Toronto-based Sun Life Global Investments (Canada) Inc. is introducing an auto-enrolment feature for clients who qualify for the firm’s private-client program to make it easier for financial advisors to serve this portion of their client base.
“Our advisors have told us they are looking for solutions that help them reduce administration in their business while ensuring they’re providing their clients with the best investment options and services,” says Rick Headrick, president of Sun Life Global Investments, in a statement released on Tuesday. “Advisor feedback continues to be instrumental in the evolution of our business, leading to innovative features like auto-enrolment.”
The program is targeted at clients who hold a minimum of $100,000, based on their investments’ market value, in any of the following mutual fund series: A, F, T5, T8, AT5, AT8 and AH. Clients must also have purchased those investments with a front-end sales charge option.
Investors who fill all requirements will be enrolled into the private-client program automatically, allowing them to receive management fee reductions based on the market value of their accounts. They may also be eligible for additional private-client services and features, including specialized statements and account linking.
“More details relating to the rules and restrictions for the auto-enrolment feature, applicable management fee reductions and other features of the private-client program will be included in the applicable Sun Life Global Investments Mutual Funds simplified prospectus,” notes the firm’s announcement.
Sun Life Global Investments also announced that in connection with the launch of the auto-enrolment feature, series E and series EF securities will no longer be offered for sale. Clients who currently hold these series within their portfolio will have those securities redesignated or converted in the case of corporate-class shares as series A and series F securities.
Both the auto-enrolment feature and the elimination of series E and series EF securities will occur on Feb. 5.
Follow @tessiesanci on Twitter.