John Hancock Extends Personalized Retirement Advice Program to All Plan Clients

John Hancock Retirement has announced it is expanding its personalized retirement advice program to include all defined contribution (DC) plans.

The retirement advice program 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. Understanding more investors are interested in receiving advice for their retirement plan, John Hancock is extending this benefit to all 401(k) participants and making it available to more than 45,000 plans.

“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,” says 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.”

The retirement advice program 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, the program 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.

In addition to making its retirement advice program available to all 401(k) plans it serves, John Hancock is launching an 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 see where their savings stand today—and where they 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.