Sun Life Global Investments reduces risk rating for Sun Life Real Assets Fund

ORONTO, Feb. 13, 2020 /CNW/ – Sun Life Global Investments (Canada) Inc. (“Sun Life Global Investments,” “SLGI”) today announced a risk rating change for Sun Life Real Assets Fund. Effective immediately, the risk rating for this fund has been lowered from “medium” to “low to medium.”

In accordance with the investment risk classification methodology mandated by the Canadian Securities Administrators, Sun Life Global Investments reviews the risk ratings of its funds at least once a year, as well as when a fund undergoes a material change.

The Sun Life Real Assets Fund’s risk rating changed following an annual review that was conducted as part of Sun Life Global Investments’ ongoing fund review process. While the fund will be renamed to “Sun Life Real Assets Private Pool,” effective on or about February 26, 2020, the investment objectives and strategies of the fund remain unchanged.

About Sun Life Global Investments (Canada) Inc. 
Sun Life Global Investments is a subsidiary of Sun Life Financial Inc. It offers Canadians a diverse lineup of mutual funds and innovative portfolio solutions, empowering them to pursue their financial goals at every life stage. We bring together the strength of one of Canada’s most trusted names in financial services with some of the best asset managers from around the world to deliver a truly global investment platform. As of January 31, 2020, Sun Life Global Investments manages $29.68 billion on behalf of institutional and retail investors from coast-to-coast and is a member of the Sun Life group of companies. For more information visit www.sunlifeglobalinvestments.com or connect with us on Twitter @SLGI_Canada.

About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of December 31, 2019, Sun Life had total assets under management of $1,099 billion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to editors: All figures in Canadian dollars

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

© Sun Life Global Investments (Canada) Inc., 2020. Sun Life Global Investments (Canada) Inc. is a member of the Sun Life group of companies.

Media Relations Contact:
Alexandra Locke
Manager, Corporate Communications
T. 416-408-7357
Alexandra.locke@sunlife.com

SOURCE Sun Life Global Investments (Canada) Inc.

Related Links

http://www.sunlife.com

For love and money: Financial chemistry helps create winning formula

Two-thirds of Canadian couples link financial stability to relationship success: RBC poll

TORONTO, Feb. 13, 2020 /CNW/ – Successful long-term commitments rely on strong financial compatibility as well as romantic chemistry, according to the RBC 2020 Relationships & Money Insights Poll. The majority of Canadians with partners (85%) felt that having similar financial goals and habits was a prerequisite to their healthy, long-term relationships. Four-in-five (80%) believed it was important to speak with a prospective partner about finances before getting involved in a serious relationship.

In addition, the vast majority (91%) underlined the importance of prospective partners thinking along the same lines when it comes to spending and saving money, with almost two-thirds (62%) saying that the state of a potential partner’s finances could be a deal-breaker.

Setting clear financial boundaries was also a top priority (81%), with over two-thirds (69%) admitting that they would not combine their finances with their partner’s unless they knew that partner was financially stable.

“When you’re committing to a relationship, you’re inviting that special someone into your life, along with their finances,” says Sandra Abdool, Regional Financial Planning Consultant, RBC Financial Planning. “That’s a lot of sharing, and as a couple, it’s important to set clear financial boundaries to make sure you’re on the same page when it comes to spending, saving and managing your money.”

When it comes to fraternizing with your partner about your finances, it’s not just about what you say, but how often you say it, too. More than three-quarters (77%) of Canadians in relationships reported they speak with their partners about finances at least monthly, to create shared budgets (45%), come up with financial goals (41%) and save together (37%).

“While chemistry certainly counts, today’s couples want financial chemistry and compatibility, too,” adds Abdool. “By having frequent and honest conversations about your finances, you’re well on your way to building a sound financial and long lasting relationship together. Then go a step further – take time to do a reality check with a financial planner who can offer an outside perspective on financial compatibility.”

Here are tips from RBC to help Canadian couples stay on the same page and reach their financial and life goals together:

Find the budget that’s right for you: Discussing finances and setting clear financial goals and boundaries are important for any relationship. By coming up with a shared, realistic budget, Canadians can ensure they are on track with their partners, while leaving little room for surprises down the road. NOMI Budgets takes the thinking — and the manual calculation — out of setting up a budget for RBC clients. It focuses on five key categories and keeps the client on track by sending regular updates through the RBC Mobile app’s budget tracker.

Say “I do” to a shared financial plan: Creating a detailed financial plan and sharing this with your partner can help you work together to reach shared savings goals. Here’s where RBC Financial Planning can provide advice to help ensure money is there for you and your partner at various stages throughout your life together – for example, buying a car, getting a mortgage, raising a family and planning for retirement.

