★ MANULIFE SECURITIES · ADVISOR REVIEW · 2026

The Manulife-distribution arm.

Manulife Securities is the wealth-distribution arm of Manulife Financial. Approximately 1,200 advisors across Canada operating as Manulife-affiliated independents (similar to Raymond James model). Strong distribution of Manulife-proprietary segregated funds, mutual funds, and life-insurance-as-investment products. Cross-sells insurance aggressively — be aware that the advisor's incentive structure favors permanent life insurance solutions.

7.4/10
★ AT A GLANCE

The numbers

FOUNDED1996Manulife subsidiary
ADVISORS1,200+Canadian
FOCUSManulife productsSeg funds + permanent life
FEE1.0-1.6%AUM-based
★ THE PRODUCT-BIAS PROBLEM

Manulife Securities advisors aren't restricted to Manulife products, but the commission structure heavily favors selling Manulife seg funds (vs third-party ETFs) and permanent life insurance (which generates 8-15× the commission of a term policy). If you walk in saying "I want low-cost index investing," they'll mostly steer you toward Manulife-branded balanced funds at 2%+ MER. If you want unbiased portfolio construction, look at a fee-only CFP through PWL Capital or similar.