Products October 2, 2020

Capitalize Launches 401(k) Account Search and Rollover Solution

The platform helps users locate former 401(k) accounts, matches them to IRAs at leading financial institutions and initiates rollovers on their behalf.

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Having secured the funding it needs, Capitalize has announced the launch of its solution to help Americans easily locate and roll over their legacy 401(k) accounts.

The Capitalize platform helps users locate former 401(k) accounts, matches them to individual retirement accounts (IRAs) at leading financial institutions and initiates rollovers on their behalf. With more than 15 million 401(k) account-holders changing jobs each year and higher levels of financial insecurity resulting from the COVID-19 pandemic, Capitalize says it helps ensure Americans avoid cashing out or losing track of their retirement savings.

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The firm says it accelerated the platform’s launch to help those affected by COVID-19-induced layoffs preserve their retirement savings. The platform also supports employers by helping them lower fees paid to administer their 401(k) plans, reduce exposure to potential Employee Retirement Income Security Act (ERISA) lawsuits, and free up human resources (HR) time otherwise spent communicating with former employees.

Capitalize was started by co-founder and CEO Gaurav Sharma, who began his career in investment banking before transitioning to hedge fund Greenlight Capital. Gaurav is joined by co-founder and Chief Technology Officer (CTO) Chris Phillips, who previously served as CTO of IAC’s Applications group, overseeing technology for a $500 million portfolio of desktop and mobile applications that included Vimeo and Daily Burn.

Products October 1, 2020

PNC Launches Financial Wellness Business

The firm already offered a number of financial wellness solutions across its lines of business.

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While PNC has offered a number of financial wellness solutions across its lines of business for years—including PNC WorkPlace Banking, PNC BeneFit Plus and Fiduciary Investment Services—it has now formed a new standalone financial wellness business called PNC Organizational Financial Wellness. PNC says this cohesive team and strategy will better deliver its comprehensive solutions and value-added advice to its clients and their employees.

“For the last several years, our conversation with corporate clients has increasingly included a focus on the financial wellness of their employees,” says Mike Lyons, executive vice president and head of corporate and institutional banking. “The urgency of these conversations has accelerated in 2020, and, as a result, we are launching Organizational Financial Wellness to provide value-added solutions and expertise to employers, with the ultimate goals of delivering tools to help their employees better manage their financial well-being.”

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The service will be delivered by financial wellness consultants, who will serve as key business partners to the human resources (HR) suite and recommend financial wellness solutions based upon each company’s specific needs.

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