''For us, it always anchors back to our purpose''

At Sun Life, their core mission is to help clients achieve their lifetime financial goals. Something Eric Monteiro, Senior Vice President, Group Retirement Services, puts down to three main components of his team’s strategy: engagement, ease of planning, and personalized advice.

Speaking to BPM, Monteiro explained that Sun Life prioritizes engagement by leveraging digital tools that offers timely nudges to clients. These reminders prompt clients to take crucial actions, such as maximizing employer contributions or updating beneficiaries.

“For us, it always anchors back to our purpose - which is to help clients achieve lifetime financial security and live healthier lives,” he tells BPM.

The first component is engagement, according to Monteiro – once that is perfected the second aspect is around simplifying the planning process. Monteiro proudly highlighted the One Sun Financial Plan, their flagship tool, which has been instrumental in boosting clients’ confidence and contributions. This leads to higher retirement balances and improved financial security.

As Monteiro points out: “People with a financial plan feel more secure in their financial future. They actually make higher contributions and have higher balances. When you look at what we call retirement readiness, which we measure at the plan level and at the member level, they actually tend to have more retirement readiness too.”

Providing personalized advice constitutes the third crucial element of Sun Life’s GRS strategy. Through the 360 Plan Advice service, clients receive tailored advice from licensed financial services consultants, at no additional cost. Monteiro tells BPM that this service is designed to cater to a wide range of needs, from offering simple guidance for younger employees to delivering comprehensive advice for those nearing retirement.

“Our 360 Plan Advice offers personalized, in-depth consultations that adapt to the unique circumstances of each client,” he adds.

All of these concepts are tied together by one integral component – innovation. Monteiro highlights three main strategies to stay ahead in terms of innovative products and services. Firstly, they listen to their plan members and sponsors through regular surveys and the Client Partnership Council, where clients provide feedback.

“I personally read through plan member comments from our surveys. It’s vital to understand what our clients are thinking and what they need,” he tells BPM.

Secondly, Sun Life monitors global trends, particularly in markets like Australia, the UK, and the US, to learn from their evolving approaches. Finally, they adopt an agile, test-and-learn mindset. Monteiro is also proud of the AI-based One Sun Financial Plan, which offers personalized strategies and recommendations, as a significant innovation.

“We deploy in an agile manner, knowing that not every attempt will succeed, but each one teaches us something valuable,” he says.

At Sun Life, they take retirement planning seriously. While often a neglected area of the overall benefits plan, Monteiro is passionate about helping clients achieve their wealth goals through consistent contributions. And, as he tells BPM, features like employer matching, auto-enrollment, and auto-escalation play significant roles in this phase.

“We aim to engage members at every stage of their financial journey, providing them with the tools and advice they need when they need it,” Monteiro explains.

Monteiro is quick to remind us, retirement planning isn’t only about saving for retirement, but understanding how to use those savings in retirement.

 “Flexibility, and choice is key when it comes to decumulation,” he adds. “Retirement looks different for everyone. Some might choose to travel or buy a vacation property, while others will be low key, reduce spending, and stay close to home. Whatever it may be, I want people to feel confident in planning for the retirement they want, when they want it.”