Clare O’Hara, Wealth Management Reporter
The Globe and Mail

Independent wealth manager Aviso Wealth Inc. has hired former Scotia Wealth
Management executive John Bai as its chief investment officer with an eye to boosting
its socially responsible investment arm, NEI Investments.

Mr. Bai was appointed executive vice-president and CIO of both Aviso Wealth and NEI
Investments, the company announced Wednesday.

In his role, which began May 6, Mr. Bai is responsible for the strategic direction of the
firm’s investment approach and philosophy, including its asset allocation process and
subadviser research.

He replaces Daniel Solomon, who moved on from the organization at the end of March.

“John brings tremendous experience in the asset management landscape in Canada and
particularly as someone who has worked in a vertically integrated organization, where
you have both distribution and manufacturing,” said Fred Pinto, senior vice-president
and head of asset management at NEI Investments.

“Given that we are looking to expand our footprint as a key wealth management
organization, this experience is invaluable – specifically as we look to drive growth
through our credit union partners.”

Aviso Wealth recently celebrated its first anniversary after Credential Financial Inc.,
Qtrade Canada Inc. and NEI Investments joined forces in 2017 to launch an
independent wealth management firm. The combined entity positions the credit union
industry (which includes more than 300 of the member-owned co-operatives in Canada)
to compete more aggressively with some of Canada’s largest financial firms, including
the Big Five banks.

Aviso, the Portuguese and Spanish term for “advice,” is jointly owned by Desjardins
Group and a limited partnership composed of five provincial credit union centrals and
CUMIS Group Ltd. Desjardins and the limited partnership each hold a 50-per-cent
stake.

CUMIS is owned by Central 1 Credit Union and Co-operators Life Insurance Ltd.
Combined, Aviso Wealth has more than 500,000 clients across the country with
approximately $60-billion in combined assets under administration and management.
NEI Investments manages approximately $8-billion in assets.

Prior to joining NEI, Mr. Bai held senior executive roles at Scotia Wealth, HollisWealth
and Goodman and Company Investment Counsel Inc., where he worked closely with the
financial adviser community in Canada and research investment teams.

“The investment landscape is changing, and the role of the chief investment officer has
to change as well,” Mr. Bai said in an interview. “It’s no longer just about running[investment] models and optimizing risk scenarios. Never before have investors had so
much choice in their investment options for their retirement dollars, so the CIO of the
future needs to engage with their investors.”

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VANCOUVER, B.C. — Qtrade Investor is once again ranked among the best of Canada’s online brokers in the latest annual survey by The Globe and Mail, which was published on February 8.

Qtrade Investor achieved an overall score of A-, for second place in this year’s rankings. Over the past 13 years, Qtrade Investor has continuously placed first or second in the Globe’s review, including nine number-one wins. This year marks the twentieth anniversary of the Globe`s rankings.

In his review, Personal Finance Columnist Rob Carrick describes Qtrade Investor as a “first-rate outfit.”

“Another year, another round of improvements from this online brokerage dynasty,” he said. “Standout changes include the ability to set goals for registered accounts, better tracking of dividend income and additional stock research.”

“The results of the Globe’s survey reflect our commitment to pursuing our long-standing vision to empower self-managed investors to reach their financial goals,” said Bill Packham, CEO of Aviso Wealth, the parent organization of Qtrade Investor. “We’re proud to be considered among the top tier nationwide once again. This is a very competitive industry, and we remain committed to continually enhancing our platform.”

“We’re dedicated to improving the financial well-being of Canadians,” said Catherine Wood, Senior VP and Head of Online Brokerage with Aviso Wealth. “The most recent enhancements for Qtrade Investor are focused on engagement and improving the experience by reducing friction and allowing clients to gather information as well as take action quickly and easily. And we’ve been encouraged by the positive reaction from our clients.”

Among recent enhancements were research resources and goal setting tools that help investors make informed decisions. Other improvements include:

• Addition of premium research from Desjardins
• S. dollar eTransfer
• Goal setting for registered accounts
• Income View displays recent and future income events
• Online in-kind stock transfer to RSPs and TFSAs
• User-friendly “Guide me” mini tutorials to show clients how to navigate the site and carry out key functions

This industry recognition in the latest Globe survey follows wins for Qtrade Investor from Surviscor (Best overall online brokerage; Winner, Service-Level Assessment Review) and MoneySense (Best overall—Top online brokerage).

