Empower Retirement has selected Quovo, a financial data platform, to offer enhanced account connectivity services to retirement plan participants.
Data services supplied by Quovo will enable Empower to further provide participants with a comprehensive view of all their financial accounts from a variety of outside institutions, including investments, banks, loans and insurance providers. Leveraging Quovo’s capabilities, Empower will pull real-time data from all of a participant’s income sources, savings and investment accounts and integrate those factors with demographic data into a planning experience using the input of investment professionals and Empower proprietary technology.
“A more scalable and automated means of viewing one’s assets enables individuals and their advisers to make financial planning decisions based on better information,” says Edmund F. Murphy III, president of Empower Retirement. “Quovo is the market leader in providing these services and, with their expanded toolsets, we believe this partnership helps to bring a new level of retirement and overall financial planning to our participants.”
“By offering our account aggregation capabilities through the Empower platform, millions of Americans will now be able to construct a holistic view of their financial picture and better prepare for retirement,” says Lowell Putnam, co-founder and CEO of Quovo.Earlier this month Empower announced the launch of My Total Retirement, an end-to-end advice and planning solution for plan participants designed to help an individual from the goal-setting stage at the start of their career through a withdrawal strategy that’s implemented when their working years conclude.