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

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.