Forgot your password?

Please enter the email address you used when registering.

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Invalid login

Enter your password to login.

Invalid email
Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

To verify your identity, we need to send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Resend the email

Confirmed.
Welcome back.

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Please enter a valid phone number.

We need a phone number to keep your account secure. We'll send you a code to validate your phone number right now.

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number

Forgot your password?

Please enter the email address you used when registering.

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Enter your email address

Invalid email
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.
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Number is too short
Number is too long
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Passwords do not match
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

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A guide to navigating the current crisis

As plan sponsors and investment managers, we find ourselves in precarious times. Over the past several weeks, our lives have all been turned upside down. As we adjust to this new way of living and doing our part to protect our families and others, we’ve been caught fighting not only a healthcare battle, but also a financial one.

Those of us who were asset owners during the 2008 global financial crisis will no doubt recognize many similarities in terms of the fear and anxiety around decision-making. While the financial system today is by no means under the same level of stress as it was back in 2008, this crisis has given us all pause to step back and reevaluate our investment strategies. This recent market drawdown happened extremely quickly and, as a result, was difficult to anticipate for even seasoned investors. As we reexamine our own plans, and help our clients navigate this perilous environment, we highlight some of the key issues and concerns that we believe plan sponsors should be thinking about. 

What have you likely experienced?

Unless you were one of the fortunate few to have fully derisked your plan, you likely experienced a deterioration in your plan’s funded status through the end of Q1. We highlight below a few examples of varying asset mixes from a traditional balanced 60% equity/40% fixed income mix to a 20% equity/80% liability-driven investment (LDI) portfolio. In all cases, plans that started off the year fully funded saw a potential decline of up to 16 percentage points.¹ Such a dramatic fall would clearly have a significant impact on a plan sponsor’s ability to make necessary contributions and almost certainly alter the plan’s return on asset requirements necessary to reduce the funding gap.

There’s no question in our minds that we now find ourselves in a bear market and a global recession unprecedented in its cause. As scientists and the healthcare community continue to grapple with COVID-19, many investors find themselves struggling with what to do next in their portfolios. The significant increase in monetary and fiscal stimulus from central banks across the globe has helped to provide some support for markets, although we won’t know the full extent of their efficacy for some time. While it’s impossible to predict how many months or quarters of continued volatility and uncertainty lie ahead, there are several things you can do today to help ensure future investment success. 

Image shows three charts, illustrating the effect on the funded status of pension plans that started the year fully funded. The charts compare plans with a traditional 60% equity and 40% bonds asset mix and those using a 20% equity and 80% LDI portfolio. Chart one shows that Canadian plans with a 60/40 asset mix saw their funded status fall from 100% to 91% over the quarter, while those using a 20/80 approach saw their funded status fall to 97%. U.S. plans using a 60/40 mix would’ve seen their funded status drop to 86%, compared to a 5% decline to 95% for those with a 20/80 mix. In the U.K., funded status fell to 84% for those with a 60/40 split, compared to 95% for those using a 20/80 mix.

What are we focusing on in the management of our own plans?

As managers of our own internal pension plans, we’re spending our time focusing on four key areas: funding levels, liquidity, rebalancing, and evaluating our managers.       

