Canada Life’s VP of sales on how he's helping organizations and their people plan for the future
New research released this month from HOOPP and Abacus Data found that one in five Canadians have no savings at all – with most people adding that they feel very unprepared for retirement. With an estimated three million Canadians set to retire in the next decade, it begs the question of why are employees so woefully unprepared for their future? And, more importantly, how can employers help?
Craig Christie learned firsthand the importance of having the right savings and life insurance solutions in place after the sudden and unexpected death of his father. Speaking to BPM, the VP of sales and service at Canada Life, says that having a small insurance plan and some savings in place allowed for a certain degree of comfort and support.
“For my family, having that proper support ultimately allowed my mom to be taken care of,” he says. “Which afforded my sister and I the opportunity to continue to pursue education, follow our career aspirations and support our own families.”
At Canada Life, Christie finds himself in a similarly supportive role, working close to customers and advisors as they navigate significant life changes.
“We’re committed to supporting that type of trust,” he explains. “A mentor of mine helped reinforce the responsibility that comes with helping hardworking Canadians enjoy their retirement years. We want customers to be supported so they can share this special time with the people in their life.”
And that level of support is certainly needed right now. HOOPP’s research found that 49% of Canadian women have less than $5,000 in savings for retirement. What’s more, the day-to-day is the top financial priority for women (57%, compared to 49% of men), while men focus more on saving for retirement (51% compared to 46%).
For their clients, Canada Life offers a comprehensive approach to retirement planning through their Canada Life Retirement Funds, in partnership with Irish Life, Investment Management.
“We have three portfolios that are designed to help manage risk tolerances in a specific stage of life, such as a retirement where they’re drawing income from their portfolio,” explains Christie. “Everyone has their own specific set of circumstances when it comes to retirement, and we don’t believe that there’s a one-size-fits-all approach.”
However, in today’s market, nothing can be taken for granted. And, in order to really help clients, Canada Life is committed to staying agile.
“In a volatile market, we believe it’s important to offer choices that people can understand and therefore are able to choose the best solution for them,” he explains. “Some people have a hands-off approach, which means they rely on our team of experts to handle their investments. Others like to do it all themselves. And then we find a lot of people are in between. I’m so proud to say that we have one of the broadest offerings of investment solutions among providers here in Canada.”
With over 30 years in the industry, Christe’s seen it all. Looking back on his career, he puts a lot of his success down to always being humble.
“One of the most significant traits I admire and try to emulate is humility," Christie adds. "Showing you care about individuals and their growth is paramount. It's about striving to better understand the people we support.”
Christie also notes the privilege that comes with his line of work, describing how understanding the pressures that plan sponsors face helps to provide meaningful support they are looking for.
“Meeting with plan sponsors and understanding their pressures gives me a real sense of the importance of our work. It drives our constant review of our offerings and seeking new ideas that are feasible and deliverable, ultimately helping folks retire with dignity.”
When asked about future trends in retirement planning, Christie advised the need for foresight – especially considering, according to a recent Deloitte study, there’s three million Canadians planning to retire in the next decade.
"These Canadians want their nest eggs to continue growing even after retirement," Christie adds. "We need to stay up-to-date not only within Canada but also globally, providing guidance within our industry and understanding regulatory landscapes.”
Then there’s the incorporation of Environmental, Social, and Governance (ESG) criteria in product solutions to consider.
“There is an increasing responsibility to incorporate sustainability within our product solutions and our corporate philosophy," Christie adds. “Whether it's community funding, raising money by our own employees, or reducing greenhouse gas emissions, these efforts are integral to our approach.
“Understanding what is available and developing products that align with the values and goals of our clients is crucial.”
