TBC News

Tag: financial-planning

  • Manulife Wealth and Asset Management appoints Fabio Fontainha as Head of Asia

    Manulife Wealth and Asset Management appoints Fabio Fontainha as Head of Asia

    Manulife Wealth and Asset Management (Manulife WAM), the global wealth and asset management business of Manulife that brings investment solutions to institutional, retirement, and retail customers across the globe, has announced Fabio Fontainha as its new Head of Wealth & Asset Management, Asia, effective February 2025.

    Fabio succeeds Michael Dommermuth, who is leaving the firm at the end of the year. 

    “We are excited for Fabio to build on the momentum that has been growing for Manulife Wealth and Asset Management in Asia as we look to provide wealth and investment solutions to even more investors. We believe his expertise in key areas of focus for our business will make his transition into the role feel tangible almost immediately,” said Paul Lorentz, President and CEO, Manulife Wealth and Asset Management.

    “We are also appreciative of Michael’s commitment to our firm and the impact he has had on our expansion in multiple markets over more than two decades, ranging from multiple emerging Asia markets including India, as well as the conversion of our joint venture in China into a wholly-owned entity in Manulife Fund Management. We are grateful for his leadership that has provided broader capabilities to our clients across Asia.”

    Fabio will be a member of the Manulife WAM leadership team and Manulife’s Global Leadership Team (GLT). He will be based in Hong Kong and report to Paul Lorentz and will also have accountability into Phil Witherington, President and CEO, Manulife Asia.

    Fabio will collaborate closely with all country and regional heads, chief investment officers, and global product teams to deliver investment capabilities for the region.

    He will also drive Manulife WAM’s strategic growth plans locally and provide local oversight to the retail, retirement and institutional businesses, partner closely with local functional heads, and serve as a touch point for teams working on strategic initiatives throughout Asia.

    Fabio was previously at Citigroup where he had an extensive career spanning more than three decades including experience with consumer and private wealth, as well as retail markets.

    He has also lived and worked in Tokyo, Singapore, and Kuala Lumpur during this time. He most recently served as Global Business Execution Head – Citi Private Bank.

    Throughout his career he has managed global, regional, and local businesses in Asia, Latin America, Europe, the United States, and the Middle East with various mandates including Head of Retail Banking for Citi across APAC (Asia Pacific) and EMEA (Europe Middle East Africa).

    “I’m delighted to be joining Manulife WAM at a significant inflection point in their business. I have been privileged to see the expansion and growth in Asia throughout my career and admire the progress and the commitment Manulife WAM has made to serve its clients in the region,” said Fabio. “I am looking forward to bringing my knowledge and expertise to this role and help to meet the goals of our institutional, retail and retirement clients.” 

    Manulife WAM believes its business will see additional organic growth opportunities as a result of prevalent global megatrends including the retirement savings gap, increased longevity and the need for individuals to prepare for potentially spending additional years – or even decades – in retirement compared to previous generations, and the anticipated demand from both the middle class and high net-worth populations who are seeking additional solutions to save and invest and new strategies to diversify their portfolios. 

    About Manulife Wealth & Asset Management

    As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow.

    As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

  • Manulife and MCBL Launch Limited-offer Wealth Management Product Wealth Guarantee

    Manulife and MCBL Launch Limited-offer Wealth Management Product Wealth Guarantee

    Manulife and Manulife China Bank Life (MCBL) announce the launch of Wealth Guarantee, a new single-payment insurance plan that aims to help customers grow their wealth in six years through a comprehensive savings plan.

    Wealth Guarantee is a medium-term wealth management product that grants policyholders yearly payouts of up to 4.5% over six years with 100% capital return. Wealth Guarantee also provides 125% life protection coverage, ensuring that policyholders are adequately protected during the plan’s six-year term.

    “At Manulife, we are dedicated to continuously providing our customers with products and services that fit their unique financial needs and goals. We recognize the hard work that Filipinos put in to secure their envisioned future, and we aim to be their trusted partner in achieving financial freedom. Our latest offering — Wealth Guarantee — is designed to bring customers one step closer to that dream,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines.  

    “Through Wealth Guarantee, we are giving Filipinos an investment plan option that offers competitive guaranteed returns and valuable life insurance protection, enabling them to diversify their portfolio and gain financial security,” Hora added.

    Wealth Guarantee is suited for investors interested in a medium-term savings plan, and for those looking to build their legacies for future generations.

    Wealth Guarantee will be available for a limited time beginning November 11, 2024, through Manulife financial advisors. It can also be availed through Manulife’s financial sales associates based in China Bank branches nationwide.

    About Manulife

    Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.

    Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

  • Invest Smartly: Why PRUMillion Flex Is Worth Considering

    Invest Smartly: Why PRUMillion Flex Is Worth Considering

    Pru Life UK has launched an enticing new investment-linked insurance product, PRUMillion Flex.

