The financial advisor and the insurance industry yesterday, today and tomorrow

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1 The financial advisor and the insurance industry yesterday, today and tomorrow Canadian Institute of Financial Planners 8 th Annual National Conference Kevin Strain SVP, Individual Insurance and Investments Sun Life Financial June 15, 2010

2 Sun Life Committed to advisor professionalism Almost 600 CFPs Over 400 CLU s and RHU s 200 MDRT qualifiers

3 Yesterday

4 A history of financial strength and integrity

5 and a focus on life insurance sold face to face

6 Today

7 Canada s financial services sector remains strong In the midst of the enormous economic crisis, I think Canada has shown itself to be a pretty good manager of the financial system and the economy in ways that we haven t always been. Barack Obama No major Canadian financial institutions failed and none required bailouts from the government. Stephen Harper High banking standards have kept Canada's financial institutions afloat and out of the kind of trouble that has sunk many of [our] International peers Jim Flaherty

8 Sun Life Financial has a leadership position

9 Sun Life Financial has a leadership position Business unit Measure 2009 ranking Individual Insurance and Investments Critical illness sales #1 Long-term care sales #1 Payout annuities sales #1 Segregated fund net sales #1 Life insurance sales #3 Group Retirement Services Total sales #1 Group Benefits Business in Force #2 Source: Limra and/or Benefits Canada/Fraser.

10 Lifetime financial security Holistic financial needs requiring holistic advice Accumulation De-accumulation

11 Lifetime financial security Holistic financial needs in the accumulation phase Buy a home Provide income if unable to work Begin saving for retirement Protect dependents Education savings Protect my business Accumulation of wealth Accumulation annuities / GICs Variable annuities Mutual funds Life insurance Term life Universal life Permanent life Participating insurance Health care Critical illness insurance Long-term care Health insurance

12 Lifetime financial security Holistic financial needs de-accumulation phase Retire Buy a second home Travel Protect against major health setbacks Estate planning Health care Income Longevity Estate planning Critical illness insurance AA / GICs Payout annuities Universal life Long-term care Mutual funds Variable annuities - GMWB Permanent life Health insurance Variable and payout annuities Participating insurance

13 Consolidation of advice Source: Ipsos Reid 2006

14 Sources for financial advice Bank contact Financial planner 51% 63% Mutual fund Insurance advisor 18% 26% Other None of the above 4% 12% Source: Proprietary and Confidential - Maritz Inc.

15 Experienced advice is valued! Personalized advice from an experienced advisor is key to success US consumers prefer receiving retirement planning advice in a one-on-one meeting with a financial advisor 60% prefer an advisor between the ages of and 7 out of 10 prefer an advisor with at least 10 years experience 77% of US consumers rate an advisor s professional certifications as very or somewhat important Source: Consumer preference for retirement planning advice, Limra

16 People with a financial advisor helping with retirement planning are more confident Economy Personal finances With an advisor Health Gov't benefits No advisor Employer benefits Source: Sun Life Canadian Unretirement index, Jan 09

17 The incidence of switching advisors increases at later life stages Reasons retirees switch advisors Unhappy with performance of portfolio Lack of communication Fees/commissions not worth services Can't relate or understand my needs Life situation changed Tried to sell things that were not needed 26% 25% 18% 16% 20% 39% Source: Limra

18 Advice in retirement Source: theglobeandmail.com

19 Retirees control a disproportionate share of wealth and it is growing rapidly In billions of dollars Financial wealth assets by life stage Under and over Borrowers Accumulators Dissavers Source: 2009 Household Balance Sheet, Investor Economics

20 Retirees sense of financial security has been jolted by the 2008 market turmoil 55% Retiree perception of financial security 49% 39% 25% 12% 20% Just as secure as I thought I would be More secure Less secure Source: What a difference a year makes, LIMRA, society of actuaries, and InFRE 2009.

21 Changing retirement lifestyles

22 Living longer than ever before 50% chance Of living to year old man % chance of living to year old woman 50% chance Of living to % chance Of living to 92 At least one person has a 50% chance of living to year old couple At least one person has a 25% chance of living to 94 Source: Canadian Institute of Actuaries, UP-94 Projected to 2015 (based on Canadian population, assumes age 65 reached)

23 and retiring younger Retirement length for a member of a couple 15 yrs the old definition of retirement Age Age Age Age Age yrs the new retirement reality (1/2 odds for a couple) Age 55 Age yrs a reasonable expectation (1/4 odds for a couple)

24 with less access to lifetime income % of working Canadians in Defined Benefit Pension Plans 35% 30% 25% 20% 15% Males Females 10% 5% 0% Source : CIHI Spending Database; Statistics Canada; McKinsey Analysis

25 Retirement savings plans are scarce A 2010 survey Does your business currently offer a retirement savings plan for you and/or your employees? *Small and medium sized businesses Source: Securing the Future - Ian Dawkins, May 2010 CFIB

