MD Financial Management

Office address: 1870 Alta Vista Dr. Ottawa ON K1G 6R7
Website: www.mdm.ca
Year established: 1969
Company type: financial services
Employees: 1,000 to 5,000
Expertise: financial planning for physicians, estate and trust planning, insight on medical practice incorporation, investments, insurance
Parent company: Scotiabank
CEO and key people: Pamela Allen, CEO
Financing status: corporate backed or acquired

MD Financial Management is the only financial services company dedicated to serving physicians in Canada, from medical school right through to retirement. It has the resources and reach of Scotiabank in delivering banking and investment solutions to over 37,000 physician households in Canada.

History of MD Financial Management

MD Financial Management was established in 1969 to address the need for financial services for physicians. Unlike other professionals or salaried employees, physicians didn’t have access to retirement planning because they were mostly self-employed. MD Financial Management has filled that gap.

The company was acquired by Scotiabank in 2018, strengthening an already solid position in the financial services industry.

Before it was acquired by Scotiabank, MD Financial Management had $49 billion in assets under management and administration.

Products and Services of MD Financial Management

MD Financial Management has a range of products and offerings under financial and banking services, such as:

  • investment management
  • insurance
  • retirement planning
  • estate planning
  • banking solutions
  • financial education and resources

Culture at MD Financial Management

MD Financial Management is committed to only one set of clients: physician families. The company promises to remain:

  • exclusive: their mandate is to serve physicians and their families, no one else
  • objective: MD Advisors are salaried employees; they don’t earn commissions from the insurance products they sell
  • comprehensive: MD Advisors seek to understand their physician-client's situation when crafting tailored solutions

MD Financial Management is known for being innovative, coming up with a few industry firsts.

When it was launched in 1969, MD Financial was the first to offer financial services to physicians and their families.

In 2023, the company introduced Medicus Pension Plan in select provinces and territories. Medicus Pension Plan is a national pension plan for incorporated physicians, the first of its kind in Canada.

It is this spirit of innovation and client focus that defines the culture at MD Financial.

About MD Financial Management CEO Pamela Allen

Pamela Allen was appointed CEO of MD Financial Management in 2022, the first woman in the role. She first joined the organization in 2006 as Regional Manager, holding progressively senior roles over the years. One of her earliest jobs after graduation was as a financial advisor, so she knows what it’s like to be a frontliner in the wealth management industry.

MD Financial’s groundbreaking Medicus Pension Plan was launched under Allen’s leadership. “With Medicus, incorporated physicians can now have a pension plan, and their futures can be protected through predictable income in retirement. It will change how we can invest and plan for physicians,” she said in a 2023 interview.

Allen is a graduate of the University of Alberta and is a Certified Financial Planner.

Future at MD Financial Management

MD Financial Management has a solid track record of innovation and success. It is fully committed to serving the needs of physicians and their families now and in the years to come. Working in partnership with Scotiabank and the Canadian Medical Association, MD Financial Management continues to introduce products and services that align with the evolving needs of physicians in Canada.

 

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