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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How can multi-asset investing help today's income seekers?

As inflation outpaces wage growth, many investors are searching for higher income amid market volatility. Multi-asset income investing is fast becoming a way to help individuals achieve diversified, consistent, and higher income streams throughout their lifetime.

Key takeaways

  • Multi-asset classes can provide diversified income sources
  • Having an agile investment approach matters during volatile times
  • Accumulate savings with future income needs in mind
  • Generate and protect income streams with multi-asset investing
  • Consider non-traditional assets or natural-yielding tools

Where to find income in today’s tumultuous investment world? This is one challenge often faced by investors of this generation. In Asia, major cities have seen home prices rise by 19% on average in the last five years. Meanwhile, the average wage growth in Asia has fallen short, rising only 3% on average over the same period.1 Higher inflation outpacing income growth is just one of the many challenges that investors in the region are facing. The easy days of predictability are over. In recent years, there has been no shortage of surprises including stock market volatility and interest rate rises. How can regular investors find stable and sustainable income to meet their long-term objectives, particularly in today’s inflationary and unpredictable investment environment?

What’s more, how can investors use their income (from active employment or savings) to cover future expenses and will it last beyond retirement? Finally, where can individuals find diversified sources of higher income? We discuss how investors in challenging and uncertain times can achieve relatively more reliable and potentially higher income throughout their lifetime.

Positioning for income in a changing investment world

There has been no shortage of market crises in the last decade. In fact, the twist and turns in economic cycles have provided a valuable lesson for income-seeking investors: do not limit yourself to one asset class or rely on capital gains to harvest income — multi-asset investing can create diversification benefits and potentially higher income in a volatile market.

Historically, traditional assets dominated in the past decades and provided sources of income by paying out from capital gains. Asian and US equities, for instance, gained 66% and 43% respectively from 2002 to 2008 as income-seeking investors enjoyed the income stream profited from an economic boom.2 US Treasuries (10-yield rose to average 4%) also provided another stable source of income during the same period. However, the tides have reversed since 2018 and non-traditional assets are beginning to make headways. For example, commodities have risen by 33% in the last four years, whereas global REITs have risen by 4% in the last two years.3

Who will be the winners and losers of income in the next decade? And how can income-seeking investors opportunistically position a portfolio going forward without taking on unwanted risk? Where can they find stable sources of income from natural yields (the cashflow generated from investments)? Let us illustrate how to position income-focused portfolios in today’s world.

Part A: How today’s investors can position for higher income

Step 1: Take an agile investment approach

A flexible investment approach that can timely shift between asset allocations during market volatility can help stabilize a portfolio’s income stream. We compared Investment Grade yields vs the MSCI USA High Dividend Yield index4, and found both asset classes provided comparable income (yields) from 2012 to 2018.

The difference between the two asset classes has widened in recent years. From 2019 to 2021, dividend-paying equities have been paying more income than investment grade bonds, while also offering the opportunity for earnings growth. However, since 2022 investment grade yields have moved significantly higher than their dividend-paying equities and are generally considered lower risk. This highlights why, as the investing environment changes, a more agile investment approach might benefit from the flexibility of shifting between two asset classes.

Chart 1: Yield (%) comparison between US investment grade bonds and dividend-paying equities
Yield (%) comparison between US investment grade bonds and dividend-paying equities

Source: Bloomberg as of 30 September 2022. The Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market and USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. The MSCI USA High Dividend Yield measures securities with dividend yield of at least 30% higher than the respective parent MSCI equity index and a non-negative 5Y Dividends per share (DPS) growth rate.

Step 2: Save (accumulate) well, you’ll need to withdraw income later

In this scenario, we show why it’s critical to determine the frequency and magnitude of future income needs early on. Let’s take Mike (40 years old, average income earner) for example. He is in his accumulation (asset growth) phase. He is employed and receives active income from working, but he also saves for forthcoming family expenses and retirement with a longer-term horizon. During this phase, Mike begins contributing to his regular savings plan at Year 1, focusing on growing and accumulating his assets. He expects a 4% average return on his savings capital for the next 25 years.

