Re: Sale of MD Financial Management; CMA Board Chair replies

Thank you for taking the time to share your thoughts on our decision to sell MD Financial Management. I appreciate this opportunity to provide some further details and hopefully answer some of the questions you raised.

First, I want to say that this was not an easy decision to make, nor was it a process our members were used to. At the CMA, we’re known for our consultations with members and we pride ourselves on it. Understandably, not being able to participate in this process was upsetting for some members and seen as a break from our usual consultative approach. Let me say that we would have much preferred to be able to discuss the sale with members ahead of time, but it simply wasn’t possible for the protection of clients and staff and because of the nature of this type of transaction.

I can assure you that we’ve landed with an organization that can help us serve our clients even better. In fact, a key principle of our agreement is to offer services that are the “same or better.” And so, our current products and people are not changing, they’re only going to be expanded upon.

I know this is a bold step, but it’s also a necessary one. At the end of the day, it would have been very difficult for MD to remain relevant and stay competitive given the way the financial industry is changing. With a new owner, MD will be able to expand its products and services and technology platforms while still providing the objective advice that it’s known for. MD’s advisors will remain salaried and noncommissioned. MD’s main goal remains: to help Canada’s physicians and their families achieve financial well-being.

Over the coming weeks, the CMA will be creating an investment board to be the steward of the proceeds of the sale. We’ll be working closely with members to map out the best areas where we can effect impactful change and create programs to support physicians and better health in support of the CMA’s vision and mission.

I believe, more than ever, that there’s a need for a strong, national association to act on the issues that matter to all of us—physician burnout, support for medical students and residents, and improved health care. The CMA is now better positioned than ever to be that leader and to be a strong voice for medicine for decades to come.

I do hope I’ve addressed some of your concerns, but please feel free to contact me at yourvoice@cma.ca with any further questions.
—Brian Brodie, MD
Chair, CMA Board of Directors

This letter was submitted in response to “Sale of MD Financial Management.”