The "TEAM"
Michael Bonner, Senior Vice-Presi-
dent & Regional Head, B.C. & Yukon
Division, BMO Financial Group
Q: You've led teams across the country,
from Halifax to Toronto and Vancouver—
what crucial components inspire them?
MB: It doesn't matter the geography or the
business; my view is people are people and
for the most part people want to be success-
ful, be immersed in a great culture and be
part of something bigger.
I think any good leader wants to be
able to inspire people so that they may
unlock their potential and achieve optimum
performance. It's good for them personally,
for their organ-ization and, of course, for
customers. The world has changed. Our em-
ployees don't honestly care what your title
is or where you are in the hierarchy. They
want you to inspire, be authentic, lead by
example instead of from an o•ce, and show
them appreciation.
Many senior people expect that employ-
ees will follow them because of their title, or
their place in the organization's hierarchy;
but all good leaders should strive to develop
a bond so strong that not only will their
people follow their lead in business, but fol-
low it into di•erent parts of an organization
or maybe even di•erent parts of the country.
Only a •nancial
organization operating
with BMO's "One Bank"
approach can navigate
the diverse challenges
of today's business
world. BMO is Canada's
oldest incorporated
bank—and BCBusiness
caught up with its B.C.
& Yukon executive
team to speak to their
expertise on leadership,
wealth management,
investment expansion,
corporate •nance and
capital sourcing. It is
clear that BMO's ability
to rally the various
partners within the
team for the common
good of the customer
is both a strategic
advantage and a
catalyst for this
business to "punch
above its weight"
+ bmo
Jennifer Muench, Vice-President
and Managing Director, BMO
Harris Private Banking, B.C.
Q: What are the best tax-e'cient
solutions to protect wealth?
JM: A concept we commonly discuss is the
use of a permanent insurance policy as an
investment—such as carving out a por-
tion of surplus/investable capital that has
already been earmarked for the next gen-
eration—to take advantage of the signi•cant
tax bene•ts provided for insurance policies
versus taxable non-registered investing.Ž
Transferring a portion of the surplus
cash 'ow/assets to a permanent life insur-
ance policy will reduce future taxable
income by accessing the tax-deferred
growth of an exempt policy. Upon death,
these accumulated sums can then be
transferred tax e•ciently to heirs, since the
death bene•t of the policy can be paid to an
individual's bene•ciaries tax-free.Ž
Alternatively, in the case of a corporate-
owned policy, the funds can be paid to the
corporation tax-free, after which all, or a
signi•cant portion, of the proceeds can
be distributed as a tax-free dividend to the
shareholder's estate.
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