FuturePlan/Ascensus and Voya offer employer-integrated planning

FuturePlan by Ascensionthird-party retirement plan administrators, and Voya Financial Inc.An employer-comprehensive plan has been launched, with LeafHouse Financial Serving as an investment management provider.

The new offering will be called FuturePlan EAP and is designed to reduce administrative burden and limit fiduciary risk to employers while providing retirement plan access to more savers, the companies announced. The offer will be supported by service and onboarding teams, and plans with fewer than 10 participants will be able to get plans up and running quickly with “minimum hassle”.

“We are excited to expand our successful relationship with Voya to offer this affordable retirement plan option to an even broader group of plan sponsors and participants,” Casey Price, president of FuturePlan, said in a statement. “Everyone should have the opportunity to participate in a high-quality, well-managed retirement plan that provides the flexibility, security and value that savers want and deserve.”

Voya, a health, property and investment company, will serve as recordkeeper; FuturePlan will be a TPA and 3(16) service provider to administer the plan; And Leafhouse will provide 3(38) investment management services.

Plan participants will be offered Voya’s MyCompass Index – a target-date fund designed to address the individual needs of plan participants.

Broadridge, Paychex Partner on Small 401(k) Startup plan

Broadridge Financial Solutions Inc. and payroll and small retirement plan providers Paychex Inc. has partnered on a turnkey 401(k) startup solution for advisors to launch and manage small retirement plans.

“[The SECURE 2.0 Act of 2022] The growing demand for new retirement plans, especially with small businesses, has created an opportunity for advisors to support them. John Faustino, head of Broadridge’s fiduciary training business, said in a statement. “This new platform combines the strengths of two established retirement processing leaders to meet the needs of start-up plans and all their unique features.”

This solution is designed to give advisory tools, analysis and investment options to create, manage and service a small or startup retirement plan. The offering is also built as a cost-effective, open architecture solution that allows for rapid plan setup and a dedicated advisory support team, according to the New York State-based firms.

The small retirement plan offering is hosted by Paychex and integrated with Broadridge custody services and trading platforms, according to the announcement. The solution provides access to more than 30,000 mutual funds, exchange traded funds and collective investment trusts to build investment strategies as per the needs of plan sponsors and participants. Advisors can also choose to use an interactive dashboard from Broadridge that aggregates data from all their plans to manage plan and participant performance.

RIA Savvy Wealth rolls out direct index product

Digital Registered Investment Advisor Savvy Wealth Inc. has launched a direct indexing solution for advisors to offer tax-optimized, risk-adjusted and personalized investment portfolios.

Savvy Direct Indexing will join the trend of direct indexing investment options available to financial advisors and their clients. The investment building tool is built for advisors to create tax-efficient, value-aligned portfolios for the preferences of high-net-worth clients, including environmental, social and governance investment options.

“The era of personalization is upon us, and off-the-shelf index funds are largely underpowered to meet the complex needs of high-net-worth investors,” Hrithik Malhotra, co-founder and CEO of Savvy, said in a statement. “With Savvy Direct Indexing, our advisors can help clients achieve diversified exposure while proactively managing for tax liabilities, concentrated positions, ethical beliefs, and more.”

Savvy currently has a team of eight consultants; New advisors who partner with the firm receive the same equity ownership as tech industry employees and founders, according to the New York-based firm.

Nestimate launches in-plan retirement income software

Nestimate Inc.A software analytics platform has introduced a new tool called “Nestimate” designed to help plan sponsors and plan advisors “overcome the initial hurdles of in-plan retirement income solutions.”

“[One of the] The major obstacle I see is the newness of this market,” he says Kelby Meyers, CEO of Nestimate. “These new in-plan solutions are coming out, and advisors in the 401(k) space traditionally haven’t had these types of solutions to deal with. Those who are eager to implement [retirement income solutions] There is also a concern that there will be no lawsuits. … where our software can be highly helpful in this trustworthy due diligence process [plan advisers] They can have a high level of confidence with their selection.”

The new software includes a product recommendation algorithm that helps advisors, counselors and plan sponsors offer appropriate retirement income options to their participants. In addition, the tool compares the different fees involved in different income solutions and ensures that fiduciaries are complying with SECURE Act and SECURE 2.0 Act requirements.

“We are on the cusp of a new era of retirement,” Meyers said in a statement. “When the 401(k) was created, it was designed to supplement a pension plan, which provided guaranteed income for life. Retirees today are the first generation facing the prospect of retiring without this basic building block and fearing that Social Security will not be enough. We believe it is prudent to evaluate a participant’s longevity risk in terms of their ability to meet income requirements in retirement.

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