# BMO Private Investment Counsel Inc.

> BMO Private Investment Counsel Inc. is an SEC-registered investment advisory firm in Toronto, Ontario, Canada, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 23, 2026.

- CRD: 160344
- Filed as: BMO PRIVATE INVESTMENT COUNSEL INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Toronto, Ontario, Canada
- Filing period: October 2026
- Form ADV filing dated: March 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/160344
- AdvisorCensus page: https://advisorcensus.com/firm/bmo-private-investment-counsel-inc-toronto-ontario-160344

## Quick answers

**How is BMO Private Investment Counsel Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), BMO Private Investment Counsel Inc. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is BMO Private Investment Counsel Inc. located?**
BMO Private Investment Counsel Inc.'s principal office is in Toronto, Ontario, Canada, according to its Form ADV; the April 2026 filing also lists 29 other offices (Schedule D, Section 1.F).

**Is BMO Private Investment Counsel Inc. registered with the SEC or a state?**
BMO Private Investment Counsel Inc. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 160344.

**How much does BMO Private Investment Counsel Inc. manage?**
BMO Private Investment Counsel Inc. reports $40,180,083,812 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (100% discretionary).

**How have BMO Private Investment Counsel Inc.'s assets and staff changed since 2021?**
In the Form ADV data for BMO Private Investment Counsel Inc.: Regulatory assets under management: $26,518,952,984 in the October 2021 data and $40,180,083,812 in the October 2026 data, up 52%. Total employees: 117 in October 2021 and 130 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does BMO Private Investment Counsel Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (18,117); high net worth individuals (8,176); corporations or other businesses not listed above (4,839).

**Which custodians does BMO Private Investment Counsel Inc. use?**
BMO Private Investment Counsel Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BMO Trust Company (affiliated with the firm) as a custodian holding 10% or more of its separately managed account assets.

**Does BMO Private Investment Counsel Inc. report any disciplinary disclosures?**
Reports 4 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.D(2) (another regulator's finding of a violation), 11.D(4) (another regulator's order in the past ten years), and 11.E(2) (self-regulatory organization's finding of a rule violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/160344

**What changed in BMO Private Investment Counsel Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- BMO Trust Company (affiliated with the firm)

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $40,180,083,812
- Discretionary: $40,180,083,812
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 18,117 | $5,877,974,106 |
| High net worth individuals | 8,176 | $17,410,709,967 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 39 | $228,603,478 |
| State or municipal government entities (including government pension plans) | 3 | $108,309,757 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 14 | $111,389,945 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 4,839 | $12,417,840,577 |
| Other | 1,955 | $4,025,255,982 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 130 total, 130 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, FL, IL, MD, MI, NC, NJ, NV, NY, OR, TX, WA
- Disclosures (Item 11): Reports 4 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/160344

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Barrie, Ontario
- Burnaby, British Columbia
- Calgary, Alberta
- Edmonton, Alberta
- Halifax, Nova Scotia
- Hamilton, Ontario
- Kelowna, British Columbia
- Kingston, Ontario
- Laval, Quebec
- London, Ontario
- Markham Ontario
- Mississauga, Ontario
- Moncton, New Brunswick
- Montreal, Quebec
- Oakville, Ontario
- Ottawa, Ontario
- Pickering, Ontario
- Quebec City, Quebec
- Richmond, British Columbia
- Saskatoon, Sakatchewan
- St John'S, New Foundland
- Toronto, Ontario
- Vancouver, British Columbia
- Vaughan, Ontario
- Victoria, British Columbia
- Waterloo, Ontario
- West Vancouver, British Columbia
- Windsor, Ontario
- Winnipeg, Manitoba

### Websites listed on Form ADV (Item 1.I)
- [bmo.com/privatewealth](https://bmo.com/privatewealth)
- LinkedIn @bmo-private-banking

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $26,518,952,984 | 117 | April 14, 2021 |
| October 2022 | $34,859,287,807 | 118 | February 28, 2022 |
| October 2023 | $29,336,770,491 | 128 | September 7, 2023 |
| October 2024 | $30,306,529,507 | 132 | September 13, 2024 |
| October 2025 | $35,763,511,340 | 130 | January 28, 2025 |
| October 2026 | $40,180,083,812 | 130 | March 23, 2026 |

Regulatory assets under management: $26,518,952,984 in the October 2021 data and $40,180,083,812 in the October 2026 data, up 52%.
Total employees: 117 in October 2021 and 130 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Updated its list of owners and control persons (Schedule A).

### February 2026
- Employees performing advisory functions went from 120 to 130.
- Regulatory assets under management went from $35,763,511,340 to $40,180,083,812 (+12%).
- Registered or notice-filed in MI, NV.
- Updated its list of owners and control persons (Schedule A).

### January 2026
- No longer registered or notice-filed in MI.

### December 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. BMO Private Investment Counsel Inc. (CRD 160344): Form ADV filing data as of October 2026.