Invest for the future: Having a 20-minute conversation with a financial planner or advisor – in a bank branch or from the convenience of your home or office – can help you break the ice with your partner and begin talking about your shared financial goals. RBC’s MyAdvisor is an online financial advice service that connects you wherever you are with RBC financial planners and advisors who can give you guidance about how to build your financial future.

National and Regional Findings: RBC 2020 Relationships & Money Insights Poll

POLL QUESTIONS

CAN

BC

AB

SK/MB

ON

QC

AC

Finances are an important aspect of any
relationship. (Agree)

85%

83%

84%

90%

86%

85%

89%

I believe that it is important to regularly talk to
a partner about finances. (Agree)

87%

85%

89%

90%

89%

83%

94%

It is important to talk finances with a partner
before starting a serious relationship. (Agree)

80%

77%

83%

87%

82%

75%

85%

How often do you talk about your finances
with your partner? (At least once a month)

77%

83%

76%

76%

77%

74%

83%

What are you currently doing with your partner
re: your finances? (Budgeting together)

45%

42%

44%

50%

50%

35%

47%

What are you currently doing with your partner
re: your finances? (Setting financial goals)

40%

44%

51%

48%

44%

29%

31%

What are you currently doing with your partner
re: your finances? (Saving together)

37%

40%

45%

41%

41%

26%

31%

It’s important my partner and I are aligned on
how we spend and save our money. (Agree)

91%

89%

95%

94%

92%

87%

98%

Any deal-breakers in a relationship re:
partners’ financial situations (e.g. poor
spending habits, big credit card debt,
different financial priorities, no savings)?(Agree)

62%

64%

67%

61%

65%

57%

59%

I believe that having similar financial goals
and habits is a requirement for a healthy
long-term relationship. (Agree)

85%

79%

84%

90%

87%

81%

89%

I wouldn’t combine my finances with partner
unless they were financially stable. (Agree)

69%

65%

71%

75%

67%

74%

59%

The more financially stable my partner is, the
more likely they’re a long-term romantic option
for me. (Agree)

66%

60%

63%

68%

69%

65%

71%

About the RBC 2020 Relationships & Money Insights Poll
An online survey of 1000 Canadians who are married, common law, or in a dating relationship (either long or short term) was completed between January 3 and 11, 2020 using Leger’s online panel. The margin of error for this study was ±3.1%, 19 times out of 20.

Related Links

http://www.rbc.com

Cost of Love in Canada 2020: Nearly 1 in 5 Canadians Admit to Financial Infidelity

Cost of Love in Canada 2020: Nearly 1 in 5 Canadians Admit to Financial Infidelity

TORONTOFeb. 5, 2020 /CNW/ – One in five Canadians are committing financial infidelity by keeping a secret around money or spending in their relationship, according to a new Cost of Love survey from Rates.ca.

Money misrepresentations are most common among millennials, with almost 30 per cent of younger Canadians admitting to financial infidelity, and men are more likely (19 per cent) than women (13 per cent) to lie about money. Canadians who are dating or engaged are more likely to have a financial secret than those that are separated or married.

Three in ten (31 per cent) Canadians are hiding purchases they make from their significant other. Almost one-third are concealing their poor credit score, 21 per cent have hidden cash, 14 per cent have hidden bank accounts, and 10 per cent have a secret line of credit or a long-term loan.

“Hiding a poor credit score or a large sum of debt can have consequences in the future. Especially for partners buying their first home or financing a car. Being transparent and taking the right steps to manage debt or correct poor credit can prevent disappointment and further financial woes,” said Sara Kesheh, Vice President, Money, Rates.ca.

The survey also revealed that nearly half (47 per cent) of those in a relationship, say the value of their financial secret is $1,000 or more. Almost one in five admitted that their financial secret is $10,000 or more.

Dealing with Financial Infidelity

Half of Canadians with a financial secret believe nothing would happen if their significant other were to discover the secret.

Another 22 per cent say the worst consequence would be to fight and find a solution, two per cent feel it would result in a break-up, and only one per cent say it would result in divorce.

Whether you’re getting married, making a major purchase together or combining finances with a partner, Kesheh offers expert advice to avoid disagreements over money.

  • Talk about debt: Working as a team to manage the debt can help pay down the principal faster and accrue less interest on the balance. That won’t be an option for everyone; however, ignoring the debt could turn a small problem into a big one.

  • Create a budget: Track your spending to form an accurate budget. Be aware of how much income is coming in versus how much money is being spent. From there, pinpoint areas where you can cut back and create a plan for paying off the debt.

