Manulife 'gearing up' U.S. wealth management: CEO

Manulife 'gearing up' U.S. wealth management: CEO
JUN 24, 2012
Manulife Financial Corp. plans to expand its 401(k) business in the U.S. to benefit from a growing number of Americans planning for their retirement, Chief Executive Officer Donald Guloien said. Manulife, Canada's largest insurer, has been focusing on “small-case” 401(k) plans, offered to employers with 500 or fewer workers, Guloien said today in an interview in Toronto. “We want to move up now into the middle market and get the same kind of share in the middle market that we have in the small-case market,” Guloien said. “We're gearing up to do exactly that.” While Manulife has pegged much of its expansion strategy on a growing middle class in Asia, the owner of Boston-based John Hancock Financial also seeks to increase its U.S. wealth-management business. The U.S. accounted for half the company's C$8.7 billion ($8.5 billion) in wealth sales during the first quarter. “The market is going to be growing,” said Guloien, 55. “More and more people are concerned about their retirement. Americans are saving more.” Manulife will boost its 401(k) business in part by expanding the distribution platform, Guloien said. The Toronto-based company has spent “millions of dollars to prepare ourselves for the market,” he said. --Bloomberg News--

Latest News

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

Inflation, healthcare costs drive retiree financial stress, Cerulli research shows
Inflation, healthcare costs drive retiree financial stress, Cerulli research shows

Retirees without an updated plan report nearly 70% moderate-to-high stress – and advisors have room to close the gap.

August is Make-A-Will Month: Are your clients as covered as they think?
August is Make-A-Will Month: Are your clients as covered as they think?

With one estimate pointing to just a quarter of American adults having a will in place, advisors have an opportunity to audit their books for painful probate court processes just waiting to happen.

Advisor moves: LPL, Raymond James land advisors with $590M in combined assets
Advisor moves: LPL, Raymond James land advisors with $590M in combined assets

Advisors previously with UBS, Edward Jones head for new firms.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income