The Autumn and Winter usually bring a heap of promotions for RRSPs ahead of the February monthend contribution deadline. But this year, RRSP campaigns will be much less ubiquitous.

That’s because “RRSP season is [now] an all-year-round event,” says Rose Cammareri, executive vice president of retail distribution with AGF Investments Inc. in Toronto.

And there are several reasons why asset-management companies now operate on this expanded time frame. Topping the list is a shift away from RRSPs specifically in favour of retirement planning in general.

“The message needs to be broader than just ‘Contribute to your RRSP’,” says Caroline Dabu, vice president and head of retirement and financial planning strategy with Bank of Montreal in Toronto.

This shift to retirement planning is good news for financial advisors.

In fact, the Investment Funds Institute of Canada’s annual survey of mutual fund investors, released last month, found that more than three-quarters of investors say the main purpose of their mutual fund investments is for retirement.

This autumn, BMO launched Smart Steps for Financial Plan-ning, a campaign to encourage Canadians to save for the long term because it’s something they are not doing much of now, Dabu says: “Two-thirds of Canadians fail to make contributions to RRSPs. Of those who do contribute, 30% don’t do it every year.”

And those investors most likely to contribute are those who see a financial advisor, says Neil Taylor, vice president of marketing with Investors Group Inc. in Winnipeg: “According to a July 2010 report by [IFIC], 69% of advised households have RRSPs compared with only 29% of
non-advised.”

As a result, financial services firms such as Investors Group are reaching out to the public, directly through mass media and indirectly through advisors.

“We will promote the importance of a retirement plan,” says Taylor, “through one-on-one discussion conducted by our 4,500-plus consultants coast to coast and also through advertising messages in print, television and the Internet.”

AGF is taking a similar approach to promoting retirement planning. The firm has developed a new campaign entitled Straight Talk that is geared toward both investors and advisors. Says Cammareri: “The material will be topical, relevant and packaged to appeal to investors.”@page_break@As well, she adds, the fund company will host its annual presentations for financial advi-sors in the new year. The plan is to visit 20 cities in three weeks. “It’s important,” she says, “to spend a tremendous amount of time on the road to meet with advisors.”

Like many competitors, Toron-to-based Royal Bank of Canada intends to promote RRSPs as the deadline for contributions looms — but with an expanded focus, as it aims to promote new long-term savings products that are now in the mix.

“We are planning to do TV advertising, print advertising, online advertising, branch posters, as well as our annual RRSP poll again this year,” says Michael Walker, vice president and head of branch investments with RBC. “[In fact,] this year will be the 21st anniversary of the poll. We are continuing to do the same kind of spending as in previous years, and will continue to promote investments this winter as much as we ever have.”

However, Walker adds, “The only difference is that our traditional RRSP season has evolved to become more of one around focusing on investments overall — including both RRSPs and tax-free savings accounts. We have expanded our RRSP season to include both.”

Says Dabu: “TFSAs have not replaced RRSPs, but they are viewed as shorter-term investment vehicles. They’re viewed very differently from a retirement vehicle. We’re emphasizing both.”

However, the greater emphasis — when it comes to communicating with investors about retirement planning — remains on RRSPs.

“TFSAs will not reduce the emphasis on RRSPs,” says Jamie Hyndman, director of marketing with Mawer Investment Management Ltd. in Toronto, “because an RRSP contribution produces an immediate benefit through a reduction in taxable income, whereas the benefit of TFSAs only occurs at a later date, when the investor withdraws funds from the account.”

The opportunity to contribute year-round to an RRSP has also relieved pressure on the need for yearend promotions. Walker notes that monthly contributions are a “significant ongoing portion” of RRSP sales.

But, he adds, “The winter investment season is still a significant time to have conversations around advice for saving for retirement.”

What is not needed, Hyndman says, is an explanation of what an RRSP is or its value.

“We don’t spend any advertising dollars to promote RRSPs,” he says, “because we believe the concept and deadlines are already quite engrained in the minds of Canadians. We do, however, put a reminder of the deadline in our client-statement packages. This is what we have always done.” IE