BOSTON, June 11, 2013 /PRNewswire/ -- John Hancock, a unit of Manulife Financial Corporation (MFC), today announced it has agreed to acquire Bellevue, Wash.-based Symetra Investment Services (SIS) from Symetra Financial Corporation (SYA). It is anticipated that the transaction will close in three to six months, subject to regulatory approvals. Terms were not disclosed.
Symetra Investment Services, Inc., a dual registered broker-dealer/investment advisor firm with approximately 280 registered representatives, would become affiliated with John Hancock Financial Network (JHFN). JHFN currently has 1,600 registered representatives through its current dual registered broker-dealer/investment advisor, Signator Investors, Inc.
"Powerful distribution has long been a competitive differentiator for John Hancock," said Craig Bromley, president of John Hancock. "JHFN is an important part of that equation, and I am confident that this acquisition will help drive continued success."
"Given Symetra's current product lineup, SIS is no longer a good strategic fit for us as a distribution channel," said Tom Marra, president and CEO of Symetra Financial Corporation. "John Hancock Financial Network will offer many advantages to SIS advisors, allowing them to thrive with greater scale and resources for clients as well as business development support."Brian Heapps, president of JHFN, said, "We couldn't be more pleased to welcome the advisors from Symetra Investment Services into our independent network of firms. Strategically, they offer us a breadth of wealth experience and a geographic presence that complements our existing footprint as we continue to grow." JHFN offers financial professionals a wealth of resources and support for business and professional development. To help advisors best meet their clients' needs, JHFN provides an open product platform including a comprehensive range of top-quality investment advisory and protection products from leading carriers. Advisors affiliated with JHFN have access to support for financial planning; an integrated technology platform; defined contribution resources; a dedicated practice management team; a marketing portal providing turn-key programs with compliance-ready, customizable templates; an annual practice advancement conference; a top producer program and an industry-leading equity and succession program. JHFN advisors are able to brand with a unique name or as a member of John Hancock Financial Network but remain backed by the financial strength and stability of John Hancock, a highly rated financial services company.