John Hancock Retirement introduced FutureChoice, a new set of open-architecture retirement plan solutions built with the retirement plan adviser in mind, which is set to debut later this year.

This adviser-centric suite of retirement plan solutions was built with direct input from advisers and third-party administrators. Although the company only announced the suite of products at the outset, the plan is to build on that offering every quarter, says Wayne Park, CEO of John Hancock Retirement. Over time, this will include both bundled and unbundled corporate plans, as well as Taft-Hartley and multiplan solutions.

Park says John Hancock is committed to being the “partner of choice” for intermediaries. He says the firm will continue to emphasize partnerships with advisers and not distribute directly to plan sponsors.

The company has a multi-year road map to modernize its retirement plan ecosystem, Park says: “We are going to walk, then run, then sprint.”

John Hancock Retirement will continue to be a multi-platform plan provider and invest across its plan offerings, per Park, with an intent to have an offering tailored for each market segment. While some advisers and TPAs are happy with the John Hancock signature product, Park says he knows others do not love the group annuity platform. He says the company wants each adviser to be able to look at what makes sense for each client and build the lineup of solutions to support those varied needs.

Earlier this year, John Hancock Retirement introduced FutureStep through a partnership with Vestwell. FutureStep is an open-architecture retirement plan solution tailored for startup plans up to $3 millin in assets. Future Choice is for plans with more than $3 million in plan assets.

“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,” Park said in a statement.  

Future Choice is being developed with open architecture, including support for 3(38), managed account, SMA and CIT solutions. The company has discussed exchange-traded funds, and if there is demand, the platform will be able to adapt to offer them, Park says.

The road map also includes the ability to include some sort of retirement income. After all, Park says, the company is dedicated to the concept of longevity.

“We shared last year the partnership with MIT AgeLab and addressing how people are tackling the longevity issue globally,” he says.

Future Choice will work with various providers across the industry to support its development, looking at a best-of-breed approach, Park said. “We are general contractors,” he explains, wanting to provide clients access to a diversity of vendors.

In April, the company plans to rebrand as Manulife John Hancock Retirement. Combining the brands of its global parent company, Manulife, and the John Hancock U.S. retirement business is intended to highlight the strength and scale of the organization’s capabilities.

Park says this rebranding reinforces the company’s commitment to the long term by emphasizing the strong parent Manulife and its global scale.

“I think it’s time to showcase the support,” he noted, of Manulife’s scale and efficiencies. This support from the parent company will allow John Hancock to “be there for the long term” in what has been a consolidating marketplace.