At the time of the Harris-SBSB deal, the Chicago bank had also acquired myCFO for a reported $30 million and had hired Jeff Roush, a former Schwab and Fidelity executive, to spearhead its expansion into the advisory space. Within a few years, BMO, like many others that toyed with establishing a presence in the RIA world, discovered other priorities. Canadian banks emerged from the financial crisis in a much stronger position than their American and European rivals and many tried to use their relative strength to expand their global banking brands.
During the ensuing 13 years, SBSB saw its assets grow from about $800 million to $2.8 billion. Sullivan says they used Harris and BMO for mortgages, and introduced the bank to eMoney for software and certain other financial planning tools.
Only last year the firm celebrated its 25th anniversary. Some clients were wondering if and when the founding partners, including Sullivan, Jim Bruyette and Peter Speros, were planning their own retirement.
That’s not happening. “Clients are excited,” Sullivan says.