Empire Life invests in advice business, creates new managing general agency
Kingston, ON (Mar. 10, 2022) – The Empire Life Insurance Company is pleased to announce it has purchased 100% of the shares of six financial services firms and amalgamated them into one wholly-owned subsidiary of Empire Life under the name TruStone Financial Inc.
The six purchased agencies are Life Management Financial Group Ltd., LMF Investor Services Inc., Paradigm Financial Advisors (North) Inc., Paradigm Financial Advisors Inc., Dwight Goertz & Associates Insurance Agency Limited, and Pacific Place Financial Services Inc.
Michael Williams, former Partner of Life Management Financial Group Ltd. will lead the operations of the newly amalgamated managing general agency (MGA) as Chief Operating Officer and the other principals of the purchased firms will be part of the TruStone senior management team.
“Empire Life has enjoyed long-standing, solid business relationships with all of the parties involved. We share the same deep belief in and commitment to independent financial advice and the critical role it plays in helping Canadians select the financial products and solutions that best match their needs,” says Mark Sylvia, President and Chief Executive Officer of Empire Life, and now President and CEO of TruStone Financial Inc. “The TruStone team is highly experienced with a proven track record of revenue growth. TruStone Financial Inc. will run as an independent MGA with full control over its day-to-day operations.”
“We are all very excited to be forging this new path with Empire Life,” says Michael Williams, “It will be business as usual for us and the advisors we work with. As TruStone Financial Inc., we’ll continue doing what we always have, helping our clients meet their financial goals, and the support of Empire Life will give us more capacity to grow in the Canadian marketplace.”
TruStone Financial Inc. will continue to operate as a member of BridgeForce Financial Group.
“We look forward to continuing the long-lasting relationships we have with our business associates now operating as TruStone Financial Inc. and Empire Life, and to the opportunities this positive event brings to all of us,” say Allen Wong and Mari-Jayne Woodyatt, co-presidents of BridgeForce.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of September 30, 2019 Empire Life had total assets under management of $17.8 billion. For more information, visit www.empire.ca.
About TruStone Financial Inc.
TruStone Financial Inc. (TruStone Financial) is a managing general agency and wholly-owned subsidiary of The Empire Life Insurance Company (Empire Life) formed in 2022 by amalgamating six entities with significant experience in the Canadian financial services marketplace. The company has more than $1.2 billion in assets under management and works with more than 1,100 independent financial advisors across Ontario and western Canada. TruStone Financial Inc. is a member of the BridgeForce group of companies.
About BridgeForce Financial Group Inc.
BridgeForce Financial Group Inc., established in 2004, is one of the largest Canadian-owned and operated MGAs. With over $2.8 billion in assets under management and 200 years of combined experience, BridgeForce is redefining the industry through its solid foundation and local relationships that connect more than 2500 independent advisors from coast to coast. For more information on BridgeForce, please visit bridgeforcefinancial.com.
KPMG Corporate Finance Inc. acted as financial advisor to the Vendors and Dentons Canada LLP acted as legal counsel. Ernst & Young LLP acted as tax advisor to The Empire Life Insurance Company and Stikeman Elliott LLP acted as legal advisor.
SOURCE: The Empire Life Insurance CompanyTags: Empire Life, MGA