Industry

Decorative pattern

Manulife adds lifetime guarantee to IncomePlus

(October 2007) Manulife has upped the ante on its competitors in the guaranteed minimum withdrawal benefit market. The insurer has added a lifetime guarantee on the withdrawals of its IncomePlus product line. In October 2006, Manulife launched IncomePlus, the country’s first GMWB product, which is an add-on feature that can be purchased with a segregated […]

By Mark Noble |October 1, 2007

3 min read

Decorative pattern

Briefly:

(September 28, 2007) Two Canadian banks are making it easier for self-directed investors to make trades. BMO and RBC are lowering their commission rates for BMO InvestorLine and RBC Direct Investing, respectively. Investors can now trade at a $9.95 flat rate. For the BMO plan, only clients with more than $100,000 of assets under their […]

By Staff |September 28, 2007

4 min read

Decorative pattern

Dealers need to think fee-based

Broker-dealers that do not support a fee-based advisor model should think twice about the offering, as it will prove to be the future of financial services, says outspoken fee-based planner John Nicola. “When we take a look at the price for advice, here’s what I’m going to suggest: in the future, if you have more […]

By Steven Lamb |September 28, 2007

3 min read

Decorative pattern

Briefly:

(September 27, 2007) Mackenzie Financial and the Bank of Montreal launched two new protected deposit notes on Thursday. The MSP ArMADA Protected Deposit Notes, Series 7 and 8, give investors 100% principal protection at maturity, and 100% protection of investment gains up to a target date six months prior to maturity. The value of the […]

By Staff |September 27, 2007

4 min read

Decorative pattern

Fee-based advising victim of success: U.S. study

U.S. fee-based advisors will face challenges as more set up shop and larger competitors find ways to emulate their success, according to a study by Moss Adams. While only 14% of U.S. advisors surveyed are registered independent advisors (RIAs), their numbers have increased by more than 30% over the past five years. And it’s expected […]

By Mark Noble |September 27, 2007

4 min read

Decorative pattern

Advisors will evolve beyond mutual funds

Some industry observers believe many advisors are too reliant on mutual funds but expect that to change as clients needs evolve. It’s already changed among high-end advisors. High-level and top producers are the ones who are most likely to be lobbying for the ability to sell insurance and securities outside of the mutual fund arena. […]

By Kate McCaffery |September 27, 2007

5 min read

Decorative pattern

Portus founders charged with fraud

After a 27-month investigation, charges have finally been laid against the co-founders of Portus Alternative Asset Management, Boaz Manor and Michael Mendelson. Each has been charged with 12 counts of fraud over $5,000, money laundering and possession of property obtained by crime. Manor has been charged with one extra count of fraud of $5,000, two […]

By Bryan Borzykowski |September 26, 2007

2 min read

Decorative pattern

Briefly:

(September 26, 2007) The head of the Canadian Bankers Association challenged Finance Minister Jim Flaherty to take immediate action in establishing a single securities regulator on Wednesday. “We’ve had enough panels,” stated Nancy Hughes Anthony, chief executive officer for the CBA during an Economic Club of Toronto speech to Bay Street’s elite. “We’ve had a […]

By Staff |September 26, 2007

5 min read

Decorative pattern

CI revises its bid for DundeeWealth

CI Financial Income Fund has tweaked its hostile takeover bid of DundeeWealth. The company now says DundeeWealth can keep its agreement with Scotiabank. CI will still offer 0.75 of a CI Financial share for each share of DundeeWealth. This works out to be the equivalent of $20.25 for each DundeeWealth share, a 52% premium on […]

By Mark Noble |September 26, 2007

2 min read

Decorative pattern

Briefly:

(September 25, 2007) If there’s any time for investment managers to be bearish on equity markets, it’s now, but surprisingly, that isn’t the case. According to a new Russell Investment Manager Outlook survey, bullishness towards Canadian equities has been constant at 42%. The survey found that managers were bullish on “recession-proof” consumer staples (from 29% […]

By Staff |September 25, 2007

4 min read

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