Wealthstyles,
offered by Manulife Financial Corp., is a useful online tool for advisors who want to use a lifestyle approach in their financial planning process.

Unlike traditional software programs, WealthStyles combines a comprehensive package of online tools and concept-based marketing materials so advisors can assist clients more effectively at various stages of their lives.

WealthStyles is available free to registered users of Manulife’s Repsource, a password-protected site to which it is linked. Independent advisors who do not sell Manulife products can have access to WealthStyles and the tools available on Repsource — with the exception of a customized version of NaviPlan, a financial planning software package available only to Manulife advisors at a corporate rate.

To become a registered user, go to the Manulife Web site, at www.manulifeinvestments.ca/
wealthstyles.

The software component of WealthStyles incorporates a variety of financial planning tools and calculators that facilitate informed decision-making in areas such as investing, retirement, insurance and annuity planning. For instance, the “insure right” calculator provides an estimate of how much life insurance coverage is required, while the critical illness calculator estimates CI insurance requirements.

The concept-based component of WealthStyles is an electronic library of professionally prepared articles, stories, PowerPoint presentations and tips to help advisors deal with challenging client situations. Most of the marketing materials provided by WealthStyles are strategic in nature and do not provide direct product recommendations. This unbiased approach makes it easier for advisors to engage their clients in discussion.

Jeff Carrique, assistant vice president of marketing with Manulife in Waterloo, Ont., says the WealthStyles program has been designed to link a lifestyle, life event or life stage to specific investment needs.

“We believe that by taking this approach,” he says, “advisors can better target their marketing efforts to the most receptive clients and prospects.”

WealthStyles was built on proprietary research that defines the characteristics of different “wealth stages” of the population at large. It places potential clients in five segments:

> WealthStarters (ages 21 to 34);

> WealthBuilders (34 to 44);

> WealthAccumulators (45 to 54);

> WealthAccelerators (55 to 65);

> WealthPreservers (65 and older).

There is a detailed description of the demographic and psychographic attributes of each client age segment, including financial circumstances, savings and assets, investment preferences, income level and household characteristics.

The depth of research information provided is especially useful for advisors who want to build their businesses by segmenting. Advisors can use this information to determine which segments are the most feasible when developing their business plan.

Advisors can also assist clients with life events and goals using online library tools and resources dealing with events such as a death in the family, divorce, losing a job, minimizing taxes, managing debt and starting a business.

Linked to each life event are library resources that advisors can send to their clients or use in newsletters or other mailings.

“This makes it easy for clients to deal with difficult situations,” says Cindy Mercury, marketing manager, segments, at Manulife. “For instance, an advisor can send a client an article on divorce as a precursor to having a discussion on this sensitive subject.”

WealthStyles also provides advisors with comprehensive business-building tips and resources on subjects such as how to plan a seminar or a client appreciation event; how to prospect for new clients or initiate meaningful conversations; and how to target small-business owners.

Although WealthStyles is proprietary to Manulife, which automatically conveys a company bias, the resources it offers can be effectively used by any independent advisor in any situation, without prejudice to Manulife.

However, the Repsource link, which is geared more toward Manulife’s own products, introduces an element of bias. IE