Overview

To help you manage your clients’ financial needs and grow your business, Manulife has provided the advisor full-service model.

If you don’t offer your clients PRPPs when they’re available, someone else will

Business clients who will want to offer Pooled Registered Pension Plans (PRPPs) to their employees may look elsewhere if you aren’t prepared to support their needs – and this may lead to you losing those clients altogether. Protect yourself from competitors, strengthen client relationships and generate new business by planning to sell PRPPs.

The competition

Your clients who own businesses and don’t currently offer workplace savings plans will be contacted by a multitude of financial advisors and other financial service providers. You may not have considered some of these providers your competitors in the past, but interest is high since the size of potential sales is so large.

Where do you fit in?

You don’t have to be a specialist in group retirement business. The Manulife PRPP will be easy for you to sell and understand – whether you already have small- to medium-sized business clients or not. 

PRPP eApplication

The PRPP will be an ideal product to help you expand your business and gain a foothold in the group market. By beginning to sell to group clients, you can start building your client list today, as well as open the door to cross-selling opportunities for individual products.  Remember – selling a PRPP to a company with 20 employees also gives you access to 20 prospects that may have individual investment or insurance needs.

Maybe you’ve dabbled in selling group retirement in the past, but focused more heavily on group benefits products. For your business, the PRPP can provide many advantages – like helping you cross-sell a PRPP, or get a foot in the door with new group clients, which can give you many opportunities to develop relationships with your clients’ employees.

PRPPs will help you reach clients who have been on your radar for a while but haven’t yet established retirement savings plans with you. This plan will come without most of the administration requirements of a traditional pension plan – meaning employers who are worried about the time and effort needed for them to manage a plan might find the PRPP an ideal solution.

What do you do now?

  • Visit www.manulife.ca/GRO to learn about Manulife’s suite of group retirement products and start identifying prospects in your existing small business client base.
  • Use a discussion about PRPPs to approach new prospects who own small businesses.
  • Use a discussion about PRPPs as a door opener to connect with your current group benefits clients to talk about their group retirement needs.
  • Reach out to current group retirement clients now to talk about their current plans, and why you feel those plans are a good fit for them. Make sure you keep the value you bring to them top of mind – because chances are, another advisor will approach them about their retirement needs in the near future.

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