VM Wealth opens new location

Victoria Mutual Wealth Management (VM Wealth) has expanded its footprint on the north coast, with the new VM Wealth location at the Ocho Rios, St Ann VMBS Branch.

The location, which began operations late last year, follows the opening of the ultra-modern Fairview location in Montego Bay, St James. The Portmore location was also renovated last year. VM Wealth plans to launch operations at the Half-Way Tree, Liguanea, UTech, Duke Street and Savanna-la-Mar VMBS branches this year.

As CEO of VM Wealth Rez Burchenson said, the expansion is in keeping with the purpose behind the work being done by the business.

“We believe that no Jamaican should be excluded from opportunities that can uplift them and their families financially. Whether at home or abroad, we see every Jamaican as worthy of financial wellness, and are focused on providing them with convenient access to the best products and services available,” said Burchenson at a client mingle held at Couples Sans Souci hotel in Ocho Rios, last week Tuesday.

Burchenson shared highlights of the bumper year VM Wealth had in 2019, including:

- Celebrating its 25th anniversary in purposeful service at the Sunbeam Boys’ Home;

- Real estate portfolio achieving growth of 14.3 per cent, making it the number one fund in its class;

- Parent company Victoria Mutual Investments Limited (VMIL) acquiring 30 per cent of Barbados fintech Carilend;

- VMIL stock return of 138.28;

- Launching International Equity Trading (providing access to US Equities for clients);

- Structuring a nearly $1 billion corporate note for Stewart’s Hardware.

- Managing the rights issue of Kingston Properties Limited which raised over $2 billion;

- Hosting ‘Wealth Talks’ seminars, both face-to-face and online, providing financial education because we care.

“For 2020, we want to expand our reach and ensure that our clients enjoy a more seamless experience when doing business with us,” said Burchenson. He noted that VM Wealth’s plans for the year include:

- Increasing its diaspora reach through visits to Canada, England, Florida, and New York.

- Offering a pre-approved Margin Loan to clients

- Launching an online IPO application process

- Enhancing training of Team Members

“There will also be some new portfolios coming in 2020 – stay tuned!” Burchenson said.

President & CEO of the VM Group, Courtney Campbell, said that VM Wealth was in full growth mode.

“VM Wealth Management is in an exciting growth phase. The entire VM Group is in an exciting growth phase,” he said.

“We are focused on transforming the financial well-being of thousands more Jamaicans. The foundation of our growth is the combination of our purpose – to empower Jamaicans to acquire their own homes and achieve financial independence – and our core values of member focus, integrity, teamwork, innovation, excellence.

“Our values have been reflected in the roll-out of new products such as commercial mortgages, commercial motor vehicle loans, the relaunch of the Approved Retirement Scheme in branches, new units, trust products, our new online banking facility and our mobile banking app,” said Campbell.