John Hancock Retirement Launches FutureStep Partnership with Vestwell
John Hancock Retirement is proud to introduce FutureStep™, a revolutionary open-architecture retirement plan solution developed in collaboration with Vestwell. This innovative offering is designed to meet the evolving needs of financial intermediaries such as third-party administrators (TPAs) and retirement advisors, reflecting the firm’s commitment to enhancing its capabilities.
Enhancements in Retirement Planning Services
FutureStep will enhance the existing suite of retirement plans by providing a fully digital and advisor-centric option. With this offering, John Hancock Retirement continues to prioritize efficiency and user-friendly interfaces for seamless interactions among advisors, employers, and savers.
Transforming Client Interaction
The technology from Vestwell powers FutureStep, expected to launch in early 2025. Clients will benefit from competitive pricing, personalized onboarding, ongoing administration, and a range of robust payroll options to increase employer engagement.
Transforming Retirement Accessibility
Wayne Park, CEO of John Hancock Retirement, expressed enthusiasm about the partnership, stating, "This collaboration with Vestwell allows us to expand our reach, helping more employers facilitate retirement planning for their employees." This partnership emphasizes John Hancock's commitment to offering effective solutions that cater to a wide range of client needs.
Industry Leadership in Retirement Solutions
Gary Tankersley, Head of the Core Segment at John Hancock Retirement, highlighted the company’s dedication to continuous improvement, stating, "We aim to simplify retirement planning, making it more effective for advisors and their clients through FutureStep." He reiterated confidence in the product's ability to expand access to retirement plans across the country.
The Role of Vestwell in Modern Saving Solutions
Aaron Schumm, CEO of Vestwell, noted, "This partnership is crucial in addressing the pressing demands of financial accessibility and making savings solutions more approachable for everyone." Vestwell’s commitment to closing the savings gap aligns perfectly with John Hancock Retirement’s mission of promoting financial security.
Commitment to Participant Success
John Hancock Retirement continues to stand as a leader among retirement plan recordkeepers. The company relentlessly pursues innovative strategies to enhance its offerings, thereby driving better retirement outcomes for participants across all demographics.
Future Planning and Community Engagement
FutureStep embodies John Hancock's dedication to delivering powerful retirement plans that yield positive results for participants, focusing on increased access and education about retirement planning. Mr. Park concluded, "The future of retirement security relies on our commitment to addressing client needs with proactive, innovative solutions." This forward-looking approach ensures retirement planning remains a priority for all citizens.
About John Hancock Retirement
As a division of Manulife Investment Management, John Hancock Retirement has over 50 years of experience in aiding individuals to plan for retirement. The firm’s consultative approach ensures personalized solutions for diverse clients while emphasizing proven results tailored to the unique circumstances of each plan participant.
How FutureStep Will Impact the Retirement Industry
With a dedicated focus on modernizing services, John Hancock Retirement aims to address the challenges that many face when it comes to retirement savings. FutureStep is not merely an addition to their services; it is a testament to their commitment to enhancing financial literacy and engagement among participants.
Frequently Asked Questions
What is FutureStep?
FutureStep is an open-architecture retirement plan offering that aims to simplify retirement planning and expand access for participants through digital solutions.
How does the partnership with Vestwell enhance these offerings?
The collaboration with Vestwell provides the technological backbone necessary for a more streamlined experience for retirement advisors, employers, and savers alike.
When will FutureStep be available?
FutureStep is expected to launch in early 2025, providing clients with a new way to engage with retirement planning.
Who will benefit from FutureStep?
TPAs, retirement advisors, employers, and participants will all benefit from the enhanced features and services offered by FutureStep.
What is John Hancock Retirement's mission?
The mission of John Hancock Retirement is to empower individuals to save for a secure future by providing innovative retirement solutions tailored to their needs.
