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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
September 02, 2009 at 08:00 PM
A mutual fund company has started a campaign to spur advisors and clients review and update the beneficiary selections on fund documents.
John Hancock Funds, Boston, says it is now including beneficiary names on all retirement account statements issued by the firm.
In addition, the company website offers a new beneficiary interactive tool for both agents and investors to use. It includes interactive audio, video and printable take-aways, says Hancock Funds.
“Most people don’t realize that the beneficiary form trumps everything in financial planning,” says Kristine McManus, vice president and head of sales development for Hancock Funds. “Making sure that beneficiary designations are in order is key to protecting clients from financial mistakes.”
In distributing assets, nothing overrides the beneficiary form, not even a will or trust, observes Hancock. Common life events may trigger a need for a beneficiary review, and clients should name both primary and contingency beneficiaries, the company adds.
John Hancock Funds is part of John Hancock Financial, which is a unit of Manulife Financial Corporation, Toronto.
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