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John Hancock Retirement Introduces FutureStep™

In an exciting development for the retirement planning landscape, John Hancock Retirement has announced its partnership with Vestwell to launch FutureStep™, a new open-architecture retirement plan solution. Scheduled to debut in early 2025, FutureStep™ is part of a comprehensive strategy designed to broaden the firm's capabilities while committing to the needs of financial intermediaries, including third-party administrators (TPAs) and retirement advisors.

The strategic partnership with Vestwell aims to integrate cutting-edge technology into the FutureStep™ offering, facilitating an easy, efficient, and fully digital experience. This innovative solution is expected to significantly empower advisors, enabling them to enhance their practices while ensuring a seamless experience across advisor, employer, and saver portals. By integrating powerful technology, John Hancock Retirement enhances engagement and accessibility for employers looking to support their employees' retirement planning needs.

Wayne Park, CEO of John Hancock Retirement, expressed enthusiasm about the collaboration, stating, "This is an exciting time for us, and we could not be more pleased to partner with Vestwell to help bring retirement planning to more employers who are helping their employees prioritize retirement." He reiterated the firm's ongoing mission to expand the number of plans and participants they serve, aligning FutureStep™ with their broader plan suite that already includes several advisor-centric options.

With the introduction of FutureStep™, TPAs, retirement advisors, and plan sponsors will benefit from competitive pricing and focused high-touch services. The new offering will also include comprehensive support for personalized onboarding, ongoing administration, payroll integration, and navigation through complex legislative landscapes. John Hancock Retirement is committed to delivering powerful retirement plans that yield positive outcomes for participants and to facilitate a richer experience for all stakeholders involved.

According to Gary Tankersley, Head of the Core Segment at John Hancock Retirement, this new offering directly responds to the changing needs of clients in the retirement planning space. "FutureStep demonstrates our focus on continuous improvement and the innovation of our offerings to meet the evolving needs of our clients," he noted.

In collaboration, both John Hancock and Vestwell aim to overcome the challenges that many face regarding retirement savings accessibility. Aaron Schumm, Founder and CEO of Vestwell, noted, "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."

Currently, John Hancock Retirement maintains its stature as a leading recordkeeper and provider of comprehensive retirement plans, having serviced over 57,000 plans with 3.2 million participants as of September 2024. The firm emphasizes a personalized approach to retirement planning, recognizing that each plan and participant has unique needs that must be met to improve retirement outcomes.

As the industry faces increasing demands, John Hancock Retirement remains focused on empowering clients through innovative offerings and expert guidance. "The future of retirement security is dependent on bringing new offerings, tools, and education to participants and broadening access to planning so that more people have the opportunity to attain a secure retirement," concluded Wayne Park.

With this exciting partnership and the launch of FutureStep™, John Hancock Retirement is poised to enhance the retirement savings landscape, offering solutions that are not only innovative but also meet the diverse needs of a modern workforce.

For more information on FutureStep™, stay tuned for updates in 2025 as John Hancock Retirement continues to lead the charge in retirement planning and wealth management.