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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.

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.

How to Build an Investment Portfolio

  • Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.  
  • Capital gains taxes will impact your return on investment, so it’s important to know how much you can expect to pay when Uncle Sam comes knocking. SmartAsset’s capital gains tax calculator can help you calculate the total capital gains tax you’ll pay.

How Long $1 Million 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.

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

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We 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 metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. 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.