Products September 23, 2021

MetLife Introduces Financial Wellness App

Among its features is the Money Mood tool, which assesses a consumer’s relationship with money.

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MetLife has introduced its mobile app Upwise, dedicated to building positive financial habits.

Upwise is designed to connect consumers’ behaviors around common financial concerns or stressors–such as monthly budgeting, paying off debt or long-term savings—to their emotions. For example, the app begins by assessing the consumer’s mood and understanding their relationship with money through the Money Mood tool. From there, Upwise helps consumers prioritize financial goals and suggests simple actions to develop good financial habits and feel more optimistic about what their money can do for them. The app also engages consumers through personalized challenges.

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The app currently offers features to help consumers learn about financial topics and actions to help improve financial wellness; see how their emotions and finances connect through the Money Mood tool; and link accounts to understand their financial activity including spending and savings patterns.

The app also allows consumers to review recurring subscriptions and cancel those that are no longer needed directly through the app and create a digital estate plan. As consumers progress, the recommendations change to reflect development towards financial wellness.

“This new tool was inspired by feedback from hundreds of consumers in the workforce who want a solution that fits their personal situation and the financial priorities that matter most to them and their families,” says Meredith Ryan-Reid, senior vice president, Financial Wellness & Engagement at MetLife. “Money is not just functional—it’s emotional. Upwise takes a holistic approach to financial wellness by addressing the emotional barriers to progress.”

Upwise is provided at no cost to employers and their employees.

It is built with interchangeable technology that enables integrated partnerships with third parties to enhance solutions and offer features to meet the needs of consumers. Two partnerships are included in the first phase of capabilities: MX for data aggregation to ensure consumers have secure and reliable access to their financial data and Billshark to enable customers to save hassle & money by canceling unwanted monthly subscriptions.

MetLife says additional partners and features will be integrated into the app over time. In early 2022, it will expand Upwise to help consumers tackle their debt and continue to help them streamline their spending as they plan their budget for the year ahead. The app is available for download on the App Store and Google Play.

Products September 22, 2021

Vanguard Partners With Retirement Clearinghouse for Auto-Portability Solution

The service is expected to launch for Vanguard's 401(k) plan clients in mid-2022.

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Vanguard says it plans to introduce an auto portability service for 401(k) sponsor clients and their participants.

The firm has engaged Retirement Clearinghouse, LLC (RCH)—a provider of consolidation services for defined contribution (DC) plans and an RLJ Companies’ majority owned company—to provide plan sponsors with a new portability solution to simplify small-balance 401(k) rollovers, help more employees preserve their retirement savings and improve their chances of investment success. The service is expected to launch in mid-2022.

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Research shows 401(k) participants with smaller balances often do not roll over retirement savings into their new plans or tax-advantaged vehicles after changing jobs, Vanguard says in the announcement. When a participant leaves a job with less than $5,000 in their 401(k), employers can transfer those accounts out of the plan and into a safe harbor individual retirement account (IRA), where fees can be higher. This can result in a proliferation of stranded safe harbor IRAs, participant cash-outs and forfeiture of future savings and returns, Vanguard adds.

To reduce the number of participant cash-outs or abandoned savings, the RCH Auto Portability program automates the movement of an employee’s 401(k) savings account from their former employer’s plan into an active account with their current employer’s plan. The service can also help simplify plan administration and improve plan compliance by reducing the instances of abandoned accounts and uncashed checks.

“Our partnership with Vanguard represents a giant leap forward in the campaign to make auto portability for small accounts the new 401(k) plan default process when participants change jobs,” says Spencer Williams, founder, president, and CEO of Retirement Clearinghouse, LLC. “By working with us to expand the nationwide, electronic network connecting employer-sponsored plans, Vanguard is helping simplify the 401(k) rollover process and giving more Americans the opportunity to strengthen their outcomes in retirement.”

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