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Workplace Solution - Life time Financial Security

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Regardless of the workplace, employers across Canada face the same types of challenges. Likewise, employees also face challenges. SLF’s Workplace Solutions program was developed based on feedback from employers and employees across Canada with the intent to help people pro-actively achieve lifetime financial security

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Workplace Solution - Life time Financial Security

  1. 1. Workplace SolutionsH e lp ing p e op le ach ie ve life tim e financial s e cu rity
  2. 2. Employer challenges• Incre as e d nu m b e r of p art-tim e , te m p orary and contract e m p loye e s• O ve r-re liance on com p any p lans• R e s p ons ib ility to e d u cate• Incre as ing cos ts of p rovid ing b e ne fits• C h alle nge b e com e s h ow to p rovid e m ore at low cos t
  3. 3. Employee challenges• Like e m p loye rs , th e re are als o ch alle nge s th at e m p loye e s face• M any of th e s e ch alle nge s are re lative ly ne w; th e ge ne ration p rior to u s like ly d id n’t e xp e rie nce th e s e ch alle nge s
  4. 4. Employee challenges: Increasing life expectancy Life Expectancy Male Age 65 16.5 15.5 Years 14.5 13.5 12.5 1920 1940 1960 1980 2000General Population mortality; Statistics Canada
  5. 5. Employee challenges: Shifting the retirement savings burden Past Future Shrinking Growing guaranteed life Employer plans income expectancy Employer plans Government Government 65 75 85 65 75 85 AgeSource : HRDC, Statistics Canada, Florida State University, McKinsey analysis
  6. 6. Employee challenges: Shifting the healthcare cost burden 34% 9% Individual 21% Employer 9% 57% 70% Government 2005 2015Source : CIHI Spending Database; Statistics Canada; McKinsey Analysis
  7. 7. Employee challenges• Ins e cu rity• H e igh te ne d aware ne s s of e arly re tire m e nt• M ore com p le x grou p p lans and d ifficu lt inve s tm e nt ch oice s• N e e d for inform ation with ou t p re s s u re and conve nie ntly offe re d
  8. 8. Canadian statistics• 1 / of C anad ians worry th e y will ou tlive th e ir b ank accou nts . 3 1• 30 ye ar old s are m ore conce rne d ab ou t s aving for re tire m e nt th an p re viou s ge ne rations … b u t s till want to re tire b e fore age 65. 2• 60% s u rve ye d s aid th at th e m os t im p ortant fe atu re th e ir com p any cou ld offe r in m anaging p e ns ion as s e ts wou ld b e acce s s to p rofe s s ional financial ad vice . 2• O nly 25% of C anad ians h ave a form al, writte n financial p lan. 3 (1 ) D e cim a R e s e arch P oll, 2007 (2) R oge rs H e alth care and F inancial S e rvice s G rou p , 2007 (3) Ip s os -R e id , 2006
  9. 9. Percent of those who answered significant/some advice needed C hoos ing inves tment produc ts 72 Developing an overall plan 71 Planning for tax-related is s ues 70 Determining as s et alloc ation 64 C ontingenc y planning 59 C hoos ing guaranteed inc ome produc ts 57 C hoos ing ins uranc e produc ts 43Source: McKinsey Affluent Consumer Retirement Survey; Investor Economics
  10. 10. Th e s e s h ifts h ave cre ate d an e ve ngre ate r ne e d for m ore com p re h e ns ive ad vice . Workp lace S olu tions will h e lp you r e m p loye e s ge t th is ad vice .
  11. 11. WPS services• 1 7 financial inform ation s e m inars• O ne -on-one financial cons u lting• Trans ition s e rvice s• R e tire m e nt s e rvice s• E xe cu tive s e rvice s
  12. 12. #1 - Seminars• p re s e nte d b y a p rofe s s ional, traine d and lice ns e d ad vis or• m os t e m p loye rs lau nch with “Bu ild ing a financial road m ap ” s e m inar• one s e m inar top ic p e r q u arte r• one h ou r in le ngth• e d u cational - no p rod u ct, no com p any• fe e d b ack form s• ad vance d s ign-u p re qu ire d (s u gge s t m inim u m of 1 0 to m axim u m of 25 atte nd e e s )
  13. 13. #2 – One-on-one consultationsAt work or off-s ite :• as a re s u lt of atte nd ing a s e m inar (fe e d b ack form )• ad h oc (F AX form , e m ail te m p late )• re gu larly s ch e d u le d in th e workp laceP roce s s for one -on-one s d e p e nd s on e m p loye e ne e d s :• s p e cific p rod u ct ne e d (i.e . m ortgage ins u rance )• one as p e ct of th e ir financial p lan (i.e . re tire m e nt p lanning)• com p le te financial ne e d s analys is – h ow e m p loye e b e ne fits , gove rnm e nt b e ne fits and p e rs onal p lans fit toge th e r
  14. 14. PATH financial needs analysis• com p le tion of b ookle t• cu rre nt s tate of affairs vs . goals• re com m e nd ation on h ow to ad d re s s gap s• d e taile d p e rs onal re p ort
  15. 15. #3 – Transition services• Inform ation on financial as p e cts of trans itioning s u ch as : – continu ing cove rage for life , h e alth / e ntal, e tc. d – trans itioning grou p p e ns ion / R R S P m one y – op tions to cons id e r with s e ve rance p ackage s• “Trans ition and ch ange ” s e m inar• O ne -on-one cons u ltations can b e re qu e s te d b y: – E m ail te m p late or F AX form
  16. 16. #4 - Retirement services• Inform ation on financial as p e cts of re tire m e nt s u ch as : – continu ing cove rage for life , h e alth / e ntal, e tc. d – trans itioning grou p p e ns ion / R R S P m one y – e d u cation on R R IF s , LIF s , p ayou t annu itie s , e tc.• “N ow th at you ’re re tiring” s e m inar for e m p loye e s 50+• O ne -on-one cons u ltations can b e re qu e s te d b y: – E m ail te m p late or F AX form
  17. 17. #5 - Executive services• C ons u ltation with tax, e s tate and b u s ine s s p lanning e xp e rts• F le xib ility: at work or at h om e• In-d e p th re p orts for com p le x p lanning s itu ations• R e p orts and s trate gie s for im p le m e ntation
  18. 18. Summary of services• 1 7 financial inform ation s e m inars• O ne -on-one financial cons u lting• Trans ition s e rvice s• R e tire m e nt s e rvice s• E xe cu tive s e rvice s
  19. 19. Value to employees• P rofe s s ional ad vice and inform ation• N on-th re ate ning, fre e d om to ch oos e• N o cos t, no ob ligation• Availab le to all e m p loye e s , inclu d ing p art-tim e , contract, te m p orary, e tc.• O p p ortu nity to b e p roactive – not re active
  20. 20. Value to you• E nh ance s e m p loye r/ m p loye e re lations h ip e• U niqu e e m p loye e p rogram th at h e lp s p e op le u nd e rs tand th e b igge r p ictu re of h ow th e ir grou p p lans and p e rs onal p lans fit toge th e r• E nh ance d ap p re ciation and u nd e rs tand ing of e m p loye r b e ne fits• Acce s s to corp orate initiative with nation-wid e d e live ry
  21. 21. Next steps…You d e cid e :• wh ich of th e s e rvice s you want to offe r• b e s t tim e to lau nch p rogramI will p artne r with you on:• logis tics (d ate , tim e , s e m inar top ic, e tc.)• locations• fe e d b ack• re com m e nd ations• com m u nication – e m ail annou nce m e nt/ intrane t m e s s age – p ayroll s tu ffe r – p os te rs

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