John Hancock Retirement Plan Services Expands Financial Wellness Resources to Help Participants Live Well Today and Prepare for a Secure Retirement Tomorrow
BOSTON, July 31, 2018 /PRNewswire/ — John Hancock Retirement Plan Services (JHRPS) is enhancing its financial wellness resources with My Money Connector1, which will provide all JHRPS plan participants with the ability to view all their financial accounts together and tools to help manage their finances. It is the most recent addition to JHRPS’ suite of financial wellness solutions, which includes holistic financial education and wellness tools, in addition to retirement planning resources.
Integrated into the John Hancock participant digital experience, My Money Connector uses data aggregation to provide participants with a view of their liability and asset accounts, and provides personal financial management modules to help them optimize their finances. My Money Connector links to accounts at thousands of institutions, including brokerage/retirement accounts, 529 plans, HSA accounts, checking accounts, savings accounts, credit cards, mortgages, and personal loans. With this robust view of their finances, participants can use My Money Connector to build a budget, monitor spending, establish savings goals, and help manage their finances.
“At JHRPS, we’re committed to helping participants manage their finances while on their personal journey to retirement,” said Patrick Murphy, president and CEO, John Hancock Retirement Plan Services. “My Money Connector is a critical building block in our suite of personalized financial wellness solutions presenting participants with a view of their overall financial picture and providing them the tools to manage it. By providing personalized education, guidance and advice, we help people build a financially secure future, and when individuals control their spending and saving, it builds confidence and reduces stress, which can improve their health and productivity over time.”
My Money Connector is targeted to be available for no additional cost to plan sponsors or participants on the JHRPS open architecture platform in August and its group annuity platform in November. In addition to helping individuals, My Money Connector also will provide JHRPS and plan sponsors access to enhanced participant data and insights.
Other components of John Hancock’s financial wellness offering include:
Education through a robust curriculum on its participant website through an interactive platform offering short animations, video and game-inspired learning modules available in both English and Spanish. In addition, JHRPS offers a learning curriculum to help the whole family with financial literacy. Group education options also are available, including online interactive webcasts or onsite sessions.
Guidance through an online Financial Wellness Assessment, which helps participants determine their own financial fitness and improve their financial health through a customized action plan and resources connected to personally-relevant financial topics.
One-on-one advice, available through JHRPS’ Personal Financial Solutions Group, helps participants enroll in their retirement plan, realize the benefits of combining assets from a previous employer’s plan, enroll into John Hancock Retirement Advice or understand their distribution options, and more. For individuals who want personalized savings and investing advice, JHRPS offers a proprietary professionally-managed approach that provides a customized strategy for each participant. Advice is also available after retirement with a personalized savings strategy and ongoing professional portfolio management based on individual goals and financial situations through the JH Managed IRA. ³
About John Hancock Retirement Plan Services
As of March 31, 2018, John Hancock Retirement Plan Services serviced over 58,000 plans with over 2.8 million participants and $164 billion in FUM Assets.2
About John Hancock and Manulife
John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were over $1.1 trillion (US$850 billion) as of March 31, 2018. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.
One of the largest life insurers in the United States, John Hancock supports approximately 10.7 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and college savings plans. We also offer advice through Signator, a network of independent financial advisors. Additional information about John Hancock may be found at johnhancock.com.
1My Money Connector is a data aggregation tool available to plan participants through the John Hancock Retirement Plan Services website. Participants using My Money Connector will be sharing their account information with a third-party service provider who will store the information for purposes of providing the aggregation service. My Money Connector is only reflective of the accounts that are linked. John Hancock is relying on the accuracy of the information provided by the linked financial institution(s). Additional information can be obtained through your John Hancock representative.
2John Hancock Retirement Plan Services consists of John Hancock Life Insurance Company (U.S.A.) (not licensed in New York), John Hancock Life Insurance Company of New York (licensed in New York), Valhalla, New York and John Hancock Retirement Plan Services, LLC. Approximate unaudited figures for John Hancock Retirement Plan Services division, provided on a U.S. statutory basis.
³ John Hancock Personal Financial Services, LLC (JHPFS) is a SEC-registered investment advisor that provides automated advisory services for clients by managing investments through the John Hancock Retirement Advice program and the John Hancock Managed IRA program. Assets in a John Hancock Managed IRA will be held at Pershing Advisor Solutions LLC, a registered broker-dealer and member FINRA and SIPC. Assets in the John Hancock Retirement Advice program are held in the customer’s retirement plan by John Hancock Trust Company LLC, John Hancock Life Insurance Company (USA), or John Hancock Life Insurance Company (NY).
John Hancock Life Insurance Company (U.S.A.) (John Hancock USA), John Hancock Life Insurance Company of New York (John Hancock New York), and John Hancock Retirement Plan Services, LLC are collectively referred to as “John Hancock”.