To better serve our clients, significant enhancements are being made to the CBIA / Lawyers Financial Investment Program.
What happened to CBA Financial (CBAF)?
On December 1st, 2016, CBA Financial Services Corporation (CBAF) was amalgamated with The Canadian Bar Insurance Association (CBIA).
CBIA now operates under the Lawyers Financial brand name; your investment program will now be referred to as the Lawyers Financial Investment Program (“LFIP”).
What changes are being made?
Effective October 26th, 2017, Morneau Shepell will be the new administrator and Great-West Life will provide the investment options.
Why are we making this change?
At CBIA / Lawyers Financial we continuously review our programs to ensure they meet the evolving needs of our clients. Based on your feedback, and the changes we have seen in the financial marketplace, we knew we could make our already excellent investment program even better! So, we sought a new administrator who could deliver service excellence and provide our clients with significant enhancements.
Who are the program providers, and what are their roles?
- Morneau Shepell is the plan administrator. Morneau Shepell handles the day-to-day running of the program, including record-keeping, statements, customer support and online access.
- Great-West Life is the fund provider and custodian. As fund provider, Great-West Life offers a suite of investment/segregated funds. As custodian, Great-West Life sets up the accounts which hold client investments.
- London Life is part of the Great-West Life group of companies. The London Life name will appear in some plan documents/websites.
- CBIA / Lawyers Financial is the overall plan sponsor. Our role is to provide value for the legal profession, their families and staff, across Canada.
What are the Enhancements?
- Lower costs. Already low Investment Management Fees (IMFs) are being reduced for most funds.
- More investment options. A significant increase in the number of funds.
- Socially responsible funds.
- New asset classes such as real estate, low volatility, regional equity, and fixed income alternatives.
- Non-registered accounts.
- Cost transparency. The cost of your funds (IMF) will be itemized on your statement. For non-registered accounts, these costs are tax deductible, but please check with your tax professional for details.
- Improved technology. Morneau Shepell is a leader in client-centric investment tools. You will have access to a powerful retirement income calculator, and the ability to rebalance your portfolio with the click of a mouse.
In addition, we will continue to offer our Loyalty and CBA Member discounts*:
- The LFIP Loyalty Program. We believe in rewarding loyal clients. As your account grows, you benefit from even lower IMFs. Account balances between $50,000 and $499,999 receive a discount of 0.10%, and account balances of $500,000 or more receive a discount of 0.20% off our already low IMFs.
- The loyalty discount has been changed slightly from the previous program in order to accommodate lower IMFs.
- CBA Member Discount. CBA members receive an additional discount of 0.40% off our already low IMFs.
- Combined discounts. The CBA Member Discount can be combined with the LFIP Loyalty Program for significant savings!
When is the program moving?
Accounts will be moving to Morneau Shepell on October 26, 2017. In order to ensure a smooth transfer, investment changes will not be allowed as of October 23, 2017. Clients will regain access to their accounts on November 1st, through a secure website at mysite.lawyersfinancial.ca. We have arranged for the transfer to be market neutral; this means the ‘sells’ at Manulife and the corresponding ‘buys’ at Great-West Life will take place on the same day.
I’d like to open a new account. What do I do?
New accounts can be opened under the new program as of November 1, 2017. If you wish to open a TFSA or RRSP, prior to November 1, please open an account under the existing Manulife program and your account will be automatically transferred to Morneau Shepell on October 26.
Where will my investments be moving?
Great-West Life segregated funds will be replacing the existing Manulife segregated funds. Great-West Life is one of Canada’s largest financial services companies. Many of the investment options currently available will remain the same, while others may change. In those instances where Great-West Life does not have the identical fund as Manulife, you will be mapped to a similar fund. Refer to the following mapping table for details.
|Manulife Fund||Great West Life Fund|
|Manulife Retirement Date Funds||GWL – Vanguard Target Retirement Funds|
|Manulife Canadian Money Market Fund||GWL – Portico Money Market Fund|
|Manulife Asset Management Canadian Bond Index Fund||GWL – TDAM Canadian Bond Index Fund|
|Manulife PH&N Bond Fund||GWL – PH&N Bond Fund|
|Manulife Jarislowsky Fraser Balanced Fund||GWL – Jarislowsky Fraser Balanced Fund|
|Manulife Greystone Balanced Fund||GWL – Greystone Balanced Fund|
|Manulife Leith Wheeler Diversified Pooled Fund||GWL – Leith Wheeler Balanced Fund|
|Manulife Jarislowsky Fraser Canadian Equity Fund||GWL – Jarislowsky Fraser Canadian Equity Fund|
|Manulife Mawer Canadian Equity Fund||GWL – Leith Wheeler Canadian Equity Fund|
|Manulife CC&L Group Canadian Q Growth Fund||GWL – Bisset Canadian Equity Fund|
|Manulife Blackrock U.S. Equity Index Fund||GWL – TDAM U.S. Equity Index Fund|
|Manulife U.S. Diversified Growth Equity Fund (Wellington)||GWL – Putnam U.S. Growth Fund|
|Manulife Sprucegrove International Equity Fund||GWL – Sprucegrove International Equity Fund|
|Manulife JP Morgan Global Intrepid Fund||GWL – Setanta Global Equity Fund|
|Manulife Fidelity Global Fund||GWL – Fidelity Global Fund|
What do I need to do?
Your Welcome Letter will provide your logon credentials. You can then visit the secure website at mysite.lawyersfinancial.ca where you can:
- Learn more about the Program and your investment options;
- Determine your current tolerance for risk by completing the online investor profile;
- Make sure your asset allocation is correct;
- Review your investment line-up and make changes;
- Review or select your beneficiary(ies);
- Set up pre-authorized regular contributions** (refer to the insert for details); and
- Monitor whether you are on track to reach your retirement goals.
** For individual investors only. Contributions for law firm members are handled by your firm.
For more information:
- Visit the Lawyers Financial website at lawyersfinancial.ca/investments to read our FAQs;
- Contact your Lawyers Financial Advisor;
- Contact CBIA/Lawyers Financial at 1-800-267-2242 or email@example.com.
- As of November 1, 2017, contact the Lawyers Financial Investment Program Call Centre at 1.866.497.9091, Monday to Friday, from 9:00 a.m. to 5:00 p.m. eastern time, or logon to the secure website at mysite.lawyersfinancial.ca.
*The LFIP Loyalty Program and CBA Member Discounts are only available for individual investor plans.