Mike has two funds to choose from: Fund A (a multi-asset fund with an income focus)5 and Fund B (generic multi-asset fund)6. Both funds can invest in a diverse mix of equities, fixed income and equity-related securities. The main difference is that Fund A has an income-oriented goal of generating high, stable income throughout the investment period, whereas Fund B is a generic fund with no such goal. If Mike does not make any withdrawals from this capital pool, both funds (A and B) will provide a 4% annualized return over the 25-year period. (Chart 2)

Chart 2: An income-focused fund (A) can provide a more stable path of returns than a generic fund (B)

Portfolio Value ($ thousands)

Chart compares liquidity levels across Canadian, U.K. and U.S. government bond markets.
  • Fund A and B annualized return over the 25-year period: 4%
  • Volatility (standard deviation of returns): Fund A is 2% and Fund B is 11%

The above asset allocation is for illustrative purpose only and does not represent the actual investment.

However, the path of return with Fund A (income-oriented fund) will be less volatile during market ups and downs. If Mike does withdraw (to satisfy his income needs) during the accumulation phase, his capital pool might fluctuate more (and might suffer a capital loss in the end) during the ups and downs if generic Fund B is held instead of income Fund A. For example, Mike begins with $100,000 in his portfolio at Year 0. At Year 2, there is a market downturn and the value of Mike’s portfolio either rises to $104,038 with income Fund A or declines to $84,550 with generic Fund B. Similarly, at year 23, Mike is two years shy of retirement, his portfolio value is either $245,230 with income fund A or $199,850 with generic fund B, depending on which fund he chose at the beginning.

Beware of early capital depletion and the sequence of returns

In this scenario, even though Fund B (generic) enjoyed some periods of market upturns (Years 5, 10, 15, 20 and 25), too many negative returns early on, coupled with constant withdrawal amounts will simply deplete Mike’s accumulated capital pool. In fact, Mike would not have enough capital to withdraw during market downturns (Years 2, 7, 12, 17 and 22), when he is most likely to need income. We believe investors should diversify into multi-asset income investments to avoid a negative sequence of returns, which could seriously impede the individual’s ability to realize stable income while making his or her capital last until the end.

Part B. Natural yields and other tools in multi-asset income investing

In the last decade and beyond, traditional sources of income have run its course and investors need to find and diversify into alternative and natural-yielding sources of income.

We believe the portfolio construction process begins with a specific objective: a high level of consistent, stable income, without jeopardizing the volatility of the overall strategy, and minimizing investor exposure to outsize risk. For sustainable long-term income, a multi-asset portfolio can be customized to achieve higher natural yields (the cash generated from invested income sources) that are closer to or even equal to a portfolio’s overall payout target, whilst minimising the reliance on capital appreciation of the underlying growth assets within the portfolio.

A portfolio with reasonably high natural yield in relation to its overall payout, can help an investor in generating a decent income from the underlying investments (rather than selling your investments to fund your spending). This could be dividends from equities, or the coupons paid on bonds. Natural yields can be an attractive investment tool, particularly during the decumulation phase whilst in retirement for example (when increased withdrawals are required). If the underlying natural yield of a portfolio is sustainable, that helps investors meet their monetary goals, there is less incentive to sell those assets. Relying on natural-yielding income, rather than a reliance on the asset appreciating in value — which may be challenged in a negative market environment, gives your capital a longer-term investment horizon to grow, and possibly ride through any downturns; thus, maximizing the chance of the capital lasting longer.

Moreover, a multi-asset portfolio can give investors access to a wider range of income-generating assets, as well as greater depth and diversification within asset classes.

