Products June 25, 2008

Sun Life Introduces Retirement Blueprint Program to Advisers

The U.S. division of Sun Life Financial Inc. today introduced Retirement Blueprint, a program designed to help advisers enhance their income planning skills and engage clients in the retirement income conversation and planning process.
Reported by

The program provides the step-by-step process and tools needed to engage clients in a discussion about lifetime income and successfully address client needs, wants, and dreams as they prepare for retirement, the company said. Core to the program is an adviser kit containing materials to survey the opportunity, custom design income plans, and cultivate their client relationships.

Additionally, advisers will have access to a series of one-hour plug-and-play wholesaler-led training presentations on topics relevant to retirement income planning such as maximizing social security benefits, the IRA rollover opportunity, planning for healthcare expenses, and demystifying variable annuity living benefits.

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“Today’s clients will face a much different retirement than previous generations, which makes it vital for advisers to understand how risk factors such as longevity and lifestyle will impact retirement income plans,’ said Mike Shunney, President of Sun Life Financial Distributors, Inc., the company’s annuity distribution organization. “Instead of focusing on specific products, the Retirement Blueprint program enables advisers to see the big picture and the many elements that could affect a person’s retirement plans and financial decisions. Mastering this paradigm shift will also prepare advisers for clients who want to begin consolidating their assets as they shift toward retirement.’

Advisers can contact a Sun Life Financial representative for more information about the Retirement Blueprint program at 1-866-637-5348, option 2.

In Practice June 25, 2008

New HNW Markets Require New Strategies

Wealth management firms need to adapt existing strategies to meet the needs of new markets in the high-net-worth bracket, according to the ‘World Wealth Report.’
Reported by

Wealth managers are recognizing the growth opportunities presented by new markets of high-net-worth individuals, according to the report, released by Merrill Lynch and Capgemini (see Merrill Lynch Releases World Wealth Report).

“Some wealth management firms are already successfully growing and transitioning into new markets, for many others, the transition is far from easy—or viable—given existing service models and infrastructures,” said Bertrand Lavayssière, managing director at Capgemini Global Financial Services, in a news release.

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To capture growth in new markets, firms will need to deploy the right strategy and the adequate technological capabilities.

The report suggests the following tips to prepare for expanding into high-net-worth markets:

  • Win over clients: Firms should make strategic investments tailored to local client needs, particularly when expanding to new regions. For instance, making investments in initiatives that bring a personalized experience to HNW delivery is key.
  • Stick to your strengths: Before targeting a new market, firms should understand their perceived identity, capabilities, and the value proposition they offer clients, in order to showcase this to prospective clients.
  • Increase flexibility of delivery models: While leading firms have always known one size does not fit all in the HNW segment, it is imperative that service models be flexible enough to accommodate advisers and their diverse clients, especially as firms move into new markets and adapt to new service models.
    “To accommodate the needs of diverse clients and advisors in both established and new market segments, firms must design flexible service models,” Lavayssière added. “Service models that align IT and growth strategies will enable wealth managers to leverage their current business platforms and enhance their operational capabilities, which substantially reduces the risks of entering a new market.”
  • Deploy the right technology: Pinpointing the extent to which existing IT capabilities must evolve, or which capabilities are necessary to support the service delivery in the target model is essential.

 

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