The CEO of the nation’s No. 2 recordkeeper says Empower’s focus will continue to be on a best-in-class user experience.
It can cull data for advisers, banks, credit unions, insurance firms and other institutions to give an overview of a person’s defined contribution plan holdings.
Resources continues to expand its proprietary advice solution across multiple recordkeeping platforms.
If done properly, a request for proposals can help sponsors stay on par with the most advanced services available in the marketplace at competitive rates.
The new platform claims to reduce ‘months into minutes’ for RFIs and RFPs.
The services will now be available to Vestwell advisers.
The firm is also offering a 90-day trial period of its managed account solution to retirement plan participants.
Flexible schedules are expected to continue post-pandemic, resulting in better access to coaching for more retirement plan participants.
It enables sponsors to shift their benefits dollars to the retirement plan or to an employee’s student loan servicer.
The recordkeeper also notes that fee compression is largely driving the ongoing industry consolidation.
The partnership will focus on the firm’s National Chamber of Commerce Micro Market Solution.
The break will apply to 401(k) plans that sign up with the company between August 1 and December 31, 2020.
It is the latest recordkeeper to waive fees because of the coronavirus pandemic.
COVID-19-related distributions will be capped at $100,000 with no mandatory tax withholding requirements and the ability to repay them.
The recordkeeper is making the move in response to the CARES Act.
The firm is also offering free fiduciary and wellness services to employers.
Advisers can guide their sponsor clients towards the assistance that TPAs and recordkeepers can provide.
The solution automatically synchronizes information between the plan sponsor, recordkeeper, investment provider and employees.
Upon closing of the transaction, Vested Interest, which has $17 billion of assets under administration, will operate as part of Newport Group and its employees will join Newport Group.