    This limited-time offering allows clients to pay premiums over just two years, enhancing financial flexibility.

    PRUMillion Flex uniquely combines protection with investment potential, catering to modern financial needs.

    With a minimum annual premium of PHP 250,000, policyholders gain access to a diverse selection of expertly-managed funds.

    The product’s high premium allocation towards investments aims to accelerate wealth growth significantly.

    Clients can choose from various payment modes—monthly, quarterly, semi-annually, or annually—tailoring their experience to their financial capacity.

    The insurance plan offers a death benefit of five times the annual premium or 105% of the fund value, whichever is higher.

    Moreover, upon maturity at age 85, clients receive 105% of the fund value if the insured remains alive.

    Garen Dee, Vice President and Chief Product Officer at Pru Life UK, stated that customer feedback inspired this product’s development.

    PRUMillion Flex addresses the rising demand for flexible financial solutions that balance security with growth opportunities.

    For more information about this groundbreaking product, consult a Pru Life UK agent or visit their website.

  • Critical illness insurance offered by Oona 

    Critical illness insurance offered by Oona 

    Oona Insurance, the leading digital general insurer, proudly announces the launch of its pioneering Critical Illness insurance in the Philippines.

    This launch is a significant step for Oona as it marks its entry into the local retail health segment, further cementing its commitment to safeguarding the financial well-being of Filipinos. 

    The Critical Illness Insurance is designed to provide affordable coverage for three major health threats: cancer, heart attack and stroke, which have been significant causes of illness and death in the country. Oona’s Critical Illness insurance products can be easily purchased online or through Oona’s agents and partner banks. 

    “Oona’s entry into the retail health segment marks our commitment to closing the protection gap in the Philippines, where only 1.75% of the population have insurance, leaving many at risk of financial hardship during critical illnesses. By making insurance affordable, easy to understand and simple to purchase, we are transforming how Filipinos view insurance—from an optional expense to a necessity. Critical Illness insurance is the first of many health insurance products Oona is introducing to the Filipino market. Through digital innovation, our goal is to remove the complexities and high costs typically associated with traditional health insurance,” stated Abhishek Bhatia, Founder and Group Chief Executive Officer, Oona Insurance. 

    Rising Critical Illness Cases in the Philippines

    The prevalence of non-communicable diseases (NCDs), including cancer, cardiovascular diseases and stroke, is alarmingly high. According to the Department of Health (DOH), one out of three Filipinos passed away from NCDs as of 2023. Cancer remains a leading cause of death, with lung, breast and colon cancers being the most common. Heart disease and stroke are also among the top causes of death, significantly impacting the quality of life and financial stability of many families.

    Recent data shows an increase in the incidence of these diseases among younger populations. The DOH has observed a troubling trend where cases of critical illnesses are no longer confined to older adults but are increasingly diagnosed in younger individuals. 

    On top of this, the financial burden of these illnesses is substantial. For instance, the cost of treating lung cancer can reach up to PHP 2.78 million, while a stroke can cost around PHP 1.8 million. Studies show that many Filipinos are not financially prepared for sudden medical expenses, often resulting in significant financial hardship and the need to borrow money or sell assets to cover medical costs. 

    Simplifying Health Insurance and Making It More Accessible 

    With a digital-first approach, customers can easily access myoona.ph to purchase insurance. They only need to select the critical illness protection they want and answer 4 simple questions about themselves, adjust the preferred coverage amount ranging from PHP 100,000 to PHP 500,000 and check the price. 

    Oona’s Critical Illness insurance products pay out upon diagnosis of covered critical illnesses (as opposed to reimbursement), allowing policyholders to use the funds for treatment, daily expenses or any other needs. The Critical Illness insurance offers bundling coverage for all three critical illnesses starting from as little as PHP 145 per year, as well as a stand-alone package for each illness starting from PHP 51 yearly only. Customers as young as 18 years until a maximum of 65 years old can apply for the insurance, with an extension until they reach 70 years old. 

    “At Oona, we believe quality insurance should be a right for all. We are excited to introduce Oona Critical Illness insurance to Filipinos. With real-time policy issuance and 100% of the coverage amount paid in cash, customers can use the funds for hospital bills, daily expenses or any other needs. This financial support allows them to concentrate on what truly matters: their treatment and recovery”, said Ramon L. Zandueta, President and CEO, Oona Insurance, Philippines. 
    To learn more about Critical Illness insurance, visit https://myoona.ph/ or get in touch with their agents here.

  • Millenials are financially literate yet lack plan of action

    Millenials are financially literate yet lack plan of action

    Sun Life Asia released its inaugural “Sun Life Asia Financial Resilience  Index”, which examines the financial behaviours and beliefs of individuals in eight markets across the  region, and the barriers they face in building long-term financial security.

