Waterloo - Manulife Financial has secured an exclusive agreement with behavioural finance expert Dr. Shlomo Benartzi, a professor at University of California, Los Angeles, to provide Manulife Canadian group pension clients with custom newsletters and quarterly advice on retirement savings trends.
A leader in this emerging field, Dr. Benartzi and his academic associates conduct research on behaviour of retirement savings plan participants. Study results are already being used to help U.S.-based plan sponsors.
Dr. Benartzi serves as Co-Chair of the Interdisciplinary Group on Behavioral Decision Making at UCLA. He is a pioneer in studying participant behaviour in retirement savings plans, including development of Save More Tomorrow™ – a behavioural model designed to help participants increase their savings rates gradually over time.
“I’m pleased to bring this innovative service to our Canadian group pension customers,” says Paul Lorentz, Senior Vice President of Manulife’s Group Savings and Retirements Solutions business. “Dr. Benartzi’s research offers plan sponsors a perspective that may help them better understand member behaviour, and then apply that knowledge to the management of their plans.”
Manulife’s group retirement clients will receive custom newsletters featuring Dr. Benartzi’s research findings on participant activity. In addition, they can participate in discussions with Dr. Benartzi during quarterly webinars.
The exclusive agreement with Dr. Benartzi delivers another innovative resource to Manulife customers.
“We are always looking for opportunities to provide expertise and resources that help our clients manage their retirement savings plans with increasing confidence,” says Mr. Lorentz. “Dr. Benartzi’s work is breaking important new ground and we’re very pleased to deliver this to our clients so they can capitalize on findings of Dr. Benartzi and his associates.”
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$381 billion (US$341 billion) as at September 30, 2006.
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.
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