In an effort to grab a bigger share of the high net worth market one of Canada’s largest asset managers has introduced a new wrinkle for clients that should shake things up with its wealth management competitors
Sun Life Global Investments’ Canadian division introduced an auto-enrolment feature Tuesday for investors with $100,000 or more in Sun Life mutual funds that immediately qualifies them for its private client program and a big step up from where they were before the big announcement.
“We’re excited to be adding the auto-enrolment feature for our Private Client program and strengthening our client commitment,” said Cindy Crean, Managing Director, Private Client, Sun Life Global Investments. “Eligible clients will automatically benefit from management fee reductions and other services for which they qualify.”
This is a big deal for advisors because it not only lowers fees for their clients and provides them with institutional quality money management but it also makes the administration of client accounts that much easier.
“Our advisors have told us they are looking for solutions that help them reduce administration in their business while ensuring they are providing their clients with the best investment options and services,” said Rick Headrick, President, Sun Life Global Investments. “Advisor feedback continues to be instrumental in the evolution of our business, leading to innovative features like auto-enrolment.”
Beginning February 5, 2016, clients holding a minimum of $100,000, based on the market value, in series A, F, T5, T8, AT5, AT8 and AH mutual funds (purchased via front end sales charge option will automatically be enrolled in the Private Client program. Once within the program, investors will automatically receive management fee reductions based on the market value of their account and may be eligible for additional Private Client services and features, including specialized statements and account linking.
In connection with the launch of this new auto-enrolment feature, series E and series EF securities will no longer be offered for sale. Investors who currently hold series E and/or series EF securities will have their securities re-designated (or converted in the case of corporate class shares) as series A and series F securities, respectively on February 5, 2016.
