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Manulife Investments launches product allocation strategy to help Canadians better plan and protect their retirement income Canada’s first product allocation tool helps advisors Toronto - As more and more baby boomers near retirement, Manulife Investments is launching a product allocation approach to help Canadians work with their advisors, as they plan ahead for retirement. As part of its initiative, Manulife is launching an online Retirement Solutions Centre with tools to help financial advisors learn more about how product allocation can help their clients better plan and protect their retirement income. The new site can be found at www.retirementsolutionscentre.ca “Most of our lives we simply try to increase our savings as a way to plan for retirement,” says J. Roy Firth, Executive Vice President, Manulife Financial. “But the ground rules change when you get closer to retirement. Our focus needs to shift from simply saving to the types of products we need to generate reliable and sustainable income from those savings. That’s why we’re launching Canada’s first product allocation tool, to help measure and assess retirement savings, plus help our advisors address their clients’ needs and respond to these newer retirement risks.” Along with its new advisor website, Manulife has partnered with Dr. Moshe Milevsky, a finance professor at the Schulich School of Business in Toronto, and QWeMA Group to develop Canada’s first retirement income analysis tool based on Product Allocation for Retirement Income (PrARI™) algorithmic methods. The tool will be available to advisors on October 27 on Manulife Investments’ online Retirement Solutions Centre. Range of tools for advisors The Manulife Investments Retirement Solutions Centre offers a range of tools for advisors to help their clients plan for retirement. Advisors will gain access to timely information and training materials to help their clients prepare for retirement. The site includes a product allocation tool, income and expense worksheets, calculators and video presentations to help advisors work with clients to understand and identify their own individual retirement priorities. “Boomers are in the process of planning for their life beyond the office or the factory floor,” continued Firth. “Our Retirement Solutions Centre is one more way Manulife and its advisors provide clients with solid income strategies that can help them live the retirement they want and deserve.” New retirement challenges “It isn't the investor with the most money who necessarily has the best retirement nest egg,” explains Dr. Milevsky. “It’s the type of investment products that they own in retirement – product allocation as well as asset allocation – including the types of protections and guarantees that will determine their financial success or failure after they retire.” Newer and emerging concerns can impact boomers’ financial health - from increased longevity, and fewer guaranteed retiree benefits to inflation and market volatility, Dr. Milevsky added. Product allocation considers product guarantees and protections, to help improve client income sustainability in retirement. The product allocation tool separates a client’s portfolio into three retirement product categories: immediate annuities, Guaranteed Minimum Withdrawal Benefits and non-guaranteed income sources such as traditional products like mutual funds, with systematic withdrawal plans. The online product allocation tool, exclusive to Manulife in Canada, will help advisors evaluate a client’s current portfolio based on those categories and then project the likelihood that an income stream will be sustainable. Product allocation Dr. Milevksy notes that asset allocation can account for 90-95 per cent of investment performance and success when Canadians save for retirement. But as they approach and move into retirement, the type of financial products investors own will determine their financial health in their post-working years. The best approach will ensure lasting income throughout retirement. Manulife Investments believes product allocation plays a greater role in retirement planning success or failure. To view a video of Dr. Milevsky discussing product allocation, please click here. About Manulife Investments Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada's leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, annuities and guaranteed interest contracts. About QWeMA Group The QWeMA Group Inc., an abbreviation of Quantitative Wealth Management Analytics Group, develops and licenses unique probability-analytic intellectual property and educational software for the financial services & retirement industry. QWeMA is privately owned and operated by a network of University based financial engineers, computational scientists and applied mathematicians. For more information please visit www.qwema.ca About Manulife Financial Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$400 billion (US$393 billion) as at June 30, 2008. Manulife Financial is one of two publicly traded life insurance companies in the world whose rated life insurance subsidiaries hold Standard & Poor’s Rating Services’ highest “AAA” rating. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. - 30 - Media contact: Tom Nunn Manulife Financial (519) 594-8578 tom_nunn@manulife.com |
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