TORONTO, ONTARIO, Dec 17 (MARKET WIRE) --
Burgeonvest Financial Corporation ("Burgeonvest") and Bick Financial
Corporation ("Bick") announce the formation of Burgeonvest Bick
Corporation ("BBC"), which will merge their respective investment
operating companies into an enterprise specializing in full service
investment advisory and wealth management. Subject to regulatory
approval, Burgeonvest will transfer its wholly owned subsidiary,
Burgeonvest Securities Limited ("BSL"), an IDA member and TSX
participating member; and Bick will transfer its wholly owned subsidiary,
Bick Financial Security Corporation ("BFSC"), an MFDA member, to BBC at
the close of business on December 31, 2007.
At the same time, Burgeonvest will transfer its wholly owned subsidiary
Burgeonvest Insurance Corporation ("BIC") to BBC. Advisors at both BSL
and BFSC who are dually licensed to offer insurance products will offer
these products through BIC.
As before, all three subsidiaries of BBC will operate as stand alone
business entities under their own names. However, in the future clients
will benefit under the new enterprise since they will be free to access
the specialized services and products of each of the other two companies.
These services and products will be formally facilitated with a clear
understand of which entity clients are dealing with.
Mario Frankovich will be CEO of both BFSC and BSL. He describes the BBC
integrated enterprise, as a significant new entrant in the independent
investment advisory world and added, "for clients who are looking for a
full suite of services and products, they can find those through BBC.
Likewise, for advisors who are looking to provide it all to their
clients, these advisors can find it all through BBC." While the
proposition of offering IDA, MFDA and insurance platforms within a single
group of companies is not novel, and in fact the model is being applied
elsewhere, Frankovich points out that one of a number of advantages that
BBC has is that each of its IDA, MFDA, and insurance operations are
successful growing businesses in their own right.
The roots of the strategic merger are long and deep. Clarence Bick,
Co-founder of Bick and BFSC commented, "we have known Mario since 1985
and made a point over the last 15 years of regularly meeting for lunch to
discuss industry issues." BFSC's business has grown so rapidly over the
years that hiring a President to run the organization started to make
sense and the mutual advantages of merging activities is significant. Mr.
Bick noted that, "it is our view that the synergies from merging our
activities will boost growth as the advantages to both clients and
advisors become even more obvious, and as advisors in southern Ontario
recognize us as a sizeable full service independent firm."
Leonard Bick, Co-founder of Bick and BFSC agreed observing, "that this
new enterprise will provide a significant option for clients and advisors
who are looking for an independent alternative. Banks and other
integrated large financial institutions, which have a potential conflict
of interest due to their broad influence and control over firms providing
advice to Canadians, are one type of advisory model. We believe that
independence is important for our clients and that is the model that BBC
intends to deliver."
The subsidiary companies of BBC provide advice and service to
approximately $1.1 Billion of client investment assets through 11 offices
in Ontario.
Contacts:
Burgeonvest Securities Limited
Mario Frankovich
President
(905) 528-6505
Bick Financial Corporation
Clarence Bick
President
(905) 648-9559
Bick Financial Corporation
Leonard Bick
Vice-President
(905) 648-9559
Copyright 2007, Market Wire, All rights reserved.
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