial spirit and service orientation of a local advisor."

HollisWealth will remain a distribution partner for Dynamic Funds

Scotiabank took over both HollisWealth and Dynamic Funds when it purchased DundeeWealth in 2011. Dynamic Funds is not part of this deal and will remain part of Scotiabank. James O’Sullivan, Group Head of Canadian Banking at Scotiabank says that HollisWealth will remain a distribution partner for Dynamic Funds.

The terms of the deal were not disclosed. The transaction is subject to regulatory approval and is expected to close in the third calendar quarter of 2017.