MD Management Ltd., an Ottawa independent financial services company that targets Canadian doctors, said Tuesday that it had started a low-fee wealth management firm for the general investment community.
Stratos Wealth Management, which also is based in Ottawa, said it will try to gain share by underpricing competitors. Its fees are up to one-third less than industry averages for comparable products, it said. Investor Economics, a Toronto firm that tracks investments, says most Canadian investors pay 2.2% to 2.8% of their portfolios in fees for wrap-style products. Stratos was started in Toronto in September.
With $20 billion of assets under management, MD Management and affiliated companies supply financial services and products to members of the Canadian Medical Association and their families.
