IGM Financial's AI restructuring targets $70 million in annualized savings by end of 2028, with proceeds directed into advisor tools across IG Wealth Management and Mackenzie Investments
IGM Financial Inc. has announced a multi-year restructuring plan to reduce operating costs and redirect savings into artificial intelligence development.
IGM Financial expects the IGM Financial AI initiative to deliver approximately $70 million in annualized savings by end of 2028. The Winnipeg-based company made the announcement on June 17, 2026.
Those savings will be reinvested in AI capabilities across IG Wealth Management and Mackenzie Investments.
What the IGM Financial AI investment means for advisors
The practical focus is on tools that cut time spent on routine tasks.
For IG Wealth Management advisors, IGM said its AI investment will target:
- meeting preparation
- client interactions
- workflow efficiency
IGM Financial serves approximately two million Canadians through its businesses. When firms at that scale invest in AI-facing advisor tools, it can shift what clients experience across the industry.
Independent planners and advisors at smaller firms face the same workflow pressures, often with fewer resources to address them.
Over 90 per cent of Canadian financial services leaders now view generative AI as critical to competitive advantage, according to a 2026 KPMG Canada report. A further 86 per cent said they are investing in the technology despite ongoing economic uncertainty.
The IGM Financial AI push is a signal of where platform-level investment is heading. Advisors across the industry — dealer-affiliated or independent — are navigating the same question: how to match rising client expectations with the tools available to them.
“We are building an AI-enabled organization that enhances, not replaces, the trusted relationships at the core of our business,” said James O’Sullivan, President and CEO of IGM Financial. “We are encouraged by the opportunities AI is providing to elevate the advice experience, empower our advisors and employees, and deliver even stronger outcomes for clients, while staying grounded in the personal connections that define our model.”
Wealth Professional has covered the gap between AI ambition and actual execution among Canadian wealth firms – and why execution matters more than moving first.
What the restructuring involves
IGM said the initiative will consolidate team structures and streamline workflows. The company plans to upskill existing staff and hire in targeted areas, including:
- AI leadership and governance
- process redesign
- data engineering
- AI agent development and deployment
At Mackenzie Investments, the IGM Financial AI strategy will direct investment toward improving investment processes and decision-making. The asset manager has already been moving in this direction — Mackenzie tapped fintech firm OneVest to modernize its advisor and client digital infrastructure.
IGM also plans to expand automation in contact centres and back-office operations. Governance, risk management, and data security frameworks will underpin all deployments.
Workforce training will be delivered through the IGM AI Academy, a program to build internal AI capabilities across the organization.
Costs, charge, and 2026 targets
A one-time charge of around $95 million — or $70 million after tax — is expected to hit IGM’s books in Q2 2026. The charge covers severance costs and the accelerated accounting recognition of certain incentive programs tied to the CEO transition.
The company is holding its 2026 expense growth target at four per cent against 2025 levels. That covers operations, support, and business development.
O’Sullivan said: “This initiative creates greater capacity to invest in the capabilities that will define the future of wealth and asset management.”
IGM Financial (TSX: IGM) had around $338 billion in total assets under management and advisement as of May 31, 2026. Its businesses include IG Wealth Management and Mackenzie Investments. It holds strategic stakes in Rockefeller Capital Management, Wealthsimple, ChinaAMC, and Northleaf Capital. IGM is a member of the Power Corporation group of companies.
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