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MER + TER = FER: what it means for clients
Equitable Life Group Benefits Bulletin - July 2021
In this issue:
*Indicates content that will be shared with your clients

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 5^th, 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.

Reminder: Equitable Life’s Guide to Accessing Virtual Healthcare*
The demand for virtual healthcare services has increased as the pandemic is driving more people to access their health care providers from home.

Thankfully, many virtual healthcare services are available for free to Canadians with provincial health care coverage. We have created a Guide to Accessing Virtual Healthcare for plan members to easily access a variety of virtual healthcare services. Our guide includes information and links to both free and paid virtual medical care options, including video appointments, health advice over the phone, emergency dental services, and more.

You can find the guide on our website. It’s also available on our plan member website at EquitableHealth.ca.
Mental health resources for plan members*
Many Canadians have been experiencing increased levels of stress, anxiety, and depression since the beginning of the COVID-19 pandemic. Through our partnership with Homewood Health^®, all of our clients and their plan members have access to a number of health and wellness resources designed to provide guidance and support.

Homewood’s Online Cognitive Behavioural Therapy tool, i-Volve, can help plan members identify, challenge and overcome anxious thoughts, behaviours and emotions. Learn more about Online CBT or access i-Volve at Homeweb.ca/Equitable.

As well, Homewood has a number of resources available to help support plan members dealing with increased anxiety during these uncertain times:
Please encourage your clients to share these resources with their plan members. They are also available on our plan member website at EquitableHealth.ca.
Recall of Philips CPAP machines*
Last month, electronics company, Philips, issued a recall with Health Canada of some of its Continuous Positive Airway Pressure (CPAP), BiLevel Positive Airway Pressure (BiLevel PAP) devices and Mechanical Ventilators. The recall was issued due to a foam abatement within the machines that can become loose and cause potential health risks.

To qualify for repair or replacement of these devices, users must register their machine on the Philips website.

CPAP, BiLevel PAP devices and Mechanical Ventilators are eligible for coverage under an HCSA and under some Extended Health Care plans. Plan administrators may want to inform plan members of this recall if the devices are eligible for coverage under their plan.
[pdf] FundSERV - Schedule "B" Commission Schedule

EAMG Market Commentary October 2023

October 20, 2023

Rates & Credit - Interest rates increased steadily in Q3 against the backdrop of sticky inflation, strong economic growth, and a tight labour market. In Canada, corporate bonds outperformed government bonds and the broader FTSE Canada Universe Index during the quarter, with a loss of 2.2%, versus a loss of 4.4% for government bonds and a loss of 3.9% for the overall index. The outperformance was primarily driven by the fact that the corporate bond index is less sensitive to interest rates movements (as compared to the government index), all else being equal. The outperformance was also driven by an improvement in risk-appetite, with lower-rated BBBs slightly outperforming higher-rated A bonds. Industries with higher interest rate exposure such as infrastructure, energy, and communications underperformed those with less (notably financials and securitization), consistent with the overall shift in the yield curve.

Equities Lose Traction – Global equity markets lost momentum last quarter with the TSX declining 2.2% while major developed economies from Europe, Australasia, and the Far East (EAFE) fell 1.3% in local currency terms. U.S. equity markets, while falling approximately 3.3%, were cushioned by a strong greenback, with the index declining only 1% in Canadian dollar terms. With inflation prints continuing to be stubbornly high and employment data remaining strong, central bankers emphasized their commitment to a higher-for-longer approach to monetary policy. The hawkish tones out of the Federal Reserve pushed bond yields higher and consequently, pressured equities lower. Furthermore, mixed economic data out of China rattled investor sentiment over the quarter as global growth forecasts came under scrutiny.

U.S. Fundamentals – Although U.S. earnings continue to contract on a year-over-year basis, companies surpassed expectations with investors remaining highly focused on signs of deteriorating operating margins. After bouncing off Q1 2022 lows, forward earnings guidance continues to improve on a quarterly basis. Based on our analysis, ~35% of major companies revised earnings forecasts higher (+2% versus Q2) while ~33% held expectations constant, with the balance expecting deteriorating financial performance. Overall, improved efficiencies through cost-cutting measures and stronger-than-expected pricing power have contributed to resilience in operating margins, and therefore renewed optimism about forecasted financial performance.

