John Hancock Retirement today announced a new partnership with Vestwell to launch FutureStep, a new open-architecture retirement plan offering.
“We look forward to sharing more on FutureStep in 2025 and have confidence that it will bring more plans to more Americans and serve retirement advisors who are looking for an outcome-driven digital solution.”
Gary Tankersley, John Hancock Retirement
As part of a multi-year transformation strategy to expand its capabilities and in keeping with its commitment to financial intermediaries, including third-party administrators (TPAs), retirement advisors, and plan sponsors, John Hancock Retirement, a Boston-based company of Manulife Wealth & Asset Management, signed the agreement with New York City-based fintech Vestwell to bring this new solution to market.
“This is an exciting time for us, and we could not be more pleased to partner with Vestwell to help bring retirement planning to more employers who are helping their employees prioritize retirement,” said Wayne Park, CEO, John Hancock Retirement. “As a multiplatform provider, we’ve added FutureStep so we can continue to expand the number of plans and participants that we serve, as a complement to our existing plan options.”
Vestwell’s technology powers FutureStep by John Hancock Retirement, which will be available in “early 2025” according to today’s press release. The offering is designed to help advisors scale their practices while providing a simple, modern interface for seamless interactions across the advisor, employer, and saver portals. FutureStep will be an addition to the firm’s existing plan suite, advisor-centric, and a fully digital new plan option.
“We’re focused on being the partner of choice for our distribution partners, TPAs, and plan sponsors by helping to make retirement planning easier and more effective,” said Gary Tankersley, Head of the Core Segment, John Hancock Retirement. “FutureStep demonstrates our focus on continuous improvement and the innovation of our offerings to meet the evolving needs of our clients. We look forward to sharing more on FutureStep in 2025 and have confidence that it will bring more plans to more Americans and serve retirement advisors who are looking for an outcome-driven digital solution.”
The release said TPAs, retirement advisors, and sponsors will see “competitive pricing and opportunity for enhanced employer engagement and experience high-touch service within the new offering.” They’ll also receive support for personalized onboarding, ongoing administration and maintenance, robust payroll integration options, and assistance in navigating complex legislation.
“John Hancock Retirement has been a leader in the savings industry for decades. We share a commitment to providing exceptional service and innovative solutions to our clients, helping to bridge the access gap and promote savings for everyone,” said Aaron Schumm, Founder and CEO, Vestwell. “Together with John Hancock Retirement, we can help address the growing demands of the industry, creating modern savings solutions that make retirement savings more affordable and accessible for all. Through cutting-edge solutions and an unwavering commitment to affordability and inclusivity, we aim to give individuals from all walks of life help to secure a brighter financial future.”
Park added that looking to deliver powerful retirement plans that lead to positive outcomes for participants has always been the focus at John Hancock Retirement. “The future of retirement security is dependent on bringing new offerings, tools, and education to participants and broadening access to planning so that more people have the opportunity to attain a secure retirement,” Park said.
John Hancock Retirement serviced over 57,000 retirement plans with over 3.2 million participants and over $238 billion in AUMA as of Sept. 30, 2024.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
