No commissions, no ads, no advice. This BMO Wealth Management profile draws only on public records, each linked so you can confirm it yourself.

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The short answer: is BMO Wealth Management a fiduciary?

It depends on your account: BMO Wealth Management is a fiduciary in its advisory programs, and follows the Regulation Best Interest standard as a broker. Publicly, it files with the SEC as BMO Family Office (CRD #110264). According to its latest Form ADV (filed January 28, 2026), the firm reported $10.0 billion in regulatory assets under management. That money sits with a small client base: about 73 clients counted by type (70 high-net-worth individuals and 3 pooled investment vehicles), who hold 5,101 client accounts between them. Its Form ADV (Item 5.E) lists how it is paid: a percentage of assets under management, hourly charges, and fixed fees.

BMO Wealth Management is a dual registrant, so the standard of care changes with the type of account you hold. In its advisory programs it acts as an investment adviser with a fiduciary duty. In brokerage accounts it acts as a broker-dealer under Regulation Best Interest (a best-interest obligation at the time of a recommendation, not a continuous fiduciary relationship). The practical move is to ask which type of account you have. Our view: get that answer in writing for each account, because a single family at this firm can hold dozens of them. Get started with Truthifi

What "fiduciary" means: a fiduciary is legally bound to place a client's interests above its own. (More on fiduciary duty)

BMO Wealth Management at a glance

✅ Verified from public filings, last checked October 5, 2026. BMO Wealth Management (SEC CRD #110264) is a fiduciary in its advisory programs, on a fee-based basis, with $10.0 billion in regulatory assets under management. Every figure below links to its primary source.

What	BMO Wealth Management	Source
SEC CRD	#110264	IAPD
Registration	Investment adviser and broker-dealer (dual registrant)	IAPD
Registered since	October 20, 1999 (SEC)	IAPD
Fiduciary?	Yes in advisory programs, Reg BI in brokerage	SEC Reg BI
Fee model	Fee-based (commissions + advisory)	Form ADV Item 5.E
How it's paid	A percentage of assets under management, hourly charges, and fixed fees	Form ADV Item 5.E
Regulatory Assets Under Management	$10.0 billion (Form ADV filed January 28, 2026)	IAPD
Clients (by type)	About 73 (70 high-net-worth individuals, 3 pooled investment vehicles)	Form ADV Item 5.D
Client accounts	5,101 (5,052 discretionary)	IAPD
Employees	130 (75 in advisory roles)	IAPD
Ownership	Parent-owned	Form ADV Schedule A
Disclosures	Records carry disclosure items (common at this size). Review them directly	IAPD
HQ	Chicago, IL	IAPD

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BMO Wealth Management fees: what you'll pay

Here's what BMO Wealth Management charges, and where those fees come from. BMO Wealth Management fees depend on the account type: commissions in a brokerage account, an asset-based fee in an advisory program. In a brokerage account you generally pay commissions and product costs (mutual fund sales loads, markups, annuity commissions). In an advisory program you pay an asset-based advisory fee instead of per-trade commissions, plus the underlying fund expenses. Because the firm is fee-based, one family can pay more than one way at once: an advisory fee on some accounts and hourly or fixed fees on others.

According to its Form ADV (Item 5.E), the firm is paid through a percentage of assets under management, hourly charges, and fixed fees. That mix matters at this firm's scale. Its 70 high-net-worth clients average roughly $140 million each ($9.82 billion ÷ 70), and at that size a percentage fee and a fixed fee can produce very different bills. Ask which arrangement applies to you. For the wider comparison, see Fee-only financial advisor: costs and how to find one and Are you paying too much? Why that might be the wrong question.

Who owns BMO Wealth Management, and what conflicts does it disclose?

The BMO Wealth Management ownership picture is on file with the SEC. BMO Wealth Management is owned by BMO Financial Corp, as listed in Schedule A of its Form ADV. (Form ADV Schedule A)

Its Form ADV Part 2A describes the firm's conflicts of interest, including how it and its advisers are paid.

BMO Wealth Management SEC record: disclosures

To check BMO Wealth Management's regulatory record, start with the firm's own filings. Like most large firms, BMO Wealth Management's regulatory records may carry disclosure items, and at that scale the number of disclosures is not by itself a measure of wrongdoing or of the firm's quality. Disclosure counts track headcount and corporate reach, not misconduct. This adviser sits inside BMO Financial Corp, so items tied to the wider group may show up on related records. Pull the disclosure sections on IAPD and BrokerCheck, and for each item note the date, the entity named and how it was resolved.

On the record, the firm has been registered with the SEC since October 20, 1999, and according to its Form ADV filing (2026) it makes notice filings in 9 jurisdictions. It reports 130 employees, 75 of them (about 58%) in investment advisory roles. If you're asking whether BMO Wealth Management is legit, start with that registration: its CRD and filings are public and verifiable. That confirms it is SEC-registered and subject to regulatory oversight, though it says nothing about fit or cost. The part worth your time is what you're paying and earning.

Reading BMO Wealth Management reviews against the public record

Reviews posted under the BMO name can describe experiences anywhere in the wider BMO group, from retail banking to brokerage. This profile covers one entity: BMO Family Office, LLC (CRD #110264), a firm serving about 73 clients by type. Before you weigh a BMO Wealth Management review, check that it's about this entity. Then compare it with three things from the public record. First, how the firm is paid: advisory accounts and brokerage accounts are paid differently, so the standard that applies depends on your account. Second, who owns it and what conflicts it discloses. Third, whether its Form ADV reports any disciplinary history.

