National debt. Pension shortfalls. Relentless low interest rates. Those factors are forcing Canadians to change their savings strategies, and Standard Life PLC wants to change its business along with them, determined to carve out more market share in Canada.
The Scottish firm that made its name in the insurance business said Canada’s long-term savings gap is a driving force behind its strategy to become a saving and investing company. At the beginning of 2012, Standard Life stopped selling individual life insurance altogether, and instead started to favour fee-based products that would target baby boomers and the next generation of investors. Indeed, the company has some interesting ideas about what sells and what doesn’t.