Financial professional newsletter
Q4 2024
Financial resilience and longevity—what if living longer meant living better?
That’s our vision for American workers—and financial professionals play a crucial part. We’re excited to share the results of our latest survey to help you understand how workers and retirees feel about their finances and their ability to fund and enjoy retirement. With this insight, you can support participants in building financial resilience, helping them thrive today and throughout their lives.
Some key findings1
- 62% of retirees left the workforce sooner than expected
- 41% of workers rate their financial situation as poor or fair
- 50% believe their retirement savings are falling behind
Explore our full 2024 financial resilience and longevity report for generational profiles, key takeaways, and more.
2025 planning: resources to help position your practice for the new year
Working on your initiatives for 2025? Be sure to access your personalized dashboard on our financial professional resources page. It’s your one-stop shop for interactive tools and educational resources that can help you expand your opportunities and increase efficiency.
As a reminder, here’s a small sample of what’s available:
- Our award-winning prospect finder2
- Plan manager
- Thought leadership
- Webinars hosted by John Hancock and industry specialists
2 wealthmanagement.com Industry Awards, 2023.
New tool kit to help you elevate your client service
You now have a new resource to help you enhance your efficiency, profitability, and client satisfaction. Our unique tool kit, developed in collaboration with Robin Green from WinMore Plans, is based on lessons learned from leading retirement plan financial professionals in the 2024 How Advisors Level Up study.3 It’s filled with actionable ideas and templates that focus on:
- Setting sales and marketing goals
- Identifying plan sponsor priorities
- Proving value with a history of accomplishments
- Creating recurring meeting agendas
- Conducting effective client surveys
Turning state-facilitated plans into a business opportunity
With more than $1 billion in assets,4 state-sponsored retirement plans are helping close the retirement savings gap. But that’s not the only thing they’re doing. Thanks to these plans, many small business owners are now more open to setting up their own 401(k)5—creating an opportunity for you to gain traction in the small plan market.
Here are three other things we’ve learned so far:
1 Workers in state-facilitated programs tend to contribute less.
2 Employers with existing plans are staying put.
3 401(k)s allow greater flexibility compared to these programs
Check out our state-facilitated retirement plans web page for tips and resources to help you connect with small business owners.
4 “Retirement Assets in State Automated Savings Programs Hit $1 Billion,” The Pew Charitable Trusts, 12/22/23.
5 “State Automated Retirement Savings Programs Continue to Complement Private Market Plans,” The Pew Charitable Trusts, 4/14/23.
Upgrading SIMPLE IRAs to a 401(k)
Much like state-facilitated plans, SIMPLE IRAs can be an effective way for small businesses to help their employees save for retirement. Thriving businesses, however, can outgrow these plans after a few short years—creating another opportunity for you to initiate the 401(k) conversation. With higher contribution limits and flexible plan design, 401(k)s can be a more suitable option for growing companies. Moreover, SECURE 2.0 has made the transition from SIMPLE IRA to 401(k) easier. Employers can now terminate their SIMPLE IRA plan midyear if it’s replaced by a safe harbor 401(k) plan.
Check out this viewpoint from one of our ERISA specialists for a breakdown of the SECURE 2.0 SIMPLE IRA provision and factors to consider.
Tap into the opportunities collective investment trusts can offer clients
Collective investment trusts (CITs) are gaining traction with defined contribution plan sponsors. And we have the resource to help you learn more about them, so you can have consultative conversations.
Our CIT website covers:
- The potential benefits of CITs
- CITs versus mutual funds
- The John Hancock difference
- Our diverse CIT offering
Explore the site and see how, together, we can help create diverse investment lineups for your clients.
Use of the tools and resources indicated may be subject to approval by your broker-dealer. Please check with your firm prior to use.
This communication does not include unbiased investment advice from John Hancock. In the event a plan fiduciary you advise selects John Hancock as a recordkeeper, John Hancock and our sales professionals and other employees who assist in bringing retirement plan business to John Hancock and retaining business will receive compensation.
The content of this document is for general information only and is believed to be accurate and reliable as of the posting date, but may be subject to change. It is not intended to provide investment, tax, plan design, or legal advice (unless otherwise indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.