Understanding Federal PRPP (Pooled Registered Pension Plans)
New product category gaining momentum - Federal PRPP product approval
This new category of workplace savings plans offers a unique opportunity for advisors. PRPPs are specifically designed for advisors’ small business clients or prospects.
Being one of the first companies to receive approval by the Canada Revenue Agency and the Office of the Superintendent of Financial Institutions, Manulife’s federal PRPP are available for advisors to offer to any businesses that are federally regulated OR are located in the Northwest Territories, Nunavut or the Yukon.
Capture your share of a hot new market opportunity
Over 7.6 million Canadians1 employed by small and medium sized businesses do not have access to a workplace savings plan. Pooled Registered Pension Plans (PRPPs) are a new, convenient and effective way to help them grow their retirement savings.
Manulife will offer an easy-to-sell, easy-to-implement PRPP solution for your business customers that will satisfy all their business needs. Backed by the strength and security of a market leader who has been serving the needs of Canadians for more than 125 years, this client solution will help build your business and capture your share of this market opportunity.
Don’t let the competition reach your clients first
Competition for PRPP market share will be fierce! Don’t let another advisor – or a local bank branch – take care of setting up this part of your business customer’s portfolio. Talk to your clients and prospects today about the advantages of setting up a PRPP with Manulife.
A business growth opportunity you can’t ignore
If you aren’t selling group products already, now is the time to start! PRPPs will represent a tremendous growth opportunity by giving you:
A steady stream of revenue from each plan you sell to small businesses.
Access to high-value business prospects (e.g., owners and executives) to cross-sell other group products.
A wealth of new individual contacts whose needs may include life, health and wealth products.
What do you do now?
- Learn about Manulife’s suite of group retirement products and start identifying prospects in your existing small business client base.
- Use a discussion about PRPPs to approach new prospects who own small businesses.
- Use a discussion about PRPPs as a door opener to connect with your current group benefits clients to talk about their group retirement needs.
- Reach out to current group retirement clients to talk about their current plans, and why you feel those plans are a good fit for them. Make sure you keep the value you bring to them top of mind – because chances are, another advisor will approach them about their retirement needs in the near future.
- Keep checking www.repsource.ca for more information and other details as they become available.
1 Boston Consulting Group, October 11, 2011.