As explained by PIEtech, the myMoneyGuide system leads investors through an online planning experience that provides a confidential and conflict-free environment to receive and implement live, expert advice. The firm says myMoneyGuide will allow “an unprecedented number of investors to be introduced to planning and to the importance of working with an adviser to achieve their long-term financial goals.”
A main feature of the advice solution is “The Lab,” a digitally enabled 90-minute advice session through which participants build a personalized plan for retirement. PIEtech explains that myMoneyGuide instructors, who are certified financial planners (CFPs), are brought in to moderate the process. The firm says a retirement plan’s own adviser can also join to provide additional commentary and insight. Participants can ask questions of the participating adviser, the CFP instructor, and software support personnel throughout the event. Each Lab is customized according to the attending audience’s demographics, employer benefits, and other specifics.
The Lab covers important topics on the minds of investors today, PIEtech says, including retirement goals, Social Security strategies, health care costs, risk tolerance, asset allocation, savings, and other relevant matters. Unlike traditional seminars, myMoneyGuide Labs provide information specific to each participant.
Upon completion of the 90-minute live session, participants may request a complimentary review from their adviser. All plans created by the participants remain private until they choose to share their plan with the adviser, thus protecting the confidentiality of the participants’ information and leaving control of the process with each participant, PIEtech notes.
The solution is also built to support adviser practice management efforts. For example, when a participant elects to share their retirement plan developed through myMoneyGuide, the system automatically transfers that information to the adviser’s MoneyGuidePro software dashboard, eliminating the need for duplicate data entry.
PIEtech says the solution will also help employers meet education requirements under the Employee Retirement Income Security Act (ERISA) Section 404(c). Employers can also use the program to help employees calculate retirement needs, decide between a lifetime pension or a lump sum payout and evaluate other retirement options.
More information about myMoneyGuide is available at www.mymoneyguide.com.