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Friday, December 8, 2023

New John Hancock Retirement CEO Sees Rising Demand for Retirement Advisors

What You Have to Know

  • A John Hancock survey reveals that 56% of Individuals really feel as if they’ve fallen behind of their efforts to save lots of for retirement, up from 43% final 12 months.
  • Amongst traders who met with a monetary skilled, 87% really feel the advisor has helped them higher put together for retirement.
  • Advisors are in excessive demand however face massive challenges, CEO Wayne Park says.

The mixed forces of upper market volatility, quickly rising rates of interest and larger world financial uncertainty are presenting main challenges for middle-class and mass-affluent traders centered on retirement planning.

As Wayne Park, John Hancock Retirement’s newly appointed CEO, informed ThinkAdvisor in a current interview, survey information reveals that traders are clearly feeling the pressure, with many extra Individuals feeling as if they’ve fallen behind of their efforts to save lots of for retirement.

Park identified that John Hancock Retirement has been conducting an annual survey of retirement traders on its recordkeeping platform for practically a decade now, and the shifts in investor perceptions measured throughout the final two editions of the survey are eye-opening.

“For instance, 56% of people that responded to our newest ballot really feel they’ve fallen behind on retirement financial savings,” Park famous. “That’s considerably larger than the 12 months earlier than, when it was 43%. On the similar time, extra folks additionally stated they’re now anticipating to retire later than they did earlier than. Some 38% of individuals informed us that this 12 months, which can also be up.”

Park stated these figures are clearly worrying from a retirement preparedness perspective, however there are additionally silver linings within the information, significantly in relation to the worth Individuals report they derive from working with monetary professionals.

“The rationale why we like to accomplice with monetary advisors as a elementary a part of our method to this enterprise is that having a plan in place helps folks to know and really feel higher about their distinctive scenario,” Park stated. “That is clearly a difficult surroundings for the everyday retirement investor, however when you’ve got a monetary advisor, they’ll actually assist you to to confront and surmount the problem.”

Park stated one stat from the survey reveals the position of the retirement advisor is clearly right here to remain: Amongst traders who meet with a monetary skilled, some 87% really feel the advisor has helped them higher put together for retirement.

“This group can also be 3 times extra prone to say their retirement financial savings are on observe or forward of schedule, exhibiting the facility that advisors need to form outcomes,” Park stated.

New to the Function

Although he boasts an in depth quantity of expertise within the retirement planning and funding administration industries, Park remains to be new to his management position at John Hancock Retirement. The truth is, the brand new interview got here on his ninetieth day within the pilot’s seat, and he stated the primary three months on the job have been equal elements busy, thrilling and informative.

Previous to becoming a member of John Hancock Retirement, Park served as president of American Century Providers inside American Century Investments, the place he was liable for direct-to-consumer and retirement plan companies in addition to an operations group supporting all consumer markets and channels. Previous to that, he had been head of particular person traders for T. Rowe Worth Group.

Park stated he has spent the primary 90 days within the new job getting to higher know the group and the surroundings wherein it’s working at the moment, and that work has included conferences with monetary advisors and enterprise companions, explicit third-party directors.

“As you’d most likely think about, I’ve heard about some comparable tendencies and challenges throughout these completely different teams of stakeholders, and their remarks mirror what’s occurring right here inside John Hancock Retirement,” Park stated. “The retirement trade is being impacted at a excessive degree by lots of the similar tendencies which are impacting different industries.”

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