John Hancock Announces New Adviser Business Model

John Hancock Financial Network (JHFN) is implementing a business model offering financial professionals a choice of three types of affiliation, based on the level of independence and support they want.

JHFN, the career agency arm of John Hancock Financial Services, said it will now be a national network of independent career firms—each with unique cultures based on the firm’s business vision, client mix, and local market opportunity. “While we’ve always offered excellent resources and benefits to our firms, we’ve realized just how different each local firm and each rep is,’ said Peter Gordon, president, JHFN, in a news release. “As a result, our new model gives them the ability to choose for themselves the level of independence and support they want to build their businesses their way.’

JHFN also offers reps an open product platform with access to a wide range of investment and insurance products. Compensation, incentives, and recognition programs have all been realigned with this open product platform, according to the release.

Advisers have three options for affiliating with the network:

  • The “traditional financial representative” option offers a high level of support in terms of infrastructure, supervision, training, and marketing from the local firm. It also offers both traditional retirement and health plans.
  • The “independent financial representative” option will be more appealing for entrepreneurial minded representatives interested in greater independence, control, and flexibility over how they build, brand and market their business and the range of products they offer, according to JHFN.
  • The “producer groups” option is for groups who have formed alliances and share a common business vision and distinct brand identity. The groups can share expertise and the ability to leverage local and national resources.

JHFN representatives will have the flexibility to move from one type of affiliation to another as their business changes and evolves and without having to disrupt their business or clients in any way, according to the company.