Empire Life announces further investment in independent advice channel

This afternoon, we announced through a news release that Empire Life has invested in EXOS Wealth Systems Inc. as a minority shareholder.

As consolidation continues to occur across our industry, companies are looking to maintain their leadership positions. We firmly believe there is a role we can play in supporting strong independent financial services firms in this time of change and that we can best support independent advisors by helping to make sure that they have choices when deciding which MGA or firm they want to work with.

EXOS, and its subsidiaries under the Monarch Wealth brand, are recognized for their growth and technology leadership in the industry. As smart investment managers, we see this as a solid investment opportunity that allows us to grow our AUM and AUA business, support dual-licensed advisors and further demonstrates Empire Life's commitment to ensuring Canadians continue to have access to independent financial advice.

EXOS will continue to run, under the leadership of Richard Pyper, Chair and Chief Executive Officer, as a strong, independent company with full control over its day-to-day operations. Monarch advisors continue to have full control over where they choose to place their business.

Empire Life respects the uniqueness and confidentiality of the strategy and business plans of all our distribution partners and investment relationships. Our corporate and investment divisions provide oversight on all of our investments; our sales teams will continue to engage with EXOS, Monarch Wealth and its advisors as we have always done to earn our share of their business.

And, we will continue to make investments to support independent financial services firms interested in growing their business.

If you have questions on today's news, please talk to your Empire Life Account Executive.