AEGON Canada Inc., a member of the international AEGON Group and the parent company of Transamerica Life Canada, reached an agreement to acquire 100 percent of the shares of National Financial Corporation, the parent company of Money Concepts (Canada) Ltd., from owners First International Asset Management Inc., the founding Sylvester family and Money Concepts Franchisee Holdco Inc.
Based in Toronto, Ontario, National Financial Corporation owns 100 percent of Money Concepts (Canada) Ltd., which has the master franchise rights for the Money Concepts brand of financial planning centers in Canada. As the management services company for subsidiaries Money Concepts Group Capital Corporation, a registered mutual fund dealer, and National Financial Insurance Agency Inc., a national managing general agent, Money Concepts (Canada) Ltd.’s national network of franchises and representatives offers a comprehensive range of products, including mutual funds and segregated funds, and a variety of other financial planning and life insurance products.
Money Concepts is one of the major financial planning networks in Canada and is the largest franchised financial planning company in the country. As of December 31, 2000, Money Concepts (Canada) Ltd. had assets under management of $2.45 billion, annualized gross revenues of $35 million, and over 71,000 clients. The company has 348 representatives operating out of 97 offices nationally, with the exception of Québec, Newfoundland, Yukon, Nunavut and Northwest Territories.
Money Concepts (Canada) Ltd. was founded in 1984 when the Canadian rights to the Money Concepts franchise were purchased from U.S. based Money Concepts International Inc., a global network of financial planning centers.
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