BMO Financial Group is merging its two networks of advisors, bringing the advisors of M&I Bank, which BMO acquired last year, into the fold of its existing BMO Harris Bank network.

The newly formed group, called BMO Harris Financial Advisors, will have 165 advisors and nearly $12 billion in total client assets, according to the Toronto-based company. It will help clients with asset management, insurance, income planning, education planning and retirement planning.

"Consolidating our broker dealer business into a single entity will enable us to focus on servicing mass affluent retail investors ... [and] address their financial planning and wealth management needs," said Mike Miroballi, President of BMO Harris Financial advisors, in a statement.

The group will be using in-house asset allocation strategies and proprietary funds as well as third-party managers, the bank said. The managed money programs are complemented "by a full suite of brokerage and insurance products and services to help meet client wealth management needs," according to the company.