Questions and answers: the sale of MD Financial Management (MD)
Why did the CMA decide to sell MD?
The decision to sell MD Financial Management (MD) supports the CMA’s 2020 strategic vision — and ensures the association will be supporting members and better health for decades to come.
Additionally, the time was right for MD to partner with a large bank to secure its continued success.
MD has been an industry leader on many fronts and wanted to evolve to continue meeting the financial needs of physicians. This next phase of MD’s journey will enable it to deliver even more value to all of Canada’s physicians and their families.
What is happening with the proceeds of the sale?
The CMA Board of Directors will be establishing separate boards to invest and steward the proceeds of this sale.
The CMA plans to work closely with members to hear how the funds from the sale of MD can be used to effect change and support initiatives to support the medical profession and better health.
For example, we will be holding four forums in early 2019 to connect directly with members on how the CMA can leverage its policy and advocacy expertise, and its resources to effect change in priority areas.
Physician health, pharmacare, virtual care, and access to care for vulnerable populations are examples of some of the policy and advocacy initiatives that have been brought forward for support.
You can register at email@example.com to receive more information about the dates and locations for these member forums, as they become available.
As a CMA member, will MD have access to my data?
At the time of closing, MD will retain its data for MD clients. MD will not have access to data for CMA members who are not MD clients.
Will the CMA continue to support MD?
The CMA will endorse MD as the preferred financial provider for physicians, as MD will continue to be uniquely positioned to meet our members financial planning needs.
We will also provide regular updates about MD services that could benefit CMA members. Members can choose to opt out of these promotions, and CMA member data will not be shared directly with MD.
What does this mean for MD services?
The MD brand, its unique physician-specific service model, its financial products and the expertise of the MD team is being maintained. MD advisors will remain salaried employees and will continue to provide the same independent advice.
All physicians and their families can now benefit from MD’s expertise and support; CMA membership is not required.
Why was Scotiabank selected?
With its track record for philanthropy and community support, and its commitment to building on MD’s successes, Scotiabank was the best fit with MD clients and the CMA’s 2020 vision.
Additionally, Scotiabank will work in collaboration with the CMA to invest $115 million over ten years in support of our advocacy goals.
Who made this decision, and how was it made?
The CMA Board of Directors made the decision to sell MD, using a principle-based approach. Scotiabank was selected for its superior financial services performance, client-centric philosophy, respect for its staff, commitment to Canadian communities and support for the CMA’s vision of a vibrant profession and a healthy population.
How will CMA members and their patients benefit?
The CMA will focus on its core advocacy role, uniting physicians to build a robust, rewarding profession and better health care for Canadians. We will remain an independent and influential voice in health care.
Membership in the CMA will also be more accessible. Starting in 2019, we’ll be waiving fees for students, residents and retired physicians, and reducing fees to $195 for practising physicians.