Warren Miles-Pickup has been recognized as one of Canada's top business developers and wholesalers by being listed in Wealth Professional Canada's Leading BDMs and Wholesalers report
IN A NUTSHELL
• The changing interest-rate environment has prompted a new direction for Sun Life’s fund lineup
• New products include an options-based fund, a derivatives fund, a private fixed-income fund and an institutional-style fixed income fund
• The changing interest-rate environment has prompted a new direction for Sun Life’s fund lineup
• New products include an options-based fund, a derivatives fund, a private fixed-income fund and an institutional-style fixed income fund
“My role has changed from pitching products to a more consultative approach that assists advisors in plan implementation”
Sun life’s Warren Miles-Pickup believes the value proposition of a financial advisor is only going to become more apparent as baby boomers retire and the need for expert guidance grows. “Advisors have been actively addressing concerns for the retiring Canadian population and those already in retirement,” Miles-Pickup says, “so I have been focused primarily on segregated funds and the benefits they can provide through guaranteeing income and bypassing the estate process.”Over the past year, Sun Life has launched an options-based fund, a derivatives fund through Aviva Investors, a private fixed-income fund and an institutional-style fixed-income fund through Ryan Labs. “The majority of the new launches are designed to address the concerns advisors and investors have with the rising rate environment that we are experiencing in both Canada and the US,” Miles-Pickup says.
The changing regulatory environment in asset management is another key concern for wholesalers. “With the rapid implementation of CRM2, many of the advisors I work with have moved from being solely focused on performance differentiation to being focused on a combination of performance and planning/ service,” Miles-Pickup says. “As such, my role has changed from pitching products to a more consultative approach that assists advisors in plan implementation through a deeper understanding of situational product usage.”
As far as products go, Miles-Pickup foresees even greater complexity with funds. “With over 16,000 funds available in Canada and the number of ETFs rapidly expanding as well, asset management will need to develop different products that have unique value propositions to maintain fund flows.” For the sales side of the business, he predicts a thinning of the ranks. “The days of big expense accounts and experiential wholesaling is dead,” he says. “Wholesalers will be valued based on their competitive product knowledge and their ability to add value in a consultative manner.”
