On April 3, 2023, The Canada Life Assurance Company (Canada Life), a subsidiary of Great-West Lifeco Inc., announced its agreement to acquire Investment Planning Counsel Inc. (IPC), an independent wealth management firm, from IGM Financial Inc. (IGM). This move aims to bolster Canada Life's wealth management capabilities. IPC, operating on both MFDA and IIROC platforms, has 650 advisors. Once the acquisition is finalized, Canada Life will manage over $85 billion in assets with over 4000 advisor relationships, positioning it as one of Canada's top non-bank wealth providers. James O'Sullivan, the CEO of IGM Financial, expressed enthusiasm for the transition, emphasizing its potential to enhance Canada Life's footprint in the Canadian wealth market. Jeff Macoun, COO of Canada Life, highlighted IPC's strong advisory relationships as a means to extend Canada Life's trusted advisory services. Blaine Shewchuk, CEO of IPC, mentioned the benefits of the acquisition in terms of growth and innovation. The transaction entails Canada Life purchasing IPC for a cash consideration of $575 million, with the expectation of completion by the end of 2023, contingent upon regulatory approvals. The acquisition is projected to be profitable, with associated costs estimated at $25 million over 12-18 months post-closure. The deal received unanimous approval from Great-West Lifeco Inc. and Canada Life boards, following a recommendation by RBC Capital Markets.