FutureChoice, a new suite of open-architecture retirement plan solutions, was introduced today by Boston-based John Hancock Retirement, a company of Manulife Wealth & Asset Management.
The new advisor-centric suite of retirement plan solutions was built with direct input from advisors and third-party administrators (TPAs), the company said in a press release today. The new suite will include both bundled and unbundled corporate plans as well as Taft-Hartley and multiplan solutions. The first FutureChoice offering is expected to launch later this year.
“Our new FutureChoice suite is the latest implementation of our strategic vision and dedication to innovating the future of retirement,” said Wayne Park, CEO, John Hancock Retirement. “We have been investing in our business transformation and have partnered with several industry specialists to build FutureChoice from the ground up, with novel technologies, including the integration of AI, to provide experiences that deliver even more customer insight and value-add functionality for plans.”
The introduction is the latest step in John Hancock Retirement’s stated multi-year investment to modernize its retirement plan ecosystem, as the company said it will continue to be a multiplatform plan provider and invest across its plan offerings. The FutureChoice suite will include enhanced digital capabilities designed to help participants achieve their desired retirement outcomes.
Earlier this year, John Hancock Retirement introduced FutureStep, an open-architecture retirement plan solution tailored for small businesses, in a partnership with Vestwell. FutureChoice continues the expansion of the John Hancock Retirement portfolio and leverages external experience to create an innovative spectrum of retirement plan offerings.
Examples of how these external partners are helping to inform the development of the new suite include designing human-centered experiences to enable purpose-driven, end-to-end customer experiences with a digital-first approach; implementing efficient, automated experiences to help configure and integrate the ecosystem; providing the core new recordkeeping platform for the suite; and enabling streamlined and efficient processes in client onboarding and participant access.
“To design FutureChoice, we worked with our partners to envision a best-in-class retirement plan experience for advisors, TPAs, plan sponsors, and participants,” said Jack Barry, head of product development, John Hancock Retirement. “Using these future-focused inputs, we’re building a brand-new suite of configurable offerings with new technologies that we believe will address the future needs of our clients. We couldn’t be more excited to continue to grow our multiplatform portfolio with this suite.”
In addition, the company will also be rebranding to Manulife John Hancock Retirement beginning in April. Combining the brands of its global parent company, Manulife, and the John Hancock U.S. retirement business highlights the strength and scale of the organization’s capabilities. As one of the world’s largest retirement plan providers, Manulife partners with intermediaries to help over nine million people globally confidently save and invest for their goals, leveraging its global breadth to provide innovative product offerings, diverse investment choices, and personalized digital capabilities.
SEE ALSO:
• John Hancock Retirement, Vestwell Partner on ‘FutureStep’ Launch
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.