Equal Weight S&P 500 versus S&P 500 – Persistent crowding into mega-cap technology stocks – which has driven the majority of market returns year-to-date in the U.S. – slowed at the beginning of the summer before reaccelerating into quarter end. The persistence of this trend has resulted in the equal-weighted version of the S&P 500 index returning a mere 1.8% over the first three quarters of the year, markedly lower than the 13.1% return observed from the S&P 500. We continue to emphasize that a crowded market surge is not uncommon during late stages of the economic cycle, and we remain focused on delivering optimal risk-adjusted returns with quantitative factors.

U.S. Quant Factors – The quality-growth areas of the market continued to outperform last quarter with market participants seeking large cash-rich companies with innovative product offerings and stable operating margins. That said, the pricing power of these companies has weakened more recently with consumers having depleted pandemic-era savings and stimulus. As such, fundamentals are beginning to appear overvalued. Low volatility stocks (i.e. stocks with lower sensitivity to broad market movement and lower price volatility) performed in-line with the overall market for most of the summer before underperforming into quarter-end when crowding into big-tech returned. While top-line projections are forecasted to post stable growth, the basket’s relatively lower operating margins remain a headwind amid surging interest rates. Dividend growth companies, which include businesses with a lengthy and established history of increasing dividends, performed approximately in-line with the broader index over the quarter. With the market forecasting overly-negative fundamental performance, this factor is positioned as a contrarian opportunity in the market.

Canadian Fundamentals – Unlike those in the U.S., Canadian companies reported shrinking operating margins in general, pressuring equity pricing. Like in the U.S., Canadian corporate earnings were mostly consistent with expectations but continue to contract on a year-over-year basis. The energy sector benefitted from a ~30% increase in oil prices during the quarter, as OPEC’s restrictive oil production schedule pushed crude markets deeper into under-supplied territory. Those higher energy prices buoyed performance of stocks in the energy sector, one of only two sectors with positive performance during the quarter, helping partially offset softer-than-expected results out of the financials and communications sectors. Meanwhile, the Bank of Canada continued with its hawkish monetary policy by raising its overnight interest rate by another 25 basis points, bringing it to 5%. Their efforts to slow economic growth are beginning to cause some deterioration in fundamentals and, with one quarter remaining, analysts are expecting Canadian earnings to contract ~9% for the year.

Canadian Quant Factors – With central banks around the world continuing to hike interest rates and uncertainty surrounding China’s economic health, global growth prospects fluttered over the quarter. The cyclical nature of the Canadian market, and therefore its reliance on global partners, saw equity prices put under pressure by growth concerns. As a result, the quality bucket benefitted from defensive positioning by investors and thus resumed its climb in Canada. Investors continue to prefer mature, large businesses that are better positioned in a restrictive economic environment due to their more stable operating margins. The value factor – which was beaten down in Q2 – rebounded last quarter with supply-driven energy strength helping to propel energy stocks higher. Low volatility initially displayed similar performance to the TSX, but energy’s rapid surge into the end of summer pressured the group lower. Given higher risk-free rates, the dividend factor also underperformed over the quarter, with dividend yields becoming less attractive on risk adjusted basis.

Views From the Frontline

Rates – Both nominal and real – rose sharply in Q3 to levels not seen since the Great Financial Crisis of 2008. A healthy labour market, strong consumer spending, persistent inflation and excess supply concerns drove the interest rate increase. Although the economy is starting to witness a deceleration in consumer spending and tighter credit conditions, central banks remain committed to maintaining a higher policy rate for longer to bring inflation back to the 2% target.

Credit – The risk premium for corporate bonds (versus government bonds) has been range-
bound over the past quarter as investors’ evaluations of a variety of scenarios have evolved: soft-landing versus a recession, geopolitical uncertainty, further central bank increases, among other things. On the balance, we do not think the current risk premium adequately compensates for downside risk, and as such, we remain cautious on corporate bonds and have a bias towards higher-quality, shorter-dated credit where we view the risk / reward dynamic as being more favourable.

