John Hancock Retirement Plan Services (JHRPS) Makes LPL Financial's Employee Advice Solution Available to Mutual Plan Sponsor Clients
Tool helps achieve shared plan and participant goals of successful retirement outcomes
BOSTON, June 26, 2015 /PRNewswire/ -- John Hancock Retirement Plan Services (JHRPS) announced today it is supporting the use of LPL Financial's Employee Advice Solution (EAS), a tool available within LPL's Worksite Financial Solutions platform. JHRPS will support the tool administratively for its mutual Total Retirement Solutions (TRS) clients who have contracted with LPL for access to the service and directed JHRPS to provide that administrative support. Plan sponsors and participants served by LPL Financial advisors and JHRPS on the TRS platform now have access to the EAS tool.
Launched by LPL in 2014, the EAS tool enables the delivery of custom-tailored participant advice through an online service that collects information about a participant's financial picture. Based on that information, participants can elect to receive personalized retirement advice or manage their accounts on their own. They can also elect to receive advice all the way through retirement.
LPL's Worksite Financial Solutions is a website platform that provides financial education and a customized planning tool to enable participants to engage with a financial advisor directly—either face to face, online, or over the phone—in order to receive personal financial guidance based on their unique situation. The platform is fully integrated with LPL's reporting and monitoring tools for plan advisors.
JHRPS provides a daily participant-level data feed when requested by plan sponsors, enabling LPL advisors to provide tailored financial advice and facilitate a closer relationship between advisors and plan participants.
"We believe in the value of advice to the individual. Our robust and flexible recordkeeping platform enables us to facilitate solutions such as Worksite Financial Solutions between our plan sponsors and LPL advisors," said Patrick Murphy, President of John Hancock Retirement Plan Services. "Access to comprehensive financial advice, beyond the 401(k), is vitally important to drive better outcomes for our participants."
"This offering reflects both our long-standing partnership with LPL Financial and our shared goal of providing resources that make a difference in helping participants achieve successful retirement outcomes," said George Revoir, Vice President of Distribution at John Hancock Retirement Plan Services. "This tool and our administrative support together will help financial advisors in their work with plan sponsors."
Kathleen Kelly and the team at Compass Financial Partners, headquartered in Greensboro, N.C., are the first retirement plan advisor firm to engage a retirement plan to adopt EAS with a client at John Hancock. As founding and managing partners, Ms. Kelly and George Hoyle specialize in the areas of retirement plan consulting and investment advisory services for qualified retirement plans and executive benefit planning. Compass Financial Partners is also the recipient of the 2014 NAPA 401(k) Advisor Leadership Award, which recognized the team's contributions that exemplify leadership, experience, and expertise in the retirement plan industry.
David Reich, executive vice president and head of LPL's Retirement Partners said, "We are extremely proud to work with Kathleen, George, and the team at Compass, and we value their support of the Worksite Financial Solutions platform, which we believe puts the power of technology to work for advisors and enables plan participants to receive the personalized advice they need in order to prepare for the landscape ahead with confidence. We are also honored that John Hancock recognizes the importance of this vision, and we look forward to working with them and all of our retirement-plan focused advisors to move the industry forward."
The LPL Retirement Partners' Employee Advice Solution (EAS) is offered through Morningstar Associates, LLC, which is solely responsible for its administration. Morningstar Associates, LLC is a registered investment advisor and wholly owned subsidiary of the global research firm Morningstar, Inc. Morningstar has no affiliation with John Hancock. Neither John Hancock nor its affiliates provide financial, legal, or tax advice. John Hancock is not affiliated with LPL Financial Retirement Partners or with Compass Financial Partners, and does not endorse any of their products and/or services.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Assets under management by Manulife and its subsidiaries were C$821 billion (US$648 billion) as at March 31, 2015. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSA, and under '945' on the SEHK. Manulife can be found on the Internet at Manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is a leader in the financial advice market and serves $485 billion in retail assets. The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 banks and credit unions. LPL Financial is the nation's largest independent broker-dealer since 1996 (based on total revenues, Financial Planning magazine, June 1996-2015), is one of the fastest growing RIA custodians with $105 billion in retail assets served, as of Dec. 31, 2014, and acts as an independent consultant to over an estimated 40,000 retirement plans with an estimated $120 billion in retirement plan assets served, as of March 31, 2015. In addition, LPL Financial supports approximately 4,300 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have 3,352 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com. Representatives of Compass Financial Partners are registered representatives of LPL Financial.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC
John Hancock Life Insurance Company (U.S.A.), John Hancock Life Insurance Company of New York and John Hancock Retirement Plan Services, LLC are collectively referred to as "John Hancock".
John Hancock Retirement Plan Services, LLC offers service programs for retirement plans through which a sponsor or administrator of a plan may invest in mutual funds, ETFs, guaranteed products and collective investment trusts on behalf of plan participants. John Hancock Trust Company, LLC provides trust and custodial services to such plans. Securities products, when offered, may be offered through John Hancock Distributors LLC or NYLIFE Distributors LLC, as applicable, member FINRA/SIPC. Retirement plan sponsors may be able to select the option to offer the On Target investment advisory program to participants; services relating to this program are detailed in the applicable investment advisory agreement. Mutual funds, ETFs, guaranteed products and collective investment trusts available on the respective investment platform have not been individually selected by John Hancock Retirement Plan Services LLC, or any of its service providers.
Both John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York do business under certain instances using the John Hancock Retirement Plan Services name. Group annuity contracts are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02210 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. The Investment Management Services Division of John Hancock provides investment information relating to the group annuity contract.
Plan administrative services may be provided by John Hancock Retirement Plan Services, LLC or a plan consultant selected by the Plan.
NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT INSURED BY ANY GOVERNMENT AGENCY
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MGTS-I27126-GE 06/15-27126 MGR061915238889
SOURCE John Hancock Retirement Plan Services
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