Riskalyze revealed a new approach to match 401(k), 457, 403(b), and SIMPLE IRA participants with appropriate investment allocations, known as “Auto Pilot for Retirement Plans.”
According to Riskalyze, the service allows financial advisers to deliver “advice at scale to the desktops and mobile devices of hundreds of plan participants with a few clicks,” leveraging the firm’s Risk Number program to “pinpoint how much risk investors want versus how much risk they need in order to reach their retirement goals.” The service further allows advisers to add all participants to a single online dashboard, create model portfolios from the fund menu or 3(38) fiduciary, and invite participants using a special link to get matched with the fund elections that best align with their Risk Number and retirement goals.
When an adviser creates a new plan in the product, they can define the plan’s model portfolios, “either building them from the fund menu or copying them from the plan’s 3(38) fiduciary.” Each plan then has a landing page for participants to launch the “best interest exercise” and determine their Risk Number, or the adviser can send invites out via email.
“Autopilot for Retirement Plans will augment or even replace the three-minute meetings many advisers hold in company conference rooms to attempt to deliver advice at scale to all of a plan’s participants,” adds Aaron Klein, CEO at Riskalyze. “Now advisers and plan sponsors can ensure that every single participant has access to getting invested correctly.”
More information about Autopilot for Retirement Plans is available at www.riskalyze.com/retirementplans.