John Hancock and Vestwell launch FutureStep retirement plan

John Hancock Retirement today announced a new partnership with Vestwell to launch FutureStep, a new open architecture retirement offering.

As part of a multi-year transformation strategy to expand its capabilities and consistent with its commitment to financial intermediaries, including third-party service providers (TPAs), retirement advisors and plan sponsors, John Hancock Retirement, a Boston-based Manulife Wealth & Asset Management company, has entered into an agreement with the in New York City-based fintech Vestwell signed to bring this new solution to market.

“This is an exciting time for us and we are excited to partner with Vestwell to make retirement planning accessible to more employers who are helping their employees prioritize retirement,” said Wayne Park, CEO of John Hancock Retirement. “As a multiplatform provider, we added FutureStep to allow us to further expand the number of plans and participants we serve, complementing our existing plan options.”

Vestwell’s technology powers John Hancock Retirement’s FutureStep, which will be available in “early 2025,” according to today’s press release. The offering is designed to help advisors scale their practices while providing a simple, modern interface for seamless interactions between advisor, employer and saver portals. FutureStep will be an addition to the company’s existing plan suite, will be advisor-centric and will be a fully digital new plan option.

“We are focused on being the partner of choice for our distributors, TPAs ​​and plan sponsors by helping make retirement planning easier and more effective,” said Gary Tankersley, core segment leader for John Hancock Retirement. “FutureStep demonstrates our focus on continuous improvement and innovating our offerings to meet the evolving needs of our customers. We look forward to sharing more about FutureStep in 2025 and are confident it will bring more plans to more Americans and serve retirement advisors looking for a results-driven digital solution.”

The press release states that TPAs, retirement advisors and sponsors will see “competitive pricing and opportunities for greater employer engagement and superior service under the new offering.” You also get support for personalized onboarding, ongoing management and maintenance, robust payroll integration options, and help navigating complex legislation.

“John Hancock Retirement has been a leader in the savings industry for decades. We are committed to providing our customers with exceptional service and innovative solutions, helping to close the access gap and drive savings for all,” said Aaron Schumm, founder and CEO of Vestwell. “Together with John Hancock Retirement, we can help meet the growing needs of the industry and create modern savings solutions that make retirement savings more affordable and accessible for everyone. Through cutting-edge solutions and an unwavering commitment to affordability and inclusivity, we aim to help people from all walks of life secure a better financial future.”

Park added that John Hancock Retirement’s focus has always been on finding high-performing retirement plans that produce positive outcomes for participants. “The future of retirement security depends on providing participants with new offerings, tools and education and expanding access to planning so more people have the opportunity to achieve a secure retirement,” Park said.

John Hancock Retirement served over 57,000 retirement plans with over 3.2 million participants and over $238 billion in AUMA as of September 30, 2024.

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