For further information, please contact:

Sean Kelly
Senior Communications Manager
Aviso Wealth
778.328.7583
media@qtrade.ca

Caution concerning forward-looking statements

Certain statements made in this press release may be forward-looking. By their very nature, forward-looking statements involve assumptions, uncertainties and inherent risks, both general and specific. It is therefore possible that, due to a number of factors, the predictions, projections or other forward-looking statements as well as objectives and priorities of the parties may not materialize or may prove to be inaccurate and that actual results differ materially. Various factors beyond the control of the parties could influence the accuracy of the forward-looking statements in this press release. Although the parties believe that the expectations expressed in these forward-looking statements are reasonable, it can give no assurance or guarantee that these expectations will prove to be correct. The parties caution readers against placing undue reliance on forward-looking statements when making decisions. None of the parties undertakes to update any written or verbal forward-looking statements that could be made from time to time by or on behalf of the parties, except as required under applicable securities laws.

VANCOUVER, B.C. — For the fourth year in a row, Qtrade Investor has been awarded top honours for Canadian self-directed brokerage customer service, as measured by the 2018 Surviscor Service Level Assessment Review.

Qtrade Investor earned 84% in the review, beating the nearest competitor by two percentage points. The review, now in its 14^th year, measures how efficiently firms respond to service enquiries.

“We would like to congratulate Qtrade Investor on its fourth consecutive Service Level Index top honours in the highly competitive Canadian self-directed brokerage industry,” said Glenn LaCoste, President of Surviscor. “Qtrade Investor continues to excel in providing customers with an unmatched level of service and we compliment them on the accomplishment and customer dedication.”

“Our client service is just as important as the overall experience on our trading platforms, so it’s very satisfying to see our Client Service team achieve this recognition,” said Catherine Wood, Senior VP and Head of Online Brokerage with Aviso Wealth, the parent organization of Qtrade Investor. “We’re dedicated to continuous improvement on our online and mobile platforms, and we’re committed to supporting self-managed investors with timely, knowledgeable and accurate client service.”

In December, Qtrade also earned first place, as best overall online brokerage, in Surviscor’s 2018 Canadian Online Discount Brokerage Review. This was Qtrade’s third straight win.

According to Surviscor, which specializes in impartial analysis and ranking of digital financial offerings, including banks and credit unions, its proprietary methodology for its online brokerage Service Level Assessment entails analyzing 154 service enquiries per brokerage firm sent between January 1, 2018 and December 31, 2018, with the key variable being the average response time. The complete brokerage rankings can be found at www.surviscor.com.

For further information, please contact:

Sean Kelly
Senior Communications Manager
Aviso Wealth
778.328.7583
media@qtrade.ca

VANCOUVER, B.C. — For the third straight year, Qtrade Investor has been named best overall online brokerage in Canada by Surviscor in their 2018 Canadian Online Discount Brokerage Review. The review, now in its 13th year, is a comprehensive assessment of the online service, features and functionality of Canada’s online discount brokerage providers.

“We congratulate Qtrade Investor for its commitment to the industry and overall customer experience and its third straight win, the longest streak in our 13 years,” said Glenn LaCoste, President of Surviscor.

Qtrade Investor earned 85% in the 2018 review, beating the nearest competitor by six percentage points and landing 18 points higher than the average score.

“At Qtrade Investor, we’re passionate about our vision to empower self-managed investors to reach their financial goals,” said Catherine Wood, Senior VP and Head of Digital Wealth with Aviso Wealth. “This year, we made a wide range of enhancements to our online and mobile platforms, with engagement as a key theme. Our enhancements reflect our commitment to keeping Qtrade Investor at the forefront in areas that matter most to self-directed investors such as ease of use, client service and pricing.”

Among enhancements introduced by Qtrade Investor were educational features and goal setting tools that help investors make informed decisions. Other recent improvements included:

• Addition of premium research from Desjardins
• S. dollar eTransfer
• Goal setting for registered accounts
• Income View displays recent and future income events
• Online in-kind stock transfer to RSPs and TFSAs
• User-friendly “Guide me” mini tutorials to show clients how to navigate the site and carry out key functions

Earlier this year, Qtrade also earned first place in Surviscor’s Service Level Assessment program, which measures how efficiently firms respond to service enquiries, for the third year in a row.

According to Surviscor, which specializes in impartial analysis and ranking of digital financial offerings, including banks and credit unions, its proprietary methodology for its online brokerage review measures thousands of usage-related criteria questions, along with cost of services analysis. The complete brokerage rankings can be found at www.surviscor.com.