How to verify BMO Wealth Management yourself

Here's how to confirm all of it in three steps:

1. Check the SEC adviser record (IAPD): https://adviserinfo.sec.gov/firm/summary/110264.
2. Read the filings (Form ADV / Form CRS): linked from the IAPD page.
3. Confirm the entity: match BMO Wealth Management (CRD #110264, legal name BMO FAMILY OFFICE, LLC) so you're reading the right firm.

What BMO Wealth Management does and who it serves

On its Form ADV, BMO Wealth Management reports providing financial planning, portfolio management for individuals and small businesses, portfolio management (pooled vehicles), portfolio management for businesses and institutions, pension consulting, and selection of other advisers.

It reports providing financial planning to 51 to 100 clients in its last fiscal year (Form ADV Item 5.H), a count the form keeps separate from the client totals below.

Its Form ADV (Item 5.D) breaks its clients down by type, about 73 in all:

Client type	Clients	Assets managed
High-net-worth individuals	70	$9.82 billion
Pooled investment vehicles	3	$167.5 million

High-net-worth individuals account for $9.82 billion, about 98% of the firm's regulatory assets. It reports 5,101 client accounts, more than the roughly 73 clients counted above, 5,052 discretionary (about 99%; the firm can trade without seeking your approval first) and 49 non-discretionary (Item 5.F). That works out to roughly 70 accounts per client, a pattern consistent with family-office work, where trusts, entities and individual family members can each hold separate accounts. Its main office is in Chicago, IL.

It reports that it or a related person has custody of certain client assets, which brings extra safeguards such as surprise examinations. The specifics are in its Form ADV.

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You've vetted the firm. Now make sure the advice runs on the full picture.

Confirming BMO Wealth Management is registered takes a few minutes. With roughly 70 accounts per client here, even a well-run family-office relationship can leave pieces outside the BMO team's view: a workplace 401(k), an old rollover, a brokerage account held elsewhere. Truthifi is built to put those pieces in one read-only view.

How Truthifi can help

Truthifi links your accounts read-only and shows what you own, how it's allocated, how it's performing and where the risk sits, including single-stock exposure, returns next to a benchmark, a fee breakdown of the fees on each account, by type, and your Truthifi Score. You can share the accounts you choose with your advisor at BMO Wealth Management.

Prefer your own AI? A paid Truthifi plan lets you connect an AI assistant that supports MCP sign-in, such as Claude. Truthifi Connect is the lighter membership for people who only want to use their own assistant. Questions about your fees need Monitoring or Monitoring Plus+. See how Truthifi keeps your accounts secure

Ask AI about your BMO Wealth Management accounts

Once your accounts are connected read-only, you can ask in plain English:

• "What do I own across my BMO Wealth Management accounts and everything else, and how is it allocated?"
• "What am I paying in fees on each of these accounts, by type?"

Try it with Truthifi: start for free at app.truthifi.com and run a Monitoring Checkup (limits apply).

No commissions, no ads, no advice: Truthifi is not an investment adviser and doesn't give investment, tax or legal advice. Its access to your bank and brokerage accounts is read-only. Start free (limits apply). Monitoring Checkup is free. Link up to 10 connections, per Truthifi platform data on current plan limits. Plans and limits are on the pricing page → truthifi.com.

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FAQ

Is BMO Wealth Management a fiduciary? It depends on your account. In its advisory programs it acts as a fiduciary. In brokerage accounts it follows the SEC's Regulation Best Interest standard. Ask which type of account you have.

What are BMO Wealth Management's fees? They depend on the account. Brokerage accounts generally pay commissions and product charges. Advisory programs charge an asset-based fee instead of per-trade commissions, plus underlying fund costs. See the Form CRS.

Who owns BMO Wealth Management? BMO Wealth Management is owned by BMO Financial Corp, as listed in Schedule A of its Form ADV.

Does BMO Wealth Management have complaints or disclosures? Its regulatory records may carry disclosure items, as is common at its size. A disclosure is not proof of wrongdoing. Read any directly on BrokerCheck and the firm's Form ADV.

Is BMO Wealth Management legit? BMO Wealth Management is registered with the SEC (CRD #110264) and its filings are public on the SEC's IAPD site, which confirms it is a real, regulated firm. Registration doesn't tell you whether it's the right fit or what you'll pay, so read the fee and conflict sections of its Form ADV.

Can AI help me check whether I'm getting good value? Yes. Start free (limits apply): Monitoring Checkup is free and lets you link up to 10 connections. You can also connect an AI assistant you already use (such as Claude). On Monitoring or Monitoring Plus+ you can ask it, in plain English, about the fees on each of your accounts. Truthifi is not an investment adviser and doesn't give investment, tax or legal advice.

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About this profile

Truthifi built this profile from the firm's own SEC filings (Form ADV and, where filed, Form CRS). Every page is reviewed by the Truthifi Team before publishing. The Truthifi advisor fact packs are an ongoing series checking U.S. investment advisers against their public filings, one firm at a time. Browse other firms on the Truthifi /advisors hub.

Read next from the Truthifi blog

• What is a fiduciary?
• Fee-only financial advisor: costs and how to find one
• Are you paying too much? Why that might be the wrong question
• How to ask AI about your real investment accounts
• Robo-advisor vs. human financial advisor: which is better?
• All advisor fact packs on Truthifi

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A note on sources. The facts on this page come from publicly available documents, BMO Wealth Management's SEC and FINRA filings, each linked inline so you can verify it yourself (SEC data current as of October 5, 2026). This is general information, not financial or legal advice, and Truthifi is not affiliated with BMO Wealth Management. Regulatory records change, so always confirm against the official sources linked above. Spot something that should be corrected? Email us at support@truthifi.com.

One thing no filing can show: how your own BMO accounts fit next to everything you hold elsewhere. The firm reports on its whole book of $10.0 billion. Only you can put your share of it beside the rest of your money.