The Globe and Mail reports in its Tuesday edition that Bank of Nova Scotia is selling its HollisWealth network of financial advisers to Industrial Alliance Insurance and Financial Services Inc. The Globe's Tim Kiladze and Jacqueline Nelson write that Industrial Alliance is adding $34-billion in assets under administration for an undisclosed price. To help finance the purchase, Industrial Alliance announced a $139-million equity financing. HollisWealth has 800 licensed advisers and became part of Scotiabank when the bank acquired DundeeWealth in 2011. The investment advisory business is in a period of rapid change, owing to a mix of regulatory initiatives, the proliferation of low-cost fund providers and the emergence of digital financial products, which offer inexpensive guidance to investors. Canada's banks own the country's largest full-service adviser networks, but in the past few years they have started reforming them, largely to focus on high-net-worth clients. Clients with less than $500,000 in investable assets are now often referred to bank branches for investment advice. Industrial Alliance has been steadily expanding its wealth management business, making 25 acquisitions since 2000.