  • Use financial resources: Carrying a balance on a standard credit card can run the risk of the debt growing faster than it can be paid off. Many resources can help make the debt more manageable, including low-interest credit cards or balance transfer options. The key is never to skip a minimum payment and to pay more when you can.

  • Be a team: If you are on the reverse end of the secret, try to be patient, constructive, not critical, listen to what your partner needs and, most of all, be supportive.

The survey also revealed:

  • Of the four per cent of Canadians who are engaged, 24 per cent have a financial secret. Of the 11 per cent of Canadians who are dating, 23 per cent have a financial secret. Only 14 per cent of those separated or married are hiding their finances.
  • Married or separated couples are more likely to have financial secrets below $1,000, at 46 per cent and 53 per cent respectively.
  • Couples who are dating or engaged are more likely to have secrets valued at $1,000 or more, at 59 per cent and 53 per cent respectively.
  • Among Canadians with a financial secret: eight per cent have a secret credit card, nine per cent have secret investments, seven per cent have credit rewards points they haven’t told their significant other about, and five per cent have a secret payday loan.

To review the findings, visit Rates.ca.

About the Survey
An online survey of 1600 Canadians was completed between January 3 – 6, 2020, using Leger’s online panel. The margin of error for this study was +/-2.5%, 19 times out of 20.

About Rates.ca 

Rates.ca is Canada’s one-stop-shop for the best rates on insurance and money products. Rates.ca publishes rates from 30+ insurance providers so that shoppers can find the best rates for themselves. Use the site to find the best rates for auto, home and travel insurance, mortgages, and credit cards. Headquartered in Toronto, Ontario, Rates.ca is located at 360 Adelaide Street West, Suite 100, Toronto, ON, M5V 1R7

SOURCE Rates.ca

Related Links

https://rates.ca/

Most people have health insurance coverage during their working years, but their employer picks up at least some of the cost. For retirees, the economics of buying similar coverage may not add up. Here’s why.

Read more
Millennial Money: Mastering the awkward financial talk

Millennial Money: Mastering the awkward financial talk

By Kelsey Sheehy

THE ASSOCIATED PRESS

Money, it’s a gas. Unless you need to borrow some from your parents. Then it’s a conversation many adults will avoid at all costs, even if it means paying for groceries with couch nickels.

That’s not the only money conversation we avoid. More than 60% of millennials have never asked for a raise, largely because they don’t feel comfortable doing so, according to the salary data site PayScale. In many couples, partners hide debt, sometimes to the detriment of their relationship.

Avoiding these conversations often yields worse results than simply facing them head-on. These tips will help you get through tough money talks, like asking your parents for money, negotiating your salary and talking to your partner about money.

ASKING YOUR PARENTS FOR MONEY

Even bonafide adults need help from the bank of mom and dad sometimes. In fact, 70% of young adults (ages 18-34) received financial support from their parents in the past year, according to a 2018 survey by Merrill Lynch.

Asking your parents for money can be humbling, but swallowing your pride is better than letting your car insurance lapse.Here’s how to approach the conversation.

_ BE SPECIFIC. Tell your parents where you could use their help, whether it’s covering some (or all) of your rent, paying your car insurance, or buying groceries. Say upfront if you need ongoing help, rather than going back to them each month for more money.

_ OWN YOUR MISTAKES. This will play better than blaming other people or circumstances, says Nathaniel Ivers, an associate professor in the department of counselling at Wake Forest University.

_ PRESENT A PLAN. Create a budget to show your parents that you are trying to get your finances under control. Ask for their input and avoid getting defensive if they scrutinize your spending.

Taking this advice into account, Ivers suggests your ask could sound something like this:

“I was wondering if you could help me with my rent this month. I had a lot of unforeseen expenses (give examples) and, honestly, I didn’t manage my expenses as well as I could have.

“I have already started a budget to monitor things more closely. Would you be willing to go over it with me? It’s kind of tight, but if I cut down on some of the extra things … I will definitely have enough to cover things next month.”

TALKING WITH YOUR PARTNER ABOUT DEBT

Debt is a reality in most relationships, so it’s wise to disclose any you carry when things get serious. Ripping off the debt Band-Aid may be terrifying, but it can ultimately strengthen your bond, says Marla Mattenson, a relationship expert.

“The more comfortable you get about talking about your finances together, the easier it will be for you to discuss all the challenges that arise in a relationship,” Mattenson says.

Ask your partner to set aside time to chat and give them a heads up on where the conversation is heading, she adds. Keep it simple, something like: “Can we set aside 30 minutes sometime this week to talk about my personal finances?”

