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John Hancock Retirement Announces Partnership With Vestwell
Vestwell will power FutureStep by John Hancock, an open-architecture retirement plan offering.
John Hancock Retirement, a division of Manulife Wealth and Asset Management, has launched FutureStep, an open-architecture retirement plan offering powered by plan provider Vestwell.
The digital addition to the firm’s existing plan suite is set to launch in early 2025, providing plan advisers with a platform to scale their retirement plan practices. The FutureStep interface is designed to facilitate interactions between advisers, employers and savers.
“As a multiplatform provider, we’ve added FutureStep so we can continue to expand the number of plans and participants that we serve as a complement to our existing plan options,” Wayne Park, CEO of John Hancock Retirement, said in a statement.
According to the firm, FutureStep includes competitive pricing and enhanced employer engagement. It supports personalized onboarding, ongoing administration, payroll integration and assistance with navigating complex legislation.
“Together with John Hancock Retirement, we can help address the growing demands of the industry, creating modern savings solutions that make retirement savings more affordable and accessible for all,” Aaron Schumm, founder and CEO of Vestwell, said in a statement.
John Hancock Retirement emphasized it is committed to improving retirement outcomes for small, midsize, large and Taft-Hartley plan participants.
“We’re focused on being the partner of choice for our distribution partners, TPAs, and plan sponsors by helping to make retirement planning easier and more effective,” Gary Tankersley, head of the core segment at John Hancock Retirement, said in a statement.
Manulife Wealth and Asset Management serves 19 million individuals, institutions and retirement plan members worldwide, offering global investment, financial advice and retirement services. Vestwell, meanwhile, has nearly 1.5 million saver clients across 350,000 businesses representing more than $30 billion in assets.