We are pleased to announce that ScotiaMcLeod* has signed an agreement with Manulife Financial to offer Manulife group savings products to ScotiaMcLeod plan sponsors. This means that in addition to ScotiaMcLeod's industry-leading "self-directed" plan structure, we can offer group plan sponsors a simpler second plan structure, which may be more appropriate in some cases.
This unique alliance is effective March 1, 2003. This will provide our plan sponsors with the ability to select an alternative group product offering to meet specific plan needs. We have already seen some very successful plans where both ScotiaMcLeod and Manulife are offered in parallel.
The specific Manulife products include group RRSPs, defined contribution pension plans, deferred profit sharing plans, non-registered savings plans, investment service only contracts, and share ownership plans.
As one of Canada's premier insurance companies, Manulife is a well recognized name in the Canadian marketplace. Additionally, they have a significant presence in the group market and continue to invest in their products and service. For ScotiaMcLeod, this increases the depth of group products we can offer to our corporate clients, and can help to match your member's needs with the best plan structures available.
Please contact your ScotiaMcLeod Wealth Advisor to discuss how the Manulife plan offered through ScotiaMcLeod may benefit your members.
*Offered through ScotiaMcLeod Financial Services Inc.
Each plan has its own strengths. For corporations, we have found that offering both plans in parallel, ensures that every kind of unique employee investment need can be well served.
|Payroll Deduction Plan Type||Self-Directed RRSP Account||Self-Service RRSP Account|
Over 3,500 load funds and 200 no-load funds from all major managers.
Over 80 funds available with no-loads and many brand name managers.
|Fund Minimum Investment||Minimum of $50 per fund selection recommended||No minimum|
|Fund Switches||No fee to switch funds for low-load plans. No fee to switch funds within fund families for other plans.||No fee to switch funds|
|Default Investment||Uninvested cash, if no investment chosen|
|Guaranteed Investment Certificates||Lump sum GIC purchases offered from 20 issuers, minimum $1000||Payroll GICs for as little as $25|
|Special Feature||Company shares, individual stocks, ETFs, bonds...||
Lifecycle asset allocation funds
Manulife Steps Retirement Planning Program
|Stock & ETF Trading||Any listed stock or ETF - minimum commission $175||Individual stocks and ETFs not available|
|Investment Changes||Via phone consultation with an advisor||Via internet, phone/IVR, fax|
|Internet Access||View account online||Manage account online|
|Account Statements||Monthly statements||Semi-annual statements|
|Application Form||Covers all "know your client" regulatory requirements||One page/online application|
|Investment Advice||Security specific investment advice and financial planning from ScotiaMcLeod||
Financial planning commentary from ScotiaMcLeod.
Fund information from Manulife.
|Transfer out fees||$50 to $159 per transfer out request||One free transfer out per year, subsequent transfers $25 per request|
|Transfers between ScotiaMcLeod & Manulife||$0 to transfer to Manulife.||$0 to transfer to ScotiaMcLeod.|
|Transfers in||Most mutual funds can be transferred "in kind" (ie. tax free).||Most mutual funds can be transferred tax free and then reinvested into Manulife funds.|
|Best for||Larger accounts & sophisticated investors||Simpler accounts: Easier to set up and use|
Both plans offer the source tax deductions and dollar cost averaging advantages of payroll contributions. We are pleased to advise on the best account for each situation.
Please contact your ScotiaMcLeod Wealth Advisor directly for more information or for investment advice tailored to your personal situation.
The Manulife Group RRSP is offered through ScotiaMcLeod Financial Services Inc.