Future Capital Inks Deal With Puerto Rico’s Banco Popular
Advisers and plan sponsors working with Banco Popular will have access to Future Capital’s 401(k) managed accounts and personalized savings guidance technology.
Future Capital, a 401(k) managed account provider, announced on Wednesday a partnership with Banco Popular de Puerto Rico, a financial services firm based in San Juan, Puerto Rico.
Banco Popular, which runs a recordkeeping business with more than 60,000 participants, will be able to leverage Future Capital’s advanced digital tools, customized 401(k) managed account solutions and personalized guidance services, according to the announcement.
“We are thrilled to embark on this collaborative journey alongside Banco Popular de Puerto Rico,” Jay Jumper, Future Capital’s founder and CEO, said in a statement. “This collaboration leverages the collective strength of our organizations to address the financial requirements of business owners and their employees.”
Chattanooga, Tennessee-based Future Capital offers customized 401(k) managed account solutions that encompass asset allocation, fund selection and portfolio optimization tailored to participant goals, circumstances and investment strategies, according to the firm. Serving as a participant-level 3(38) fiduciary, Future Capital curates diversified portfolios taken from available retirement plan funds.
In addition to these services, the firm will offer Banco Popular unlimited access to professional retirement specialists and its proprietary retirement planning tool, a personalized online dashboard. Furthermore, Future Capital will implement the portfolio on the participants’ behalf, based on the investment strategy recommended by the retirement planning tool.
“We are very proud of this collaboration with Future Capital, which allows us to harness their advanced technology to provide our clients with a more seamless and efficient retirement planning experience,” Francisco Pericás, senior vice president of Banco Popular’s fiduciary services division, said in a statement. “With this alliance, we continue to put our clients at the center of progress.”
Founded in 1893, Banco Popular is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. In the U.S., Popular Inc. provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.
In August, Future Capital entered a partnership to provide its offerings to registered investment advisory TLG Advisors. Commenting on the partnership, Jumper said the deal to connect 401(k) accounts to a wealth advisory company signals a further push in retirement and wealth management convergence.