  • Funding levels. Getting a baseline on your plan’s funded status is the most critical starting point. Since the 2008 financial crisis, many plans have adopted more frequent monitoring of their funding levels, but some still lack the full transparency necessary to react dynamically to changes. We’re evaluating our levels in relation to the current market environment so we can fully understand any impact on our investments and contribution policies.
  •  Liquidity. Near-term liquidity has been front and center on plan sponsors’ minds in the hope of avoiding a repeat of the challenges that arose in fixed-income markets during the 2008 financial crisis. Having access to cash became a commodity as money markets “broke the buck” and commercial paper markets froze up. Fortunately, those lessons appear to have been learned, and we‘ve seen a tremendous monetary and fiscal response from central banks, which has helped instill confidence and keep money moving. This doesn’t mean that liquidity now comes for free, however. We recommend carefully evaluating your portfolio, including any positions that have infrequent redemption windows, in order to fully understand the liquidity risk of not being able to make pensioner payments. Focusing on positions with the least amount of friction is important in order to avoid unnecessary transaction costs. Longer term, this crisis should give plan sponsors pause to evaluate the balance between the allocation of public and private assets and their ability and willingness to assume liquidity risk.
  • Rebalancing. The recent drawdown in equity markets has left most pension plans significantly underweight in equities in relation to their investment policy and procedures. It’s difficult to know the appropriate time to rebalance back toward stated long-term targets: Calling a market bottom is a thankless task and not an activity we’d recommend. However, given the decline in valuations, careful investors can find longer-term value. We’re using the market dislocation to evaluate those asset classes and managers that we believe will serve us best in the eventual rebound. For those plan sponsors with the flexibility to actively manage their asset allocation outside of the traditional quarterly committee process, we believe there is an opportunity to selectively reduce any major underweights in the portfolio.
  • Evaluating our managers. Market events such as these give us as plans sponsors the opportunity to carefully evaluate the managers that we’re invested with. Managers are hired to perform against a stated objective of what types of market environments they’re expected to perform best in. Markets such as this test active managers’ abilities to add value both on the downside and on the rebound. We’re taking time to review our managers’ performance and ensure their value propositions are intact. We suggest plan sponsors use this time wisely and increase communication with their managers to fully understand their exposures and their philosophy for navigating the current crisis.  

Potential solutions when managing assets in the context of liabilities

In addition to overseeing our own internal pension plans, we also manage assets and advise on several OCIO and LDI strategies for a wide variety of plan sponsors and corporations around the globe. With our broad perspective, we view the current crisis as an opportunity for our clients to review their investment beliefs and make adjustments as necessary. To this end, leaders should take the time to assess their current situation and, depending on the structure already in place, either improve on the core investment strategy or seize the occasion to build a road map for the future.

Road map for large plans: improve on core strategy

For sponsors who already have a solid foundation in place, often designed in the wake of the global financial crisis 10 years ago, the current environment offers an opportunity to build on this base. Below are several action points that decision-makers can consider to improve on what they already have in place.

  • Rebalancing: unintended consequences?

An often missed and unintended consequence of rebalancing actions between the liability-hedging assets and the risk-seeking assets of an LDI plan is a decrease in the interest-rate hedge ratio. Equities typically suffer more than fixed income in a market sell-off, so the rebalancing action would be to sell out of fixed income and reallocate to equities. The unintended decrease in the interest-rate hedge ratio, if nothing is done, could put the funding ratio of the plan further at risk as the path of rates is unknown, and long discount rates could decrease further in difficult economic times. To alleviate this impact, decision-makers can consider decoupling the asset allocation decision from the interest-rate hedge ratio by using an LDI completion management approach with or without leverage.

  • Corporate credit exposure: revisiting the allocation

With corporate credit spreads widening significantly, it might be a good time to revisit the strategic allocation to the corporate bond sector. Defining the right allocation in the context of liability valuation methods can help identify sector allocation gaps and improve the tracking error between a custom benchmark and the liabilities.

  • Real return bonds: a buying opportunity?

With the real return bond market showing signs of dislocation, with break-even inflation yields dropping below 1%, sponsors with pension payments indexed to the consumer price index may want to revisit their inflation risk coverage. A market with such low implicit inflation can either be viewed as a buying opportunity or a sign that low inflation is here to stay. We offer a warning that in times of disrupted markets, the way fixed-income securities are traded by market participants might be driven more by forced selling in order to generate liquidity than to express a view about future inflation.

  • Private/real assets: diversify, diversify, diversify

Diversification is the basic principle of investing and is just as important in the context of private/real assets. As the crisis continues to unfold and certain sectors of the economy are hit harder than others, the benefits of diversification in public and private assets are plain to see. Sponsors, therefore, might want to consider revisiting their portfolios and seek out opportunities to add different asset classes to their core private and real assets allocation.³

  • Gliding into more interest-rate coverage

Once again, the current crisis highlights the fact that the course of interest rates is difficult to predict, and even in this low interest-rate environment, further interest-rate declines are possible. This reinforces the need to properly frame the management of a derisking plan and a glide path with the ability to dynamically move into more interest-rate coverage as the markets return to normalcy and the health of plans start to improve. More frequent liability valuations and assessment of the financial position of the plan should allow for more nimble transactions and a diversification of entry points into the fixed-income market through dollar cost averaging.