For further information, please contact:

Sean Kelly
Senior Communications Manager
Aviso Wealth
778.328.7583
media@qtrade.ca

VANCOUVER, B.C. — Qtrade Investor is ranked first overall in the latest annual survey of online brokers by MoneySense.

In the review, which was compiled by financial columnist and author Jonathan Chevreau, in partnership with Glenn Lacoste from Surviscor, Qtrade Investor is described as having “no real holes in any of our categories” and as “a progressive firm committed to continual improvement.”

Qtrade was ranked first for user experience, by virtue of advances in letting clients customize their usage experience. Qtrade was also first for customer service, where the reviewers note: “The average general contact timeframe for online brokerage is a whopping 50 hours, or more than two days, which makes Qtrade’s top-ranking two hours all the more impressive.”

This is the second year in a row that Qtrade has won the MoneySense survey, and it follows Qtrade’s recent top rankings by The Globe and Mail and Surviscor.

“In a fiercely competitive market, we’re proud to be widely regarded as the top choice for self-directed investors,” said Bill Packham, President and CEO of Aviso Wealth, the parent company of Qtrade Investor. “Our entire team is dedicated to continuous improvement to ensure we provide self-managed investors with exceptional value, a best-in-class trading environment and outstanding client service.”

“We’ve recently made a number of significant enhancements to our platform and service, many of which were inspired by client feedback and supported by usage analytics,” said Catherine Wood, Senior Vice President, Head of Online & Digital Wealth, and Chief Marketing & Innovation Officer with Aviso Wealth. “The positive reaction we’re seeing from clients and industry experts alike is gratifying and encouraging.”

Recent enhancements to Qtrade’s service include paperless online account opening and funding capabilities, portfolio income tracking features, a new Registered Accounts Centre, quantitative analysis tools, and improved mobile apps, in addition to more ways for clients to minimize the costs of investing.

TORONTO, ON —Aviso Wealth is pleased to announce that it officially rang the bell to open trading at the Toronto Stock Exchange today. Bill Packham, President and CEO for Aviso Wealth was present for the ceremony, accompanied by senior leaders. Board members were also present to mark the occasion and celebrate the event.

Aviso Wealth is a new organization with decades of experience that unites the talent and resources of three established, successful companies: Credential Financial, Qtrade Financial Group and NEI Investments. The agreement to merge the three industry-leading firms was announced in December 2017 and the closing of the merger was announced on April 3, 2018.

Aviso Wealth is one of Canada’s largest independent financial services providers with over $55 billion in assets under administration and management and with notable strengths in four major lines of business: comprehensive wealth management services for credit unions; online brokerage and digital advice; correspondent and institutional services; and asset management.

Bill Packham stated: “It’s a great honour to open the market, and to celebrate the emergence of Aviso Wealth as a significant new player in Canada’s financial sector. Our owners—the credit union Centrals, CUMIS Group, and Desjardins—executed a bold vision that we could be stronger together. We have ambitious plans to innovate on technology, products and services, so that we continue to add value for our partners and for Canadian investors.”

Watch Aviso Wealth Board Chair Garth Manness (L) and President and CEO Bill Packham (R) ring the bell to officially open the trading session.

About Aviso Wealth

Aviso Wealth is a national, integrated financial services company, with over $55 billion in assets. Aviso is owned by credit union Centrals, CUMIS and Desjardins. Our MFDA-regulated dealer, full-service IIROC-regulated brokerage, and insurance dealer support thousands of financial advisors at hundreds of credit unions across Canada. Our award-winning online brokerage, Qtrade Investor, and our automated investing platform, VirtualWealth, give Canadians flexible choices for building their wealth. Our asset manager, NEI Investments, is a Canadian leader in Responsible Investment funds and portfolios, which are available through a national network of advisors. Aviso also provides custodial services and introducing broker services to independent financial organizations, including banks, trust companies, insurance companies, investment dealers, portfolio managers and financial planning firms. Aviso has major operations in Vancouver and Toronto, along with regional offices across Canada. More information about Aviso Wealth is available at www.aviso.ca.

Caution concerning forward-looking statements

Certain statements made in this press release may be forward-looking. By their very nature, forward-looking statements involve assumptions, uncertainties and inherent risks, both general and specific. It is therefore possible that, due to a number of factors, the predictions, projections or other forward-looking statements as well as objectives and priorities of the parties may not materialize or may prove to be inaccurate and that actual results differ materially. Various factors beyond the control of the parties could influence the accuracy of the forward-looking statements in this press release. Although the parties believe that the expectations expressed in these forward-looking statements are reasonable, it can give no assurance or guarantee that these expectations will prove to be correct. The parties caution readers against placing undue reliance on forward-looking statements when making decisions. None of the parties undertakes to update any written or verbal forward-looking statements that could be made from time to time by or on behalf of the parties, except as required under applicable securities laws.