    The Index shows that while  Filipino millennials have the highest levels of financial resilience, many still lack a plan of action – a key  pillar of financial resilience.  

    The Sun Life Asia Financial Resilience Index is based on a survey of 8,000 people in eight markets: the  Philippines, Malaysia, Singapore, mainland China, Hong Kong SAR, India, Indonesia, and Vietnam. Key  findings include:  

    The survey of 1,000 people in the Philippines found that millennials are the most financially resilient  generation. They are more optimistic about their financial futuresthan their Baby Boomer peers (80% vs.  71%) and Gen Z peers (80% vs. 71%), but just as optimistic as their Gen X peers (80% vs. 80%). They are  more likely to make financial decisions based on research than older generations (50% vs. 46%).  

    They are also more confident in their ability to meet their long-term financial goals compared to older  generations (68% vs.60%). That said, only 41% have a financial plan beyond a year which puts their goals  at risk.  

    “Filipino millennials stood out in our study as the most financially resilient generation,” said Carla  Gonzalez-Chong, Chief Client Experience and Marketing Officer of Sun Life Philippines. “As a very tech savvy generation, millennials have more tools at their disposal when it comes to financial planning and are  more likely to base their decisions on research. That said, the study shines a spotlight on a worrying  phenomenon that not many have a long-term financial plan in place to meet their life goals. Having a well  thought out plan needs to be a priority for those looking to secure their financial future, especially in  today’s ever-changing and dynamic investment landscape.”  

    The Index found that across Asia, confidence outstrips preparedness when it comes to long-term financial  goals. In the Philippines, 65% of respondents are confident in meeting their long-term financial goals  (compared with a 69% Asia average) yet only 41% have a financial plan beyond one year ahead (compared  with a 40% Asia average). Filipinoslisted retirement and savings as their second highest financial priority,  but only 14% currently have a retirement or pension plan to support their goals. 

    “The Sun Life Financial Resilience Index provides a window into how households across Asia are  approaching their financial goals and protecting their future. It’s encouraging that so many Filipinos feel  more optimistic about their finances in 2024, and this optimism deserves a plan to make it a reality. A 

    financial plan provides simple, clear steps toward achieving their wealth and health goals,” Gonzalez Chong added. 

    Over half of Filipino respondents (51%) reported that emotion and trust played a key role for them in  making financial decisions. Financial institutions were the most trusted sources of financial information,  followed by family and friends. Social media is a common source of financial advice (42%), but few trust it  (13%).Half (50%) of respondents wantto educate themselves more about personal finance yet they may  be reluctant to ask for help – as only (21%) of respondents currently seek professional help or advice in  managing their finances.  

    The survey found that even among the wealthiest respondents in the Philippines, many lack preparedness  and under-estimate their expenditure levels or the benefits of a long-term financial plan. High-income  respondents are in fact more likely to exceed their monthly budgets (28%) than those with lowerincomes (24%), and also are less confident in managing their finances to meet long-term goals than lower-income  groups (69% vs 75%). 

    View the Philippines findings of the Sun Life Asia Financial Resilience Index here: https://sunlife.co/financial-resilience-report-PH

  • This is your chance to become a Sun Life financial advisor

    This is your chance to become a Sun Life financial advisor

    Sun Life Philippines, the No. 1 life insurance company in the country in terms of premium income, net income, and total assets, is hosting a series of recruitment events for Financial Advisors called the Live Brighter Forum in select cities nationwide.

    The series of Live Brighter Forums aims to amplify “The Next Big Gig”, a campaign that invites Millennials and Gen Zs to become a Sun Life Financial Advisor as their next income generating gig. It will kick off at the SMX Convention Center in Davao City on April 27, and continues at the Zuri Hotel in Iloilo City on May 11, SMX Convention Center at Pasay City on May 18, and Laus Group Events Centre in San Fernando, Pampanga on June 15.

    Potential candidates joining the event can expect to learn more about how being a Sun Life Financial Advisor can give them unlimited income opportunities, the freedom of time, and help develop a sense of purpose as they help their clients achieve a more secure and brighter life. Real-life stories from Sun Life Financial Advisors will also be shared.

    Attendees can also participate in activity booths that simulate the experiences of a Sun Life Financial Advisor. These include the “Next Big Quiz,” a quiz booth that challenges the attendees’ knowledge on life insurance; the “Next Big Destination,” an international-themed photo wall which represents the travel incentives of Sun Life advisors; and the “Next Big Project,” a booth that showcases the advisors’ corporate social responsibility activities where participants can also vote on the project advisors should support next. Exclusive Sun Life merchandise and other exciting prizes await those who will give the booths a try.

    Those interested to join any of the Live Brighter Forums can get in touch with a Sun Life advisor or visit www.sunlife.co/gig to know more.