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December 2022 eNews
Update: EI Sickness Benefit Extension confirmed for Dec. 18, 2022*
The federal government confirmed on Nov. 25, 2022, that it is extending the Employment Insurance (EI) Sickness Benefits period permanently from 15 weeks to 26 weeks. The change takes effect on Dec. 18, 2022.
Equitable Life will not require or implement any changes to our disability plan designs based on this extension. However, plan sponsors may wish to amend their short-term disability (STD) and long-term disability (LTD) plans and policies to align with the new 26-week EI period.
If your clients choose to amend their plan design in response to this extension, we have created an overview of how amendments may affect common plan design scenarios. Click here to learn more.
If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
QDIPC updates terms and conditions for 2023*
Every year, the Quebec Drug Insurance Pooling Corporation (QDIPC) reviews the terms and conditions for the high-cost pooling system in the province.
Based on its latest review, QDIPC is revising its pooling levels and fees for 2023 to reflect trends in the volume of claims submitted to the pool, particularly catastrophic claims:
We will apply the new pooling levels and fees to future renewal calculations that involve Quebec plan members.
If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
*Indicates content that will be shared with your clients
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Reminder: Beneficiary designations for children’s CI policies
When a critical illness (CI) insurance policy or rider is issued for a minor, it’s important to ensure beneficiary designations accurately reflect clients’ intentions. Without a beneficiary on file, or with a minor designated without a trustee, an approved claim may need to be paid to the court or the Public Trustee. This can cause delays at a time when families may urgently need access to support.
Help clients name a beneficiary on their juvenile critical illness policy today. This isn’t just a safeguard to avoid court or Public Trustee delays at claim time. It’s a reflection of your expertise and care.
For more information, see our client support resource below. To view the link below, you will need to log in to your EquiNet® account.
View client support resources on EquiNet - [pdf] B2B RSP Loan Product Brochure
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Equitable Life offers more than 60 years of RSP innovation
In 1957, Equitable Life® began offering a Retirement Savings Plan (RSP). That is more than 60 years of RSP innovation in the Canadian marketplace. Today, Equitable Life offers two great accumulating RSP products to meet your clients’ needs.These products provide both protection and flexibility for your clients. They also provide the tax savings and benefits of an RSP. Get your clients to start saving to their RSP now. Make RSP contributions a financial priority each year.
This year’s RSP deadline is March 1, 2022. This will be the last day that an RSP deposit can reduce your clients’ 2021 taxable income.
If your client is looking to convert registered savings to guaranteed income, click here to learn more about Equitable Life’s payout annuity options.
Need additional support? Contact your local Regional Investment Sales Manager today. -
Retirement Income Options from Equitable Life
If you have clients who are reaching retirement age and have a Retirement Savings Plan or locked-in funds from a previous employer, the government requires them to convert these plans by December 31 of the year they turn 71.
If your client is converting a plan, ask them about other existing assets. This is a great opportunity for your client to consolidate assets from other providers; and for you to discuss a lower management fee through Equitable Life’s Pivotal Select Preferred Pricing Program.
For more information on the options available for clients who are reaching retirement age and the advantages of each, check out the following materials.
- When it is time to convert your RSP to a RIF
- Converting your savings into retirement income
- Retirement Income Fund Understanding minimum withdrawal percentages
To learn more about Equitable’s Preferred Pricing Program, please click here. -
Deposits to the Fidelity Special Situations mutual fund are being limited but the segregated fund is
Fidelity Investments® recently said they would no longer accept deposits from new investors into the Fidelity® Special Situations Fund. This notice however does not affect Equitable Life® clients.
The Special Situations Fund will continue to be open to new and existing Equitable Life clients. This includes clients with Pivotal Select™, Pivotal Solutions* or Personal Investment Portfolio segregated funds contracts.
Why is Fidelity limiting access to the mutual fund?
This award-winning mutual fund has grown significantly and now has $3.6 billion of managed assets. To preserve the integrity of the fund’s investment strategy, Fidelity® decided to limit inflows to the fund. Limiting the amount of managed assets held within the fund allows the fund’s portfolio manager to focus on what he does best - finding special situation investment opportunities and capitalizing on positive change within companies and industries across Canada and around the world.
If you like the Special Situations mutual fund, you will value the Equitable Life Fidelity® Special Situations segregated fund. Segregated funds are similar to mutual funds but offer different features and guarantees. To learn about these features, check out the Investment Advantage. To learn more about the Special Situations segregated fund, click here.
For more information about Equitable Life’s segregated funds, speak to your Regional Investment Sales Manager or visit our segregated funds page on EquiNet®.
References:
Fidelity’s press release announcing the limited fund closure
Fidelity® Special Situations portfolio management strategy, webinar featuring Mark Schmehl, Portfolio Manager.
*No Load, Deferred Sales Charge, Pivotal Solutions II
® or ™ denotes a trademark of The Equitable Life Insurance Company of Canada, except as noted below.
Fidelity and Fidelity Investments are registered trademarks of 483A Bay Street Holdings LP. Used with permission. -
Giuliano Savini, Top 50 Best Wealth Management Wholesalers in Canada for 2023 award recipient
Meet Giuliano Savini, Regional Investment Sales Manager for the Greater Toronto Area, who was recently recognized as one of the Top 50 Best Wealth Management Wholesalers in Canada for 2023 by Wealth Professional Canada. We congratulate Giuliano on this prestigious industry award, which acknowledges his invaluable expertise and contribution to the field of wealth management wholesaling.
When asked what inspired him to pursue a career in this field, Giuliano credits a call from a trusted friend, Joseph Trozzo, who recommended Equitable as an excellent place to work. He joined the company four years ago and has not looked back. For Giuliano, the motivation lies in the meaningful work he does through his advisors and territory, finding the best solutions for their needs.
His greatest achievement at Equitable, according to Giuliano, is the recognition as one of the Top 50 Wealth Wholesalers in Canada. What makes this accomplishment even more special is that the award is advisor-nominated, which means his advisors recognized the impact of his work in helping them succeed.
Looking at his career overall, Giuliano takes pride in the relationships he has built with his advisors and territory over the years. He is proud to be recognized as a subject-matter expert and a business builder, always aiming to be a partner in his advisors' success.
When asked for advice for those starting out in the industry, Giuliano emphasizes the importance of focusing on the success of their advisors. He advises them to use their advisors' success to drive sales and always keep them at the forefront of their business.
Looking ahead, Giuliano sees the industry evolving into a more consultative and partnership-oriented approach. He believes that wholesalers will need to expand their knowledge base beyond competitive product information and into areas like marketing, investor psychology, and practice management to maintain a competitive edge in the industry.
To read more about Giuliano and the other Top 50 Wealth Management Wholesalers in Canada, visit Wealth Professional Canada's website.
Posted : April 12, 2023 -
Fabien Jeudy takes over as President and CEO
In March, we announced that Fabien Jeudy was appointed as Equitable Life’s next President and CEO. Jeudy officially took over on July 5th, succeeding Ronald Beettam, who is retiring after 16 years with the company.
Jeudy is a collaborative leader with more than 30 years of experience in the insurance industry, leading actuarial, finance, risk management, distribution, marketing teams and operational teams in the Life & Health Insurance, Wealth Management and Group Benefits markets in Canada, the US, and Asia.
“His proven success developing and managing high-performance teams, building long-term relationships with stakeholders and regulators, growing and innovating the insurance business, and making long-term decisions with the policyholder in mind make him the perfect choice to lead Equitable Life into its next 100 years in business,” said Board Chair Douglas Alexander.
Learn more about our new President and CEO
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