John Hancock Retirement Plan Services has hired NextCapital to boost its 401k robo advice capabilities as the DOL fiduciary rule deadline draws near.
Specifically, NextCapital will partner with the investment giant to expand its automated retirement advice across the latter’s 401k and IRA rollover businesses.
John Hancock Retirement Plan Services’ currently has 2.7 million participants. The NextCapital digital advice platform is being offered in addition to JHRPS’ existing managed-accounts digital offering.
“The NextCapital-John Hancock relationship continues our commitment to deliver holistic digital retirement advice,” Peter Gordon, CEO of John Hancock Retirement Plan Services, said in a statement. “We selected NextCapital as a technology partner because it has the ability to help us expand how we provide the next generation of high-quality, non-conflicted, personal advice.”
NextCapital and John Hancock will be rolling out the digital advice solution across the John Hancock Retirement Plan Services business in a “phased approach” over the coming 12 months.
NextCapital provides institutions with an integrated platform for delivering and administering automated financial advice to investors—including holistic portfolio tracking, planning, savings advice, and portfolio management.
Features of its platform include:
- Custom user experience and ongoing engagement
- Proprietary or third-party investment methodology
- Self-service and advisor-assisted service models
- Multi-channel supporting 401k, IRA, and retail brokerage accounts
- Integrations with 401k recordkeeping systems and retail custodians
“John Hancock’s forward-thinking embrace of digital advice will be instrumental in growing retirement market share in the coming decade,” said Alois Pirker, Research Director of Aite Group, added. “As important, digital advice is strategically key for firms seeking to scalably implement the new DoL Fiduciary Rule requirements.”
“John Hancock is aligned with NextCapital’s vision of providing a seamless digital retirement advice solution across 401k and rollover channels,” said John Patterson, CEO of NextCapital. “We are excited to help John Hancock scale the distribution of their proprietary investment methodology.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