Here are the diverse sources of income that could be found in a multi-asset portfolio:

1)     Higher-yielding fixed income and equities (investment grade, high yield, and emerging market bonds and global equities)

  • High-yield bonds are generally less sensitive to interest-rate rises, hence can be more cushioned against a significant rise in rates. Higher yields can also be captured in rising rate environments.
  • Emerging market bonds offer higher carry and a selection of USD denominated or local currency debt.

2)     Non-traditional/alternative income (preferred securities, REITS, option-writing)

  • Preferred securities can provide income and relatively lower credit risk, with traditionally less volatility than equities.
  • Real Estate Investment Trusts (“REITs”) can provide income, with traditionally less volatility than equities whilst also providing an element of inflation protection.
  • Options writing can provide the potential to enhance yield by selling options (covered call/puts)7 and collecting the premium as an income source. The premiums collected not only enhance the income profile but could also provide a downside buffer to equity market drawdowns (see Chart 3).  This could lower downside risk and volatility of the strategy versus owning cash equities. Option writing could also take advantage of rising volatility.
Chart 3: Options writing can potentially provide income and limit maximum drawdowns (index returns from July 1986 to May 2019)
Chart compares liquidity levels across Canadian, U.K. and U.S. government bond markets.

Source: Bloomberg, CBOE, S&P. Data from July 1986 to May 2019. Sharpe ratio measures the risk-adjusted return of index by calculating the average investment return, minus the risk-free rate, divided by the standard deviation. Maximum drawdown measures the largest decline in the value of the index from peak to trough. It is not possible to invest directly into an index. No investment strategy or risk management technique or guarantee returns or eliminate risk in any market environment. It is not possible to invest in indices.

Therefore, in a highly volatile and uncertain environment, multi-asset investing provides investors with a flexibility to access income tools that could provide downside protection – which would not only better preserve capital for investors in a particular year, but also help investors avoid a negative sequence of returns. This would greatly help an individual’s ability to realize stable income while making their capital last longer. Furthermore, an investor could re-invest cashflows achieved from income generated by a multi-asset income portfolio. In the next section, we’ll highlight the challenges that income seekers could face in the next cycle, and our outlook towards asset classes that provide the highest potential for income investors.

Part C: Tomorrow’s income challenges and our approach today

Global risk markets are likely to face a few headwinds, in the short term at least: inflation is likely to remain elevated for some time, a hawkish Fed profile, rising rates and a stagflationary macro backdrop (elevated inflation, slowing growth). Despite these exogenous shocks, growth in the Asia-Pacific region is still holding up relatively well, having benefited from the reopening of global supply chains and favourable demographics and consumption trends. More than half of the region’s economies saw their annual inflation ease in the third quarter.8 Should this trend continue, it could support a shallow and shorter tightening cycle in Asia relative to other regions.

Under a challenging period for risk markets, we believe multi-asset investing with the agility to shift allocations across asset classes and geographies can still help to generate income within a market downturn.

As we approach the final innings of the economic slowdown, we see opportunities in select government bonds, as well as high-quality equities (stocks that offer the prospect of capital appreciation in addition to dividends). (Chart 4) These are stable businesses with solid balance sheets and companies which show ongoing earnings resilience, potentially offering relative protection if earnings come under pressure. Select commodity-related economies could also benefit from tight supply dynamics. Where appropriate, multi-asset income-oriented portfolios could use option-writing strategies to harvest option premiums, which can enhance portfolio yields.

Chart 4: Asset allocation during the stages of the economic cycle

Chart compares liquidity levels across Canadian, U.K. and U.S. government bond markets.