Equities – Geographically, we began the quarter with a preference for U.S. equities relative to Canada and EAFE. In-line with our expectations, U.S. stocks outperformed the two regions in Canadian dollar terms. That said, weakness in the Euro versus the Canadian dollar was a headwind for our EAFE exposure. With earnings yield – which is the percentage of earnings relative to price – becoming less attractive compared to risk-free rates in the U.S., and the greenback strength becoming overstretched from a technical perspective, we have pared back our overweight U.S. position. Moreover, with Chinese officials focusing efforts on the introduction of new stimulus packages, we believe that more cyclical markets like Canada and EAFE will retrace some of their losses in the near term. Within the U.S., we entered Q3 with a constructive view on high quality growth segments of the market that provide strong operating margins during the current late economic cycle conditions. The factor moved in-line with our expectations, as highlighted in the “U.S. Quant Factor” section, and we are tactically decreasing our exposure amid stretched fundamentals. In Canada, we continue to prefer high-quality companies due to their strong fundamentals, with the group currently displaying momentum versus the broader TSX. Tactically, we are participating in the oil supply shock through the value factor.

Downloadable Copy

Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
Mohamed Bouhadi, CFA Senior Analyst, Rates	Tyler Farrow Analyst, Equity	Andrew Vermeer Analyst, Credit	Elizabeth Ayodele Analyst, Credit

ADVISOR USE ONLY

Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable Life of Canada® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

Posted November 3, 2023

Path to Success Module 4

Update on our service levels during the COVID-19 pandemic

Supporting your clients and their plan members is more important than ever during the ongoing COVID-19 pandemic

So, we’re providing an update on our service levels.

We acted quickly to ensure there were no disruptions in service – most of our staff were working remotely from home and fully functional within a few days. We’ve reallocated resources from functions where volumes are down, such as dental claims, to those experiencing higher volumes. We also created a separate queue for COVID-19-related STD claims.

As a result, we’ve been able to maintain the industry-leading service levels you have come to expect from us, and our turnaround times continue to be well within our targets.

Here’s a summary of what you and your clients can currently expect in terms of average turnaround times:

Service category	Average Turnaround Time (as of April 26^th)
Customer Care Centre wait times	89% of calls answered within 20 seconds
Responses to emails to our Service Team	Within 24 hours
Health claims	2 days
Dental claims	2 days
Life claims	1 day
STD claims	4 days
LTD claims	4 days
Plan member updates	2 days
New customer implementations	16 days
COVID-19-related plan amendments	4 days
Other plan amendments	8 days
Quotes	2 days ahead of deadline

We will closely monitor the situation and continue to adapt to ensure we maintain our service levels. And we will do our best to resolve any service issues that arise as quickly as possible.

Please feel free to contact your Group Account Executive or myFlex Sales Manager and let us know how we’re doing.

Take emotions out of investing
Taking the emotion out of investing can be easier said then done. Most of us at one time or another have decided upon something strictly because of how we felt at the time, not because it was logical or made good financial sense. I am sure most of us have a good story to tell.

When it comes to financial planning, you always want to encourage your clients to be a rational investor and accept that market fluctuation is part of the investment journey. Over the last few months, even the hardiest rational investor has been challenged to accept the market fluctuations. History shows us that this too, shall pass and markets will rise once more. The biggest question asked is always, when?

While no one has a crystal ball with that answer, the best we can do is help our clients understand that when building portfolios, risk is always at the forefront of any good investment strategy. The level of risk is just one of the building blocks to constructing a financial portfolio that will see the client through good times and bad.

Need more help? Equitable Life has created an emotional investing brochure to help your clients manage through these extraordinary times. To download a copy, click here. We have also included a template letter that you can personalize and use to reach out to your clients. To download an editable copy, click here.
Tools to manage mental health
As we all continue to manage the impacts of the COVID-19 pandemic, it’s important to remind your clients of the valuable supports available to help their plan members cope through this challenging time.

