The move comes amid news that the average net worth of households in Canada has risen by nearly 80 per cent since 1999 to $243,800, BMO said, citing Statistics Canada. It also highlights the opportunities for advisors – not just in managing assets but with the “softer” elements of wealth management such education.

Additionally, many firms have recognized that it's not necessarily the ultra high net worth that present the greatest business opportunities but the growing mass affluent . Meanwhile, NextGen Wealth is a new firm aimed at younger individuals who need help “getting to where they want to be” but who haven't accumulated enough wealth to work with the “high end” wealth management firms.

BMO's new blog, The Wealth Exchange, features expertise on the latest news and topics around building, planning and transitioning money and assets throughout all life stages.

“Canadians today are managing more money than ever before,” said Betsey Chung, chief marketing officer for BMO's Canadian personal and commercial banking and global wealth management units.