New Name of 529 Savings Plan to Leverage Strong John Hancock Brand,
Providing Further Competitive Advantage in Market
First Product to Transition to John Hancock Brand Following Manulife's
Acquisition of Hancock
BOSTON, May 24 /PRNewswire-FirstCall/-- Manulife College Savings has
announced that it is changing its product's name to John Hancock Freedom 529,
effective June 1, 2004. The name change follows Manulife Financial's recent
acquisition of John Hancock, and will leverage Hancock's strong brand
recognition in the U.S. marketplace. The goal is to market virtually all
financial protection and wealth management products currently offered by
Manulife Financial in the United States under the John Hancock brand by early
2005.
"John Hancock is among the best known and highly respected brands in
American business," says Bill Burrow, senior vice president and general
manager, U.S. College Savings. "The new name, John Hancock Freedom 529, will
build upon the competitive advantage we have in the market, and give financial
consultants a stronger brand to offer their clients because the John Hancock
name is so widely known and recognized among consumers."
"In the advisor market, the top 529 plan providers have strong brand
recognition," says Joe Hurley, founder of Savingforcollege.com, a leading
online resource for 529 college savings plans. "When advisors select which
529 plan to go with, brand can be an important consideration."
Carey Foran Hoch, vice president of marketing and product, U.S. College
Savings, says that the new name will help "us continue our marketing efforts
to reach out to more people. We have actively marketed our 529 college
savings plan, and the name change provides an excellent opportunity to further
reinforce and promote the flexibility and choice that our 529 college savings
plan offers consumers. John Hancock Freedom 529 will better denote what
differentiates our college savings product, which is freedom of choice." John
Hancock Freedom 529 offers clients the freedom to choose among some of the top
investment managers available in the industry, and ultimately the freedom for
their loved ones to choose their future, whether it's attending college or
trade school or continuing on to medical or graduate school.
While Manulife's 529 college savings plan will have a new brand name,
financial consultants will continue to have access to the same high level of
service and innovative business-building tools and marketing support as
always. Investors helping their loved ones save for college will get a brand
they know, with the same 529 tax benefits and control they expect from a 529
plan. With its multi-managed platform, which enables investors to allocate
assets across a mix of well-known investment firms, John Hancock Freedom 529
will continue to offer more diversification than a single-managed plan to help
better manage risk.
John Hancock Freedom 529
John Hancock Freedom 529 is a national, multi-managed Section 529
education savings plan. The 529 plan, which was introduced in 2001, is
distributed by Manulife Financial Securities, LLC, through other
broker/dealers appointed by Manulife Financial Securities, LLC. Manulife
Financial Securities LLC is a member of the NASD and is listed with the
Municipal Securities Rulemaking Board (MSRB). The savings plan is managed by
T. Rowe Price, sponsored by the Education Trust of Alaska and offers a multi-
manager approach, allowing investors to work with their financial consultants
to pursue a strategy to maximize their investment opportunities, while
managing risk. Expanding upon the inherent advantages of a typical 529 savings
plan, the product offers investment choices from some of the nation's top
mutual fund managers. Effective June 1, 2004, investment managers available
are A I M Advisors, Inc., American Funds, Davis Advisors, Fidelity
Investments, Franklin Templeton, John Hancock Funds, OppenheimerFunds, Inc.,
Pacific Investment Management Company (PIMCO) and T. Rowe Price Associates,
Inc.
About Manulife and John Hancock
Manulife Financial is a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories worldwide.
Operating as Manulife Financial in Canada and Asia, and currently as Manulife
Financial and John Hancock in the United States, the Company offers clients a
diverse range of financial protection products and wealth management services
through its extensive network of employees, agents and distribution partners.
Pro forma funds under management by Manulife Financial and its subsidiaries
were US$271.6 billion (Cdn$355.9 billion) as at March 31, 2004. Manulife
Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under
'0945' on the SEHK. Manulife Financial can be found on the Internet at
http://www.manulife.com.
John Hancock Financial Services, Inc., a subsidiary of Manulife Financial
Corporation, is one of the largest insurance companies in the United States.
Founded in 1862, the company today offers a broad range of financial products
and services, including whole, term, variable, and universal life insurance,
as well as fixed and variable annuities, long-term care insurance, mutual
funds and various forms of business insurance.
John Hancock Freedom 529 is distributed by Manulife Financial Securities,
LLC, through other broker/dealers appointed by Manulife Financial Securities,
LLC, managed by T. Rowe Price and sponsored by the Education Trust of Alaska.
John Hancock Freedom 529 is intended to be a "qualified tuition" program under
Section 529 of the Internal Revenue Code. Investments in any of the John
Hancock Freedom 529 portfolios will fluctuate with those of the underlying
mutual funds and are not guaranteed by the Education Trust of Alaska, the
State or the University of Alaska, the Program Manager or Manulife Financial.
This is not legal or tax advice. You should discuss tax implications with
your legal and/or tax advisors. For more information, including a description
of all fees, expenses and risks, please consult the Plan Disclosure Document
and your financial consultan t
529 plans are not FDIC insured, may lose value and are not bank or state
guaranteed.
Manulife Financial and the block design are registered service marks and
trademarks of The Manufacturers Life Insurance Company and are used by it and
its affiliates including Manulife Financial Corporation.
The John Hancock name and signature logo are registered service marks of
John Hancock Life Insurance Company and are licensed for use by its parent
company, Manulife Financial Corporation, and its subsidiaries.
Media Contact:
Pam Kruh
617-572-0558
SOURCE Manulife Financial
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Related links:
http://www.jhancock.com
http://www.manulife.com
CONTACT:
Pam Kruh, +1-617-572-0558
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