Free trusted information and COVID-19 resources

Our partner FeelingBetterNow® is responding to the pandemic by providing trusted public resources that offer mental health support. They are available to anyone 24 hours a day, seven days a week, and include:
- What to do if you’re anxious or worried about COVID-19;
- Resources for parents and caregivers; and
- National and Provincial Public Health resources.
Access COVID-19 resources from FeelingBetterNow.

FeelingBetterNow Mental Health Assessment

In addition to these public resources, Equitable Life clients with FeelingBetterNow as part of their group benefits plan have access to online mental health resources. FeelingBetterNow can help plan members identify their risk for mental health concerns and work with their doctor on diagnosis and treatment. It’s an anonymous tool developed by mental health experts which provides:
- Emotional and mental health assessments;
- Practical, evidence-based tools employees and their doctor can use to assess, treat, and follow-up on emotional and mental health concerns; and
- Convenient online access to information and effective resources.
FeelingBetterNow is easy to use and completely anonymous. It takes less than 20 minutes to complete the assessment and view your results.

Learn more about FeelingBetterNow, then contact your Group Account Executive or myFlex Sales Manager to discuss how your clients can add this service to their plan.
Have you heard about Equitable Client Access?
Equitable Client Access^® allows clients to self-serve on some of the more popular requests. Thousands of clients have already signed up for Equitable Client Access and are enjoying the benefits of accessing their secure information 24/7.

•   Does your client need to change or stop existing Pre-Authorized payment (PAD)? Equitable Client Access can do that.
•   Does your client need to change a withdrawal date for a PAD? Equitable Client Access can do that too.
•   Address or banking information changes? Equitable Client Access has your clients covered.
•   Does your client need to change her beneficiary from Aunt Flora to Uncle Ned? Equitable Client Access can even do that.

Equitable Client Access is a secure online client site that connects clients with policy information, right at their fingertips. In addition to the self-serve features, Equitable Client Access can also provide:

•    Insurance coverage and guarantees
•    Investment allocation, performance and market values
•    Transaction history
•    Statements and letters
•    Advisor contact information, along with so much more.

If your clients have not signed up for Equitable Client Access, direct them to client.equitable.ca - it only takes a few minutes to set up an account, and connects your clients with their policy information online – anytime!

Have a question about Equitable Client Access? Want to tell your client how to go paperless? Check out our updated FAQ or contact your Regional Investment Sales Manager today.

Changes to Short Term Disability Benefit Calculations The Canada Employment Insurance Commission and Canada Revenue Agency have announced the 2022 changes to Maximum Insurable Earnings, and premiums for employment insurance. These changes take effect January 1, 2022.

	2021 Amount	As of Jan. 1, 2022
Maximum Insurable Earnings (MIE)	$56,300	$60,300
Maximum Weekly Insurable Earnings (MWIE)	$1,083	$1,160
EI Benefit (55% of the MWIE, rounded to the nearest dollar)	$595	$638

How does this affect your clients?

If your client’s Group Policy with Equitable Life includes a Short Term Disability (STD) benefit which is tied to the EI Maximum Weekly Insurable Earnings, and at least one classification of employees has less than a $638 maximum, then to comply with the provisions of their policy, their STD benefit will be revised with the maximums updated based on the percentage of EI Maximum Weekly Insurable Earnings shown in their policy.

The additional premium for any increase from their previous STD amounts and new STD amounts will be show on their January 2021 Group Insurance Billing (as applicable).

If their STD maximum is currently higher than $638 or based on a flat amount (not based on a percentage or regular earnings), no change will be made to their plan unless otherwise directed.

If your clients wish to provide direction regarding revising their STD maximum, or have questions about the process, they can email Kari Gough, Manager, Group Quotes and Issue.

Site Search

656 results for open now MAKEMUR.com how to get inmate released early for money Federal Detention Center Oakdale

In this issue:

Fabien Jeudy takes over as President and CEO*

Reminder: Equitable Life’s Guide to Accessing Virtual Healthcare*

Mental health resources for plan members*

Recall of Philips CPAP machines*

Downloadable Copy

Free trusted information and COVID-19 resources

FeelingBetterNow Mental Health Assessment