 

Road map for small plans: implement an agile framework

For sponsors and corporations without the internal resources and time to implement more complex strategies, these uncertain times might present an opportunity to refocus the various stakeholders and implement an agile framework to better manage pension risk. The market has evolved tremendously over the past few years and now offers a number of solutions previously only available to the largest asset holders.

  • LDI

A variety of LDI pooled solutions with specific exposures to either the government or corporate sectors can allow for a tailor-made approach in managing fixed-income assets against pension liabilities.

  • Leverage

The use of leverage through a pooled solution can improve the interest-rate hedge ratio of the plan without sacrificing the allocation to risk-seeking assets and requiring heavier operational processes.

  • Access to private/real assets

It’s now possible to have a single-entry point into a fund providing a diversified exposure to a variety of private/real assets. We believe this is an ideal opportunity for sponsors to either consider an allocation to private/real assets as a means of diversifying their risk-seeking assets, or to review their existing allocation to potentially broaden the scope of asset types, again in the interests of diversification.

  • Dynamic glide paths

The good news for smaller plans is that it’s not too late to put in place a framework, including a dynamic derisking glide path. As the current environment makes asset allocation decisions challenging, a glide path can help better frame asset allocation decisions. A more hands-on approach can be taken through an LDI packaged solution or a more hands-off approach can be adopted by delegating more responsibilities to the manager through OCIO mandates.

 

 

 

 

Changes of funded status globally from December 31, 2019 to March 31, 2020. See chart for further details. Canadian Pension 60/40 is represented by 30% S&P/TSX Composite TR; 15% S&P 500 TR CAD; 15% MSCI EAFE GR CAD; and 40% FTSE TMX Canada Universe TR.  Canadian Pension 20/80 LDI is represented by 10% S&P/TSX Composite; 5% S&P 500 TR CAD;  5% MSCI EAFE GR CAD; and 80% MIM LT Liability Gov PF Bench.  Liability is represented by100% MIM LT Liability Gov PF Bench. US Pension 60/40 is represented by 30% S&P 500 TR; 30% MSCI EAFE GR USD; and 40% BbgBarc US Ag Bond TR. US Pension 20/80 LDI is represented by 10% S&P 500 TR; 10% MSCI EAFE GR USD; and 80% BbgBarc US Corp Aa Long TR.  Liability is represented by100% BbgBarc US Corp Aa Long TR. UK Pension 60/40 is represented by 60% MSCI ACWI GR GBP; and 40% BbgBarc Global UK TR. UK Pension 20/80 LDI is represented by 20% MSCI ACWI GR GBP; and BbgBarc Long Term UK TR. Liability is represented by 100% BbgBarc Long Term UK TR. 3 Diversification or asset allocation does not guarantee a profit nor protect against loss in any market.

Important disclosures

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, and affect portfolio performance. For example, the novel coronavirus disease (COVID-19) has resulted in significant disruptions to global business activity. The impact of a health crisis and other epidemics and pandemics that may arise in the future, could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing political, social and economic risks. Any such impact could adversely affect the portfolio’s performance, resulting in losses to your investment

Any performance information shown is the investment strategy composite gross of fees, including advisory and investment management fees and other expenses an investor would incur, but net of transaction costs, unless otherwise noted; deduction of such expenses would reduce returns. Past performance is not indicative of future results. Net performance results reflect the application of the highest incremental rate of the standard investment advisory or management fee schedule to gross performance results, unless otherwise indicated. Changes in exchange rates may have an adverse effect. Actual fees may vary depending on, among other things, the applicable fee schedule, portfolio size and/or investment management agreement. For example, if $100,000 were invested and experienced a 10% annual return compounded monthly for 10 years, its ending value, without giving effect to the deduction of advisory or investment management fees, would be $270,704 with annualized compounded return of 10.47%. If an advisory or investment management fee of 0.95% of the average market value of the account were deducted monthly for the 10-year period, the annualized compounded return would be 9.43% and the ending dollar value would be $246,355. Unless otherwise noted, returns greater than one year are annualized; calendar year returns for each one year period end in December. Discrepancies may occur due to rounding.