Aviso Wealth unites Credential Financial Inc., Qtrade Canada Inc. and NEI Investments to create a strong, values-based wealth management alternative for Canadian investors

TORONTO (ON) — CU CUMIS Wealth Holdings LP and Desjardins Group today announced the closing of the merger of the businesses of Credential Financial Inc., Qtrade Canada Inc. and NEI Investments to create Aviso Wealth Inc. Providing Canadian investors with a comprehensive and fully integrated range of high-quality wealth solutions, Aviso Wealth offers insurance and do-it-yourself (DIY) investing to full-service, fee-based and responsible investing (RI) options.

“Today marks an exciting day for our credit union partners, members and investors nationwide, with the official launch of Aviso Wealth,” said Bill Packham, President and Chief Executive Officer of Aviso Wealth. “Combining the strengths of all three successful firms, Aviso Wealth provides Canadian investors with a differentiated client experience—offering a full suite of wealth products and services for all stages of the wealth life cycle.”

Garth Manness, Chair of Aviso Wealth said, “The formation of Aviso Wealth is exciting news for credit unions in Canada. We firmly believe that the new vertically integrated entity will be better positioned to adapt to market and regulatory changes. Aviso Wealth will cultivate a client-centric service experience that puts member needs first, resulting in an enhanced wealth management experience to credit unions and their members.

Aviso Wealth has more than $55 billion in combined assets under administration and management, making it one of Canada’s largest independent wealth management firms. The combined organization will serve the wealth management needs of virtually all of Canada’s credit unions with a network of thousands of advisors, and has more than 500,000 clients across the country.

Aviso Wealth’s full spectrum of products and services include: Credential wealth management; Qtrade Investor, Canada’s number-one online brokerage as ranked by The Globe & Mail; digital advice; NEI Investments, Canada’s leader in responsible investment solutions; and, correspondent and institutional services for independent financial organizations, including investment dealers and portfolio managers.

CU CUMIS Wealth Holdings LP is a partnership of the five provincial credit union centrals – Atlantic Central, Central 1 Credit Union (representing British Columbia and Ontario credit unions), Credit Union Central of Manitoba, Credit Union Central of Saskatchewan and Credit Union Central of Alberta, and The CUMIS Group Limited. Collectively, the five centrals represent the majority of credit unions (excluding the Desjardins caisse network) across the country.

Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world, with assets of $275,1 billion. It has been rated one of the Best Employers in Canada by Aon Hewitt. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Counted among the world’s strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.

Certain statements made in this press release may be forward-looking. By their very nature, forward-looking statements involve assumptions, uncertainties and inherent risks, both general and specific. It is therefore possible that, due to a number of factors, the predictions, projections or other forward-looking statements as well as objectives and priorities of the parties may not materialize or may prove to be inaccurate and that actual results differ materially. Various factors beyond the control of the parties could influence the accuracy of the forward-looking statements in this press release. Although the parties believe that the expectations expressed in these forward-looking statements are reasonable, it can give no assurance or guarantee that these expectations will prove to be correct. The parties caution readers against placing undue reliance on forward-looking statements when making decisions. None of the parties undertakes to update any written or verbal forward-looking statements that could be made from time to time by or on behalf of the parties, except as required under applicable securities laws.

New combined company, Aviso Wealth, will focus on meeting the expanding wealth management needs of credit union members and other partners and clients across the country

Desjardins Group and a partnership comprised of Canada’s five provincial credit union centrals (the Centrals) and The CUMIS Group have entered into a definitive agreement to merge the businesses of their subsidiaries, Credential Financial Inc., Qtrade Canada Inc. and NEI Investments. The transaction will create one of Canada’s largest independent wealth management firms with more than 500,000 clients across the country and over $55 billion in combined client assets under administration and management.

The new entity, Aviso Wealth, will be jointly owned by Desjardins and a limited partnership comprised of the Centrals/CUMIS, with each holding a 50% stake. The Centrals represent approximately 300 credit unions across Canada. CUMIS is owned jointly by Co-operators Life Insurance Company and Central 1 Credit Union.

