John Hancock Expands Bank Distribution
April 30, 2001
John Hancock Financial Services of Boston has formed a partnership with Compass Bancshares of Birmingham, Ala. to expand its bank distribution, John Hancock announced last week.
Compass, which has approximately $20 billion in assets, will sell John Hancock mutual funds, annuities and insurance products at its 340 banking offices throughout Alabama, Arizona, Colorado, Florida Nebraska, New Mexico and Texas, according to the company. John Hancock will provide accounting and support services for the products.
John Hancock also introduced a new program to develop platform sales, called PlatformPlus, which was developed with Essex Corporation of New York, a third-party marketer and distributor of financial products and a subsidiary of John Hancock. Platform representatives are bank branch employees licensed to sell financial products.
The program includes promotional, marketing and sales strategies and materials for John Hancock products, sales and servicing consulting through a toll-free number, and continuing education programs to satisfy licensing requirements, according to the company.