Performance information shown is generally for discretionary strategies/solutions and managed by a Manulife entity which is GIPS compliant and falls under the definition of a corresponding Manulife GIPS firm.  Some investment strategies/solutions may not be included in a GIPS compliant firm under certain circumstances, e.g., SMA/UMA business in Canada or UMA models in the US.

Any characteristics, guidelines, constraints or other information provided for this material is representative of the investment strategy and is provided for illustrative purpose only. They may change at any time and may differ for a specific account. Such information presented was selected by the firm as a representative account that is deemed to best represent the investment strategy. Each client account is individually managed; actual holdings will vary for each client and there is no guarantee that a particular client’s account will have the same characteristics as described herein. Any information about the holdings, asset allocation, or sector diversification is historical and is not an indication of future performance or any future portfolio composition, which will vary. Portfolio holdings are representative of the strategy, are subject to change at any time,  are not a recommendation to buy or sell a security, do not represent all of the securities purchased, sold or recommended for the portfolio. It should not be assumed that an investment in these securities was or will be profitable. Top ten holdings information combines share listings from the same issuer, and related depositary receipts, into a singular holding to accurately present aggregate economic interest in the referenced company.

No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

Diversification or asset allocation does not guarantee a profit nor protect against loss in any market. The indices referenced herein are broad-based securities market indices and used for illustrative purposes only. The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset classes, and represent non-managed investment portfolios.

If derivatives are employed, note that investing in derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments and, in a down market, could become harder to value or sell at a fair price.

Source for information shown is Manulife Investment Management, unless otherwise noted.

 

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About Manulife Investment Management

Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than 150 years of financial stewardship to partner with clients across our institutional, retail, and retirement businesses globally. Our specialist approach to money management includes the highly differentiated strategies of our fixed-income, specialized equity, multi-asset solutions, and private markets teams—along with access to specialized, unaffiliated asset managers from around the world through our multimanager model.

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No Manulife entity makes any representation that the contents of this presentation are appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed in this presentation are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties. All recipients of this presentation are responsible for compliance with applicable laws and regulations.

Any general discussions or opinions contained within this document regarding securities or market conditions represent the view of either the source cited or Manulife Investment Management as of the day of writing and are subject to change. There can be no assurance that actual outcomes will match the assumptions or that actual returns will match any expected returns. The information and/or analysis contained in this material have been compiled or arrived at from sources believed to be reliable, but Manulife Investment Management does not make any representation as to their accuracy, correctness, usefulness or completeness and does not accept liability for any loss arising from the use hereof or the information and/or analysis contained herein. Information about the portfolio’s holdings, asset allocation, or country diversification is historical and will be subject to future change. Neither Manulife Investment Management or its affiliates, nor any of their directors, officers or employees shall assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained herein.

The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline or other expectations, and is only as current as of the date indicated. The information in this material including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. This material was prepared solely for informational purposes and does not constitute, and is not intended to constitute, a recommendation, professional advice, an offer, solicitation or an invitation by or on behalf of Manulife Investment Management or its affiliates to any person to buy or sell any security or to adopt any investment strategy, and shall not form the basis of, nor may it accompany nor form part of, any right or contract to buy or sell any security or to adopt any investment strategy. Nothing in this material constitutes investment, legal, accounting, tax or other advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. Manulife Investment Management or its affiliates does not provide legal or tax advice, and you are encouraged to consult your own lawyer, accountant, or other advisor before making any financial decision. Prospective investors should take appropriate professional advice before making any investment decision. In all cases where historical performance is presented, note that past performance is not indicative of future results and you should not rely upon it as the basis for making an investment decision.

The distribution of the information contained in this presentation may be restricted by law and persons who access it are required to comply with any such restrictions. The contents of this presentation are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to any applicable laws or regulations. By accepting this material you confirm that you are aware of the laws in your own jurisdiction relating to the provision and sale of the funds, portfolios or other investments discussed in this presentation and you warrant and represent that you will not pass on or utilize the information contained in the presentation in a manner that could constitute a breach of such laws by any Manulife entity or any other person.

