Introducing Manulife Wealth
Dear clients,
Important things are happening at Manulife Wealth Inc., soon to be known as Manulife Wealth, and we want to make sure you’re aware of the changes that will be occurring in the new year.
Please note that this applies only to clients who have Securities accounts (I.e., accounts that contain a combination of numbers and letters: N11-1111-A. If your account does not have letters, please disregard the following update).
In your September 30th statements, Manulife Wealth Inc. notified you about its business and digital transformation (see September Client Notice.pdf). These changes may require some action on your part which we will continue to walk you through along the way. Here is a brief overview of the changes and some action items to help for a smooth transition.
Things to note for January 2024:
(1.) New Carrying Broker: Fidelity Clearing Canada (FCC) will be serving as the new carrying broker for Manulife Wealth effective January 20th, 2024. This means that you will maintain a direct relationship with Manulife Wealth, but FCC will carry out the custodial services and provide the digital platform.
(2.) New Account Numbers: Your account numbers will be changing effective January 20, 2024. The new Manulife Wealth January 2024 account statement will contain your new account numbers. Statement delivery preferences will remain unchanged.
(3.) Two Statements in January: You’ll receive two statements for January 2024 because of the conversion, that will be delivered to you in February 2024. One from Manulife Wealth Inc., showing a transfer out of your investments and/or cash to your new accounts custodied at Fidelity Clearing Canada ULC and a closing balance of zero, and another from Manulife Wealth, showing your accounts with the fully transferred balance (refer to the image below).
Things to do as soon as possible after the January 20th conversion:
(A.) Online Banking: To make online bill payments to your investment accounts after the transformation, you’ll need to update your account number and bill payee to Fidelity Clearing Canada ULC. Your pre-authorized debits, systematic withdrawals, and registered retirement income (LIF/LRIF/ RLIF) payments are not affected, and no action is required from your end.
(B.) Online Access: There will be a new, more user-friendly Manulife Wealth Investor Portal. If you already access your accounts online, you’ll receive an email from Manulife Wealth explaining how to use your same Manulife ID to register for the new portal at the end of January. If you do not currently have online access, you will receive an email at a later fate about how to register for the new investor portal.
Our team is excited about these upcoming changes as this digital transformation will allow us to be able to serve your more efficiently. As always, our office is here to help you with the items that need your attention. Please continue to watch for updates as we transition to Manulife Wealth. In the meantime, More detailed information can be found on the following website which will continue to be updated as new details are released!
Yours truly,
The advisory team at Matte & Associates Financial Solutions
