PlanRight®: Helping Canadians through the financial impacts of COVID-19

Money worries are the number one cause of stress for many Canadians.1 And now, more than ever, they’re feeling the effects that Covid-19 has had on the economy. According to a study by FP Canada, 45% of Canadians have been financially impacted by the pandemic and worry that the worst is yet to come.1

Manulife is also seeing the effects of this in our plan member engagement. We have seen an increase of 169% in the number of plan members reaching out for financial advice in 2020, compared to 2019.2

“Now more than ever, I could really use some help with budgeting and spend tracking. I need financial management tools. That will get my attention.”
– Anonymous, Manulife Member

How can we reduce Canadians’ stress?

Studies show that Canadians with a financial advisor are less likely to be stressed about money and more likely to have more savings.

64%

of Canadians experience less financial stress when working with an advisor3

3.9x

more savings after 15 years with an advisor, than those without an advisor4

And Canadians with less stress are even likely to be more productive at work.3

That’s why Manulife is offering select plan sponsors* access to PlanRight, a comprehensive service that connects plan members with a personal financial advisor.

How PlanRight advisors help your employees

Through these unprecedented times, PlanRight advisors are there to provide one-on-one advice to help plan members get the most out of their group program.  Plus, they can get help with other financial decisions too.  Whether they want to know more about their investments, get tips on how to prepare for the unexpected or deal with a job loss, PlanRight advisors are able to provide a holistic view.

Our advisors, with the support of any other group plan advisors, will ensure you and your employees are getting all the financial advice you need.

PlanRight advisors are part of the Manulife team. They are fully licensed, salaried employees with no commission.  This allows them to focus on giving objective, helpful financial advice for your employees and their families.

The difference PlanRight is making

Plan members who have actively met with a PlanRight advisor are more likely to increase their contributions5 and also sign up for optional plans.6 They usually take action with more confidence and less stress, which can lead to higher productivity in their work.3

“Great experience meeting with my advisor. I don't feel like the advisor is pushing or selling things. I learned a lot from the 45-minute session and feel more confident in Manulife and my future retirement investments.”
– Plan Member

What plan sponsors with PlanRight are saying:

 “PlanRight has been a huge success and is a key element of our strategy to support our employees’ financial wellbeing.”

“Manulife financial education service and PlanRight advisors are proving to be a winning combination for our company.”

Get started today

Contact your Manulife representative for more info.

 

*PlanRight is currently not available to plan sponsors with Future Step.

 

1 Financial Stress Index, FP CanadaTM, July 2020

2 PlanRight Year-on-Year Comparison, May 2020

3 Manulife Financial Wellness Study – Index, The Manufacturers Life Insurance Company, 2016

4 Claude Montmarquette and Nathalie Viennot-Briot, 2016 (The Gamma Factor and the Value of Financial Advice)

5 Manulife data, The Manufacturers Life Insurance Company – September 1, 2018 to August 31, 2019

6 Manulife data, The Manufacturers Life Insurance Company – 2018 to 2019

The Manufacturers Life Insurance Company (Manulife)

 

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