Australia: Manulife Investment Management (Hong Kong) Limited ("Manulife IM (HK)") is exempt from the requirement to hold an Australian financial services license under the Corporations Act in respect of the financial services being offered in this material. Manulife IM (HK) is regulated by the Securities and Futures Commission of Hong Kong ("SFC") under Hong Kong laws, which differ from Australian laws. This presentation is directed at wholesale investors only.

China: No invitation to offer, or offer for, or sale of any security will be made to the public in China (which, for the purposes of this paragraph, does not include the Hong Kong or Macau Special Administrative Regions or Taiwan) or by any means that would be deemed public under the laws of China. The offering document of the subject fund(s) has not been submitted to or approved by the China Securities Regulatory Commission or other relevant governmental authorities in China. Securities may only be offered or sold to Chinese investors that are authorized to buy and sell securities denominated in foreign exchange. Prospective investors resident in China are responsible for obtaining all relevant approvals from the Chinese government authorities, including but not limited to the State Administration of Foreign Exchange, before investing.

Hong Kong: This material is provided to Professional Investors, as defined in the Hong Kong Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules, in Hong Kong only. It is not intended for and should not be distributed to, or relied upon, by members of the public or retail investors.

Malaysia: This material was prepared solely for information purposes and is not an offer or solicitation by anyone in any jurisdictions or to any person to whom it is unlawful to make such an offer or solicitation.

Singapore: This material is intended for Accredited Investors and Institutional Investors as defined in the Securities and Futures Act.

South Korea: This material is intended for Qualified Professional Investors under the Financial Investment Services and Capital Market Act ("FSCMA"). Manulife Investment Management does not make any representation with respect to the eligibility of any recipient of these materials to acquire any interest in any security under the laws of Korea, including, without limitation, the Foreign Exchange Transaction Act and Regulations thereunder. An interest may not be offered, sold or delivered directly or indirectly, or offered, sold or delivered to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea, except in compliance with the FSCMA and any other applicable laws and regulations. The term “resident of Korea” means any natural person having his place of domicile or residence in Korea, or any corporation or other entity organized under the laws of Korea or having its main office in Korea.

Switzerland:  This material is intended for Professional Clients, including Institutional Clients, as defined in the Federal Financial Services Act ("FinSA") and its implementing ordinance, at the exclusion of Professional Clients with an opting-out pursuant to Art. 5 (1) FinSA ("Opting-Out Clients"), and/or Qualified Investors pursuant to the Federal Collective Investment Schemes Act ("CISA") and its implementing ordinances, at the exclusion of Opting-Out Clients and Managed/Advisory Retail Clients pursuant to Art. 10 (3ter) CISA where relevant. The information provided in this material is for information purpose only and does not constitute an offer, a solicitation or a recommendation to contract a financial instrument or a financial service as defined under FinSA. This material does not constitute an implicit or explicit investment advice. The information provided herein is general in nature and does not constitute an advertisement of financial products in Switzerland pursuant to FinSA and its implementing ordinance.

European Economic Area and United Kingdom: The data and information presented is directed solely at persons who are Professional Investors in accordance with the Markets in Financial Instruments Directive (2004/39/EC) as transposed into the relevant jurisdiction. Further, the information and data presented does not constitute, and is not intended to constitute, "marketing" as defined in the Alternative Investment Fund Managers Directive.

United States: Manulife Investment Management (US) LLC (“Manulife IM US”) and Manulife Investment Management (North America) Limited (“Manulife IM NA”) are indirect wholly owned subsidiaries of Manulife. Manulife IM (US) and certain of our affiliates provide investment management and advisory services in the United States under the brand name “John Hancock Investment Management”.This material is not intended to be, nor shall it be interpreted or construed as, a recommendation or providing advice, impartial or otherwise.

 

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Eric Menzer, CFA, CAIA, AIF

Eric Menzer, CFA, CAIA, AIF , 

Head of Advisory Solutions, Multi-Asset Solutions Team

Manulife Investment Management

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Frédéric Kibrité, CFA, FCIA, FRM, FSA

Frédéric Kibrité, CFA, FCIA, FRM, FSA, 

Portfolio Manager, Head of Investment Strategy—Liability-Driven Investments, Multi-Asset Solutions Team, Manulife Investment Management

Manulife Investment Management

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