A National Bank of Canada branch in Toronto, Ont. Photo by Della Rollins/Bloomberg files

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National Bank of Canada’s acquisition of a Vancouver-based trust company signals how trust and estate services are becoming a core component of financial planning rather than just a niche service for some clients, a senior executive at the lender said.

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“Clients’ needs are becoming increasingly complex, particularly around intergenerational wealth transfer; everything that’s related to estate planning, trust services and philanthropy,” Marie-Soleil Lemieux, chief executive of National Bank Trust, the NBC subsidiary buying Truvera Trust Corp., said.

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Canadians are in the midst of a $1-trillion wealth transfer between generations, but many aren’t prepared for it. Around half of Canadians have a will, but only 10 per cent of gen-Zers do while 29 per cent of millennials do, according to a report by online estate-planning platform Willful in 2025.

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National Bank did not disclose how much it is paying for Truvera, but said the transaction will not have a material impact on the bank’s financial position.

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In May, National Bank reported $274 million in net income from its wealth management segment in the second quarter, up 18 per cent from $232 million a year earlier. The segment’s revenues were $905 million, a 14 per cent year-over-year increase from $791 million.

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The Truvera acquisition will also strengthen the bank’s presence in Western Canada after it bought Edmonton-based Canadian Western Bank in 2025, which expanded the Quebec-focused bank’s reach to Alberta and British Columbia.

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Lemieux said the transaction may be a modest one, but it’s strategically significant for National Bank Trust.

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“It gives us talented professionals, local market expertise and a physical footprint in the province where we’re not previously present,” she said, adding both financial organizations have similar values. “It’s really going to help us grow and build something else.

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She also said trust and estate planning is a powerful way to deepen adviser-client relationships since it means they work with the current generation as well as their children and grandchildren, which creates continuity and strengthens the trust.

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