Interest rate hikes are expected to gradually peak near the end of an economic slowdown, while rates tend to decline during a recession as loan demand slows and monetary policy eases. We believe the outlook for these asset classes are well-positioned for the current market cycle:

  • Short-term government bonds typically are less sensitive to rate changes than long-term bonds but yield higher interest rates than money market funds.
  • Defensive sectors are those parts of the economy that have historically held up well during economic downturns. Consumer staples, healthcare and utilities have been regarded as defensive sectors and have outperformed the broad market thus far this year.9
  • In a recession, defensive assets could also include long-term government bonds. Investment grade bonds could constitute as higher quality assets.
  • High quality equities are companies that can provide stable earnings, cash flows and dividend payments with the ability to weather weakening economic conditions. These include “dividend growers” which are companies that have consistently increased dividends. We focus on a company’s dividend growth rate being able to outpace the inflation rate over the long run. This may reduce the risk of investing in “yield traps” —those companies with high dividend yields due to large stock price declines. Research finds that dividend growers have outperformed as much as 6% during market sell-off periods and as much as 4% in a rising rate environment. (Chart 5).

Chart 5: Dividend growers have outperformed during market sell-offs and rising rates

Chart compares liquidity levels across Canadian, U.K. and U.S. government bond markets.
Chart compares liquidity levels across Canadian, U.K. and U.S. government bond markets.

Source: Bloomberg as of 30 September 2022. The S&P U.S. Dividend Growers Index is designed to measure the performance of U.S. companies that have followed a policy of consistently increasing dividends every year for at least 10 consecutive years. The index excludes the top 25% highest-yielding eligible companies from the index. It is not possible to invest in indices.

Should a portfolio also deploy dynamic asset allocation drivers, a portfolio’s income can be harvested and managed from diversified sources. The reason why multi-asset income investing is so important for income seekers is because each sector of the economy or asset class can perform differently from another at any given time in a market cycle. We can also find compelling investment opportunities down in the capital structure that offer a better natural-yielding income and return profile, focus on risk-adjusted returns and find opportunities that are less sensitive to rising interest rates, while moving between different income segments during fluctuating economic cycles.

Opportunities await with multi-asset income investing

In this decade, there is an increasing and urgent demand for sophisticated “outcome based” investment solutions for investors. These solutions, which essentially have their core investment process customized to a specific outcome, are becoming more advanced in their design and construction. Investment managers with a more agile approach to asset allocation can fine-tune these solutions more precisely to investor needs. Specifically, the demand for multi-asset income investing is rapidly gaining traction, thanks to an aging population and its insatiable demand for income. Research shows that by 2050, the elderly population in Asia will account for 63% of the world’s aged population10. Asia must develop its own retirement income solutions to cater for its diverse demographics. The same study indicates Asian middle-income workers are saving for retirement but need focused solutions that provide stable income streams as persistent inflation erodes their self-made earnings. Market volatility from an uncertain geopolitical environment, as well as regulatory requirements/tax considerations and compliance of ESG (environmental, social, and governance) standards, could also impact one’s investment decisions. While these factors present challenges, they can create fresh income opportunities for today’s multi-asset investors.

1 Bloomberg for period 30 September 2017 to 30 September 2022. Based on data available for nationwide residential property prices for Hong Kong, Singapore, Japan, China, India, Indonesia, Korea, and Thailand. Based on data available for annual wage growth for Hong Kong, Singapore, India, Indonesia, and Thailand, total renumeration cash or in kind for Japan and disposable income per capita for China for 30 September 2017 to 30 September 2022. Based on data available for annual wage for Korea for 30 September 2021 to 30 September 2022.

2 Bloomberg for period 30 September 2002 to 30 September 2008. Based on data for MSCI AC Asia Pacific index and Dow Jones Industrial Average index.

3 Bloomberg data for Commodities is measured by S&P GSCI commodity index for 30 October 2018 to 30 September 2022. Global REIT is measured by FTSE EPRA Nareit Global REITs Index for 30 October 2020 to 30 September 2022.

4 A proxy for a diversified mix of relatively reasonable quality, dividend-paying equities. It is not possible to invest in indices.

5 Fund A strategy aims to generate high, stable income through multiple income sources. It is a diversified portfolio of equity, equity-related, fixed income and fixed income-related securities of companies and/or governments globally.