Be transparent during your conversation about how you got into debt, whether it’s student loans, credit cards or a combination of the two, and articulate your plan to pay off your debt. You should also share with your partner any fears you have about how this might affect your relationship.

NEGOTIATING SALARY

Your salary serves as the basis for future raises and job offers. That’s why negotiating your salary at the outset and throughout your tenure is critical. Here’s how to approach the conversation.

_ RESEARCH INDUSTRY SALARY. Use sites like Glassdoor to research salaries by city and company and ask people in your network what someone with your experience can expect to earn. If you’re comfortable, talk to current coworkers about their compensation when angling for a raise.

_ BRING A LIST OF WINS. Come to the conversation armed with tangible examples of how you’ve added value to the company (if you’re asking for a raise). Prepare a list of business you’ve brought on, successful campaigns you’ve run or other metrics you’ve moved. If you’re negotiating for a new job, articulate how your skills and experience will add value to your new employer.

_ BE PREPARED FOR A `NO.’ If your boss declines your raise request, ask for an explanation. Welcome any recommendations for how to improve your performance and set the expectation that you would like to revisit the conversation in the coming months. When negotiating for a new job, find out if there is any wiggle room and consider negotiating for benefits like more vacation time in lieu of a higher starting salary.

Source: Nerd Wallet

Ontario is finally regulating the terms financial planner & financial adviser

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The recent 2019 Ontario Budget finally introduced a proposal that is long overdue – formally regulating the terms financial planner and financial adviser. While specific details about proficiency standards are yet to come, most of us in the financial advice and investment industry are eager to have a valid framework in place as soon as possible.

There is a difference between a financial adviser and a financial planner. A financial adviser typically helps clients manage their investments, while a financial planner helps clients identify and meet major goals, such as retiring comfortably or paying for a child’s education. While appropriate licensing is required for someone to advise in the purchase or sale of a mutual fund, a stock, or an insurance policy, anyone can offer general financial advice without any evidence of qualification. As a result, many investors can fall prey to a regular stream of frauds and incompetent advisers.

For the past few years, our industry has been focused on a few key issues, such as the fees investors pay. While regulators have concerns with respect to their transparency, many players in the industry seem to be focused on whether or not they are too high in terms of their fees. Both of these perspectives are important, but miss the point.

In my view, the big issue is whether or not the advice is qualified, competent, and valuable. How one pays for it, and what one pays for it, are secondary.

It’s critical that investors are able to tell financial advisers apart, first to help protect themselves from fraudsters, and second, to help guide them to properly qualified practitioners. You don’t have to spend too long on Google or reading newspapers to find stories about investors being scammed out of their money. But regulating the use of financial adviser and financial planner titles is a simple and effective first line of defence against criminals. It’s like locking your doors and closing your windows.

Today, Canadians are facing a retirement-income crisis. Here’s what is driving the severity and urgency of the problem:

  • The fastest growing segment of the population is baby boomers. By 2024, one in five Canadians will be over 65.
  • Fewer than 23 per cent of tax filers made an RRSP contribution in 2016, according to the most recent data from Statistics Canada. The result is that there is nearly $1-trillion in unused RRSP contribution room available.
  • While TFSAs are popular, they are used as much for short-term savings as for long term, with 47 cents in withdrawals for every $1 contributed.

According to MNP, a leading consulting firm for accounting, tax and business, 46 per cent of Canadians are within $200 of financial insolvency.

The fact is more Canadians are reaching retirement age faster than we realize. And they are getting there with less money put aside in order to live longer than they expect to. There is a sense here of burning the candle at both ends.

While many things can impact your economic reality, it is clear that financial illiteracy is widespread. Most Canadians are really passengers in their own financial lives and are headed for disaster. When they do decide to grab the wheel, most of them need help, advice, and assistance to get back on track. When they seek the help of a professional, they deserve to get qualified, experienced advice. Indeed, a great adviser can make an enormous difference.

But lousy ones can derail us in disastrous ways. An important aspect of my work is something I refer to as “forensic financial planning.” It involves finding and correcting the damage that bad advice has done. Think of dentists who must fix problems other dentists have created. But then not everyone can be a dentist. My industry is different since, until now, anyone could hang a shingle.

What kind of mistakes happen? Here are four big ones:

  1. The incorrect use of leverage.
  2. Over-allocating to securities that are high-risk.
  3. Buying mutual funds that are too expensive and proprietary.
  4. The excessive use of whole life insurance.

And this is only the tip of the iceberg. Often the salesperson is well meaning, but not particularly competent. Let’s hope that this new initiative from the Ontario government makes it easier for clients/consumers to find qualified professionals.

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I want to become a general insurance agent. What are the qualifications and how do I apply? Here’s how.

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