Working with a Financial Advisor Doubles Retirement Preparedness: John Hancock Retirement Plan Services Survey
BOSTON, Jan. 21, 2016 /PRNewswire/ -- According to a new survey by John Hancock Retirement Plan Services, one of the largest providers of retirement plans in the United States, those who work with a financial advisor double their retirement preparedness.
The new data, part of John Hancock's 2015 Financial Stress Survey, show that of the people surveyed, 70 percent of those who work with a financial advisor are on track or ahead in saving for retirement, versus 33 percent of those not working with an advisor. Among people who have an advisor, more than a third had determined how much to save for retirement and half had contributed to an IRA; for people without an advisor, only 14 percent knew how much they'd need for retirement and 16 percent had contributed to an IRA, according to the survey.
"People need advice, not just investment advice but also basic retirement planning guidance," said Patrick Murphy, president of John Hancock Retirement Plan Services. "And people need help with more holistic financial issues such as budgeting and meeting short-term needs versus the need to save for longer term goals. It's very clear that engaging a financial advisor helps people take positive financial steps, from saving for emergencies to saving for retirement."
The survey shows that 58 percent of people with an advisor had saved for emergencies versus 26 percent of people who don't have an advisor. Within a 401(k) plan, 28 percent of those surveyed who have an advisor were saving the maximum allowed by law, versus 13 percent who do not.
John Hancock Retirement Plan Services' annual Financial Stress Survey polled more than 2,000 retirement plan participants in the summer of 2015.
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 and administration by Manulife and its subsidiaries were C$888 billion (US$663 billion) as at September 30, 2015. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, 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.
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 plan administrative services and service programs through which a sponsor or administrator of a plan may invest in various investment options on behalf of plan participants. These investment options have not been individually selected by John Hancock Retirement Plan Services, LLC. John Hancock Trust Company, LLC provides trust and custodial services to such plans.
Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), (not licensed in New York) and John Hancock Life Insurance Company of New York. Product features and availability may differ by state.
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.
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 The 2015 John Hancock Financial Stress Survey was commissioned by John Hancock and conducted by Greenwald and Associates. The data is exclusive to the experience of John Hancock's mid/large market retirement plan clients.
SOURCE John Hancock Retirement Plan Services