401k participants can use all the good advice they can get—and now those with plans through John Hancock are getting some additional individualized help.
John Hancock Retirement announced this week it is expanding its Personalized Retirement Advice program to include all defined contribution plans. Retirement Advice is fully integrated into John Hancock’s online experience for all eligible participants, connecting a participant’s accounts with the program to deliver personalized advice.
“In the most recent John Hancock Financial Stress survey, 87% of workers say that having their retirement savings professionally managed would have a significant impact on how prepared they feel for retirement,” said Lynda Abend, chief data officer, John Hancock Retirement. “As 2020 was one of the most challenging years most people will experience, the expanded and enhanced Retirement Advice program is not only timely but a great solution for participants who want help in making the most of their retirement savings and the peace of mind that comes with partnering with a professional.”
Understanding more investors are interested in receiving advice for their retirement plan, John Hancock will now be extending this benefit to all 401k participants and making it available to over 45,000 plans.
In addition to making Retirement Advice available to all its 401k plans, John Hancock is also launching a new online experience to deliver personalized recommendations to all eligible participants. Integrated into the plan website, it delivers personalized income projections and recommendations to help participants to see where their savings stand today—and where it could be in the future—with professional management. Participants can also view recommended risk levels and asset allocations prior to signing up for the program.
Retirement Advice is designed to help individuals looking for ongoing professional management of their retirement savings account, and helps investors get and stay on track for a more secure retirement. Using Morningstar Investment Management LLC’s independent analysis, Retirement Advice creates a customized mix of investments from the retirement plan’s fund lineup. This mix is personalized based on unique factors such as age, current savings, estimated Social Security benefits, and out-of-plan assets, including those of a spouse or domestic partner, if added.
“Retirement Advice gives participants a personalized and comprehensive strategy for their savings and investment needs,” added Jack Barry, head of product development and strategy, John Hancock Retirement. “We are excited to bring this great experience to our participants and enable more of them than ever to get the support they are looking for to help make the most of their retirement savings.”
As of December 31, 2020, Boston-based John Hancock Retirement, the U.S. retirement business of Manulife Investment Management, serviced over 51,000 retirement plans with over 3 million participants and over $205 billion in AUMA.