6 Fund B strategy does not specify an income objective. It is a diversified portfolio of equity, equity-related, fixed income and fixed income-related securities of companies and/or governments globally.

7 Selling options (the portfolio) give investors (the buyer) the right - but not the obligation - to buy (in the case of calls) or sell (in the case of puts) an underlying instrument at the contractual strike price. Investors pay a premium for the right to exercise that option at the strike price.

8 Manulife Investment Management, Global Macro Outlook Q4 2022: A difficult climb ahead, September 2022.

9 MSCI, based on index factsheets of MSCI USA Consumer Staples Index (USD), MSCI USA Health Care Index (USD), MSCI USA Utilities Index (USD) as of 30 September 2022.

10 Manulife Investment Management,  Diverse Asia whitepaper, November 2022.

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.

Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments.  These risks are magnified for investments made in emerging markets. Currency risk is the risk that fluctuations in exchange rates may adversely affect the value of a portfolio’s investments.

The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person. You should consider the suitability of any type of investment for your circumstances and, if necessary, seek professional advice.

This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife Investment Management or its affiliates. The information and/or analysis contained in this material has 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 of the information and/or analysis contained. 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 current as of the date indicated. The information in this document, 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. Manulife Investment Management disclaims any responsibility to update such information.

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 here. All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients should seek professional advice for their particular situation. Neither Manulife, Manulife Investment Management, nor any of their affiliates or representatives is providing tax, investment or legal advice.  This material was prepared solely for informational purposes, does not constitute a recommendation, professional advice, an offer or an invitation by or on behalf of Manulife Investment Management to any person to buy or sell any security or adopt any investment strategy, and is no indication of trading intent in any fund or account managed by Manulife Investment Management. 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 or protect against the risk of loss in any market. Unless otherwise specified, all data is sourced from Manulife Investment Management. Past performance does not guarantee future results.

Manulife Investment Management

Australia: Manulife Investment Management Timberland and Agriculture (Australasia) Pty Ltd, Manulife Investment Management (Hong Kong) Limited. Brazil: Hancock Asset Management Brasil Ltda. Canada: Manulife Investment Management Limited, Manulife Investment Management Distributors Inc., Manulife Investment Management (North America) Limited, Manulife Investment Management Private Markets (Canada) Corp. Mainland China: Manulife Overseas Investment Fund Management (Shanghai) Limited Company. European Economic Area Manulife Investment Management (Ireland) Ltd. which is authorised and regulated by the Central Bank of Ireland Hong Kong: Manulife Investment Management (Hong Kong) Limited. Indonesia: PT Manulife Aset Manajemen Indonesia. Japan: Manulife Investment Management (Japan) Limited. Malaysia: Manulife Investment Management (M) Berhad 200801033087 (834424-U) Philippines: Manulife Investment Management and Trust Corporation. Singapore: Manulife Investment Management (Singapore) Pte. Ltd. (Company Registration No. 200709952G) South Korea: Manulife Investment Management (Hong Kong) Limited. Switzerland: Manulife IM (Switzerland) LLC. Taiwan: Manulife Investment Management (Taiwan) Co. Ltd. United Kingdom: Manulife Investment Management (Europe) Ltd. which is authorised and regulated by the Financial Conduct Authority United States: John Hancock Investment Management LLC, Manulife Investment Management (US) LLC, Manulife Investment Management Private Markets (US) LLC and Manulife Investment Management Timberland and Agriculture Inc. Vietnam: Manulife Investment Fund Management (Vietnam) Company Limited.

Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.

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Emilie Paquet, FSA

Emilie Paquet, FSA, 

Head of Strategic Initiatives and Innovation, Multi-Asset Solutions Team

Manulife Investment Management

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Paul Kalogirou

Paul Kalogirou, 

Client Portfolio Manager

Manulife Investment Management

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