Laurentian Bank to transition to ‘financial clinics’

Laurentian Bank of Canada is expanding the number of financial advisers in its branches as it transitions the in-branch services it offers.

The lender plans to reduce teller services, which will become more automated, but to boost the number of in-branch advisers to 700. The bank will also boost the number of commercial account managers including those advising on commercial real estate lending.

The Montreal Gazette reports that the plan to double the number of advisers offering retail products including mortgages and investments, is part of the Montreal-based bank’s 7-year plan to respond to the changing banking environment.

“The branches of tomorrow are going to be a reception area and offices where you’re going to meet and do financial planning,” said CEO Francois Desjardins. “Think of them as financial clinics.”

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