26 Living longer not necessarily healthier Source: Statistics Canada Catalogue no SIE.

27 And less companies offer post-termination benefits Source: COMPARISON Canada statistical summary report from Towers Watson (2009)

28 And they ll need to save for health care % 79% 34% 66% Individual Employer & Government Individual Employer & Government Source : CIHI Spending Database; Statistics Canada; McKinsey Analysis

29 The world is beginning to notice Source: theglobeandmail.com

30 Inflation is working against you 1980 $8,488 $1.81 $ % 1990 $17,541 $2.93 $ % 2000 $24,952 $3.90 $1.60 5% 2005 $25,114 $4.68 $ % 2010 $27,958 $4.99 $ % CAGR 4.1% 3.4% 3.2% 5-year Canadian bond yield 1. Price of passenger car from , Source Statistics Canada, 2. Average price of 500g of bacon, Source Statistics Canada 3. Average price of 675g of bread, Source Statistics Canada

31 Concerns in retirement Having enough income Cost of healthcare Not at all concerned Inflation Very concerned Living longer than your money will last Source: R.I.S. focus groups - January 2010, PMG Intelligence

32 Advisors are from Mars, retirees are from Venus Relative importance of retirement risks Priority Retirees Advisors 1 Health care Longevity 2 Inflation Volatility 3 Volatility Health care 4 Longevity Inflation Source: Limra

33 Changing retirement expenses Active years Danger zone

34 Changing retirement expenses An adverse health event can change the timing dramatically Active years Danger zone

35 Three step income planning process Step 1: Retirement budget types of retirement expenses Lifestyle expenses (want) Examples Hobbies Entertainment Clubs Travel One time expenses Options DC Pensions Mutual funds Personal savings RRIF s Basic living expenses (need) Food Shelter Clothing Taxes Emergency fund Health care CPP / QPP OAS DB Pensions Annuities GMWB s

36 Step 2: Retirement readiness test - segment Retirement poor Retirement ready Retirement wealthy Work Longer Spend Less Product Allocation Risk Coaching Tax Planning Estate Planning

37 Step 3: Income planning and risk coaching Product allocation Issues facing retirees Longevity Inflation Market Mortality Morbidity

38 Dollar cost averaging with annuities The power of mortality credits to reduce your adjusted cost base Description Payout Annuities are being under utilized in this current market climate. We explore new and old ways of how and why to sell annuities to various clients. Revisiting prescribed taxation and launching annuity dollar cost averaging strategy Opportunity Annuities create clients for life and offer one of the best ways to hedge many retirement risks outside of a DB pension. Payout Annuities are positive VNB products Key Success Factors Increased advisor/client awareness and sales Can be measured against historical sales, advisor penetration and through wholesaler feedback

39 A behavioral checklist for retirement income strategies Is the retirement income strategy framed in terms of the monthly income a retiree will receive? Are the implications of today s financial decisions vividly presented so employees see how their lives will be affected? Is the strategy appropriate for retirees who are hyper-sensitive to losses? Can retirement income decisions be made before the onset of cognitive impairment? Are the number and complexity of choices manageable for older individuals? Does the retirement income strategy offer multiple accounts to facilitate different goals, such as paying the rent or spending money on vacations? Are employees, carried by inertia, assigned to a customized default that is appropriate to their situation? Does the language used to describe the retirement income strategy make it easy to evaluate its features? Source: Behavioral finance and the post retirement crisis" Shlomo Benartzi, April 29, 2010 (sponsored by Allianz of America)

40 The client-advisor-company relationship Coaching Preferred Actual Planning Product Starting the retirement income conversation Connect with their aspirations Focus on the positive Present alternatives Stress experiences Tell it like it is

41 Tomorrow

42 Technology will continue to change how an advisor works

43 Dramatic online growth in the retirement sector Weekly reach growth 2001 and % 11% +32% +38% +88% By 2016 the internet will be the number one time-spent medium among most people. Source: IAB Canada's 2008 Canadian Media Usage Trend Study

44 Use of financial websites Q Viewed your financial statements Tracked an investment portfolio Researched mutual funds Researched mutual fund companies Contributed to your RRSP directly Used an online RRSP contribution Conducted banking from your 7% 5% 5% 4% 2% 23% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% Source: Ipsos Reid

45 My retirement

46 Interactive tools - Life Stage Planner

47 Life Stage Planner results

48 Advisor Match

49 You Tube channel

50 Mobile optimized secure sites Illustrative purposes only Source: Mercatus LLC survey sponsored by Visa, December 2009

51 New technology Amazon Kindle and ipad 1-million ipads sold in only 28 days in the U.S. Source: Reuters.com

52 Quick response (QR) codes

53 Advisor marketing QR codes (quick response) Image on back of business card Taking a photo of this code directs to the advisor s personal website with ability to call, or locate. Or separate code for V-card saved as a contact record in smartphone address book.

54 Thank you!

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