Products January 10, 2017

John Hancock Partners with NextCapital on Auto Advice

The partnership is aimed at delivering “non-conflicted personalized advice” to John Hancock Retirement Plan Services clients. 
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NextCapital and John Hancock Retirement Plan Services are announcing a multi-channel partnership that will expand automated retirement advice offerings.

The firms tell PLANADVISER the new Department of Labor (DOL) fiduciary rule has accelerated demand for scalable retirement advice that is efficient to deliver but still highly responsive across both the 401(k) and individual retirement account (IRA) rollover businesses.

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“The NextCapital-John Hancock relationship continues our commitment to deliver holistic digital retirement advice,” says Peter Gordon, CEO of John Hancock Retirement Plan Services. “We selected NextCapital as a technology partner because it has the ability to help us expand how we provide the next generation of high quality, non-conflicted, personal advice.”

Via the partnership, NextCapital provides institutions with an integrated, end-to-end platform for delivering and administering automated financial advice to investors, including portfolio tracking, planning, savings advice, and portfolio management. Both firms suggest digital advice is “strategically key for firms seeking to scalably implement the new DOL Fiduciary Rule requirements.”  

NextCapital enables institutional partners to bring to market a “full-stack digital advice solution” that is specifically built to support the demanding configuration requirements of large institutions. Features include custom user experience and ongoing engagement; proprietary or third-party investment methodology; self-service and adviser-assisted service models; multi-channel support across 401(k), IRA, and retail brokerage accounts; and integrations with 401(k) recordkeeping systems and retail custodians.

More information is available at www.johnhancock.com. 

Products January 9, 2017

MassMutual Enhances Retirement Readiness Tool

The tool now provides a graphic illustration of how much income savers will potentially need in retirement and whether they are saving enough to get there.
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MassMutual upgraded its RetireSMART Ready tool available on the RetireSMART website to provide savers in defined contribution (DC) plans with better guidance and potentially improved outcomes to help reach their retirement goals.

The tool now provides a graphic illustration of how much income savers will potentially need in retirement and whether they are saving enough to get there. Savers can automatically include other sources of retirement savings and income they may have outside of their current employer-sponsored retirement plan as part of their ongoing retirement income calculations.

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Savers can obtain guidance about what steps to take if their current savings strategy is falling short of their retirement goals. They can choose to implement the recommended strategies by themselves, or work with a financial adviser on a recommended strategy. The guidance and managed outcomes are provided by Envestnet | Retirement Solutions (ERS).

MassMutual’s RetireSMART Ready tool now provides a simplified picture of a saver’s retirement readiness at a specific age. The tool generates a projection of monthly income in dollars or, if preferred, shows the progress toward a stated financial wellness goal in retirement as a percentage of preretirement income. New mountain chart graphics compare a saver’s expected retirement outcome based on his or her current savings strategy and a suggested strategy from ERS. The suggestion includes specific action steps, such as changing contributions to the retirement plan or reallocating investments.

More information about RetireSMART is here.

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