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John Hancock Personal Financial Services Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

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.

It's important to note that JHPFS relies on a network of phone-based investment advisor representatives (IARs) who communicate with clients over the phone or via email. As a result, you may want to look elsewhere if you're only interested in working with an advisor in person.

John Hancock Personal Financial Services Client Types and Minimum Account Sizes

JHPFS mostly works with individual clients below the high-net-worth threshold. However, a small percentage of its client base comprises individuals with a high net worth. JHPFS 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. The firm's wrap-fee program, MyPortfolio, has a minimum of $10,000 while its managed IRA offering requires a $5,000 minimum. 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 plan review
  • 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 and model portfolios. In some cases, third-party managers may be used as well.

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. 

For the firm's MyPortfolio wrap-fee program, clients are charged an asset-based fee equal to 0.75% of their assets under management. For the Managed IRA program, clients pay a program fee equal to 0.50% of their AUM plus a $4 monthly fee if their account has less than $50,000. 

Financial planning services can be charged at an hourly rate of $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 a call. You can also call the firm at (888) 955-5432 to speak with the team over the phone.

All information is accurate as of the writing of this article.

How to Build an Investment Portfolio

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How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research