Aviso Wealth will be a Canadian financial services leader with notable strengths in wealth management, asset management, online brokerage and digital advice, mutual funds and correspondent services. Through its subsidiaries, Aviso Wealth will offer a wealth management platform with the necessary scale and resources to meet the evolving needs of its credit union partners and their members.

In addition, Aviso Wealth will continue to expand and evolve the products and services now provided by Credential, Qtrade and NEI to third-party dealers, institutional and other partners and individual clients.

Leading this new organization as CEO will be Bill Packham, currently the CEO of Qtrade Canada Inc. The new organization will be national in scope, with its main offices in Toronto and Vancouver and regional offices across the country.

The three merging businesses are currently owned by one or a combination of the Aviso Wealth equity holders. Credential is owned jointly by the Centrals and CUMIS, Qtrade is owned by Desjardins, and NEI is owned jointly by Desjardins and the Centrals.

Guy Cormier, President and CEO of Desjardins Group, said, “Desjardins is a partner with Canada’s credit unions and is proud to join forces with them and with CUMIS and its majority owner, The Co-operators, to create a major Canadian wealth management provider that will, in all aspects, offer credit union members and other clients a strong alternative to the banks and other wealth management companies. This is another great step forward in our pan-Canadian development and good news for our clients and members.”

“The financial needs of Canadians are evolving, and we need to adapt to meet these needs while supporting the values of the cooperative sector,” said Garth Manness, CEO of the Credit Union Central of Manitoba, on behalf of the five Centrals. “We know that our members make a conscious choice when investing with their credit union. Our goal is to ensure that choice gives them access to excellent investment planning and advice, lower management fees, and the products and services that best meet their needs.”

“This partnership reinforces CUMIS and The Co-operators commitment to meet the wealth management needs of Canadians through both our multi-channel distribution network and the credit union system,” said Rob Wesseling, President and CEO, The Co-operators. “We have long-standing, successful relationships with our credit union partners and we are looking forward to working with Desjardins. This transaction signals yet another way that we’re working together to better serve Canadians.”

“Each of the three combining companies is successful on its own, but the combined organization will be much stronger, with greater potential for growth, profitability and innovation than the existing companies could achieve on their own,” said Packham. “In today’s competitive financial landscape, building a coalition between credit unions and successful wealth partners has become more important than ever. Aviso Wealth will significantly enhance the credit union experience by providing members with an integrated range of innovative and competitively priced products and services.”

The transaction is expected to close in the first quarter, subject to approval from regulators and compliance with customary closing conditions.

About Desjardins

Desjardins Group is the leading cooperative financial group in Canada and the fifth largest cooperative financial group in the world, with assets of $276 billion. It has been rated one of the Best Employers in Canada by Aon Hewitt. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Counted among the world’s strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.

About the provincial credit union Centrals

The five provincial credit union centrals participating in Aviso Wealth include Atlantic Central, Central 1 Credit Union (representing British Columbia and Ontario credit unions), Credit Union Central of Manitoba, Credit Union Central of Saskatchewan and Credit Union Central of Alberta. Collectively, the five centrals represent the majority of credit unions (excluding the Desjardins caisse network) across the country.

About CUMIS and The Co-operators

The CUMIS Group Limited (CUMIS), which is jointly owned by Co-operators Life Insurance Company and Central 1 Credit Union, partners with credit unions to deliver competitive insurance and financial solutions. As the leading provider of insurance-related products and services to the Canadian credit union system, CUMIS serves approximately 380 credit unions, with a total of more than five million members. The Co-operators Group Limited is a Canadian co-operative with more than $48 billion in assets under administration. In addition to wealth management products, The Co-operators offers home, auto, life, group, travel, commercial and farm insurance. The Co-operators is well known for its community involvement and its commitment to sustainability, and is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada.

Caution concerning forward-looking statements

Certain statements made in this press release may be forward-looking. By their very nature, forward-looking statements involve assumptions, uncertainties and inherent risks, both general and specific. It is therefore possible that, due to a number of factors, the predictions, projections or other forward-looking statements as well as objectives and priorities of the parties may not materialize or may prove to be inaccurate and that actual results differ materially. Various factors beyond the control of the parties could influence the accuracy of the forward-looking statements in this press release. Although the parties believe that the expectations expressed in these forward-looking statements are reasonable, it can give no assurance or guarantee that these expectations will prove to be correct. The parties caution readers against placing undue reliance on forward-looking statements when making decisions. None of the parties undertakes to update any written or verbal forward-looking statements that could be made from time to time by or on behalf of the parties, except as required under applicable securities laws.