John Hancock Personal Financial Services, LLC (JHPFS) is a Boston-based financial advisory firm. Many of the firm's services are either automated and or offered through investment advisor representatives (IARs). JHPFS has a number of advisory offerings in relation to investing, financial planning, retirement planning and more.
JHPFS is a fee-based firm, due to the fact that some of its advisors may receive commissions for selling certain insurance products to clients. This is a distinctly different model than that of a fee-only firm, which only receives advisory fees directly from clients.
John Hancock Personal Financial Services Background
John Hancock Financial is an insurance company founded in the 19th century. However, the John Hancock Personal Financial Services branch is relatively young, having come into existence in 2014. As with the rest of John Hancock Financial, John Hancock Personal Financial Services is ultimately owned by Manulife Financial Corporation, a Canadian life insurance company.
JHPFS has third-party IARs that offer its services, and many of them have advisory certifications. The in-house advisory staff at JHPFS also has a number of certifications, including accredited investment fiduciary (AIF), certified financial planner (CFP), behavorial financial advisor (BFA) and chartered financial analysts (CFA).
John Hancock Personal Financial Services Client Types and Minimum Account Sizes
JHPFS mostly works with individual clients below the high-net-worth threshold. However, it also has services available for trusts, estates, non-profits, partnerships and various types of businesses.
The firm's advice and financial planning services do not carry a minimum investment requirement. MyPortfolio has a minimum of $10,000 while the OnTarget and Twine programs have no minimums. The firm may sometimes make exceptions to these minimums.
Services Offered by John Hancock Personal Financial Services
John Hancock Personal Financial Services offers a range of financial planning and investment management services to its clients. While MyPortfolio is geared towards managed brokerage accounts and individual retirement accounts (IRAs), the JHPFS advice program focuses on comprehensive financial plans, which may involve:
- Asset allocation planning
- Estate planning
- Retirement planning
- Wealth and cash accumulation planning
- Insurance planning
- College planning
MyPortfolio is designed to help clients grow their assets in ways that work with their overall financial needs and goals. The firm may invest assets using a variety of different strategies, model portfolios and programs. In some cases, third-party managers may be used as well.
Twine is a robo-advisor service designed to help couples manage their assets. OnTarget provides John Hancock retirement account holders with discretionary asset management services.
John Hancock Personal Financial Services Investment Philosophy
Advisors at JHPFS begin each client relationship by gathering information about their individual financial situation and long- and short-term objectives. Additionally, the firm will review with the client their risk tolerance, time horizon, investment preferences, liquidity needs and more.
Based on the factors above, advisors typically use proprietary computer software to develop an appropriate investment strategy or written consultative plan, depending on the scope of services needed. Financial planning strategies are usually more generic in nature, and do not provide insight on specific investments or portfolio composition. On the other hand, the MyPortfolio program is made up of actively managed portfolios that contain mostly exchange-traded funds (ETFs).
Fees Under John Hancock Personal Financial Services
John Hancock Personal Financial Services has a wide range of advisory offerings, each with their own fee schedule. Here's a breakdown of the fee ranges of each of its major services:
| John Hancock Personal Financial Services Fees | |
| Program/Service | Annual Fees |
| MyPortfolio | 0.75% |
| Twine | 0.60% |
| The Retirement Advice Service | 0.20% - 0.50% |
Financial planning services can be charged hourly rate pf $200 or as a flat fee. Financial consultation services come with a rate of $200 per hour. Fees are normally billed on a quarterly basis.
What to Watch Out For
John Hancock Personal Financial Services is a fee-based firm, meaning advisors may receive commissions when they sell specific insurance products to clients. This creates a potential conflict of interest, as the firm's advisors may be inclined to recommend certain products over others. Despite this, the firm still abides by fiduciary duty, so it is legally bound to act in the best interests of clients at all times.
While John Hancock Personal Financial Services has five disclosures listed on its Form ADV, none of them implicate the firm directly. Instead, each disclosure relates to one or more of the firm's advisory affiliates. These include Manufacturer's Life Insurance Company, Manulife Financial Corporation and Benesure Canada, Inc.
Opening an Account With John Hancock Personal Financial Services
Opening an account with JHPFS isn't hard. You can visit the firm's websites and request a consultation, take a survey or schedule an appointment. You can also call the firm at (888) 955-5432 to speak with the team over the phone.
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