Prudential to launch new managed advice platform, powered by NextCapital
February 02 2021 - 7:00AM
Business Wire
Advice and Income Engines at Prudential will help plan
sponsors and their advisors personalize retirement advice1 to
better prepare participants for futures they can count on.
Prudential Retirement, a business unit of Prudential Financial,
Inc. (NYSE: PRU), has unveiled Advice and Income Engines at
Prudential, a next-generation digital managed advice platform,
powered by NextCapital.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210202005148/en/
Harry Dalessio, head of Institutional
Retirement Plan Services, Prudential Retirement (Photo: Business
Wire)
Advice and Income Engines provides defined contribution plan
participants with access to retirement planning and personalized
portfolio management, designed to help them generate a source of
income for retirement. The service is expected to go live in the
first quarter of 2021, with several key features that will follow
its launch.
“More than 100 million Americans rely on a defined contribution
plan as the foundation for a secure retirement,” said Harry
Dalessio, head of institutional retirement plan services at
Prudential Retirement. “Incorporating a managed advice solution
that supports understanding of income needs in retirement is
especially critical during times of market volatility.
Additionally, many Americans are unsure about investing and
retirement decisions and prefer the convenience of getting
professional financial advice through their trusted
employer-sponsored defined contribution plan.”
“We are excited Prudential has selected NextCapital’s managed
advice platform to help power personalized advice and retirement
planning to its 3.2 million retirement savers through their
workplace retirement plans,” said Rob Foregger, executive vice
president and co-founder of NextCapital. “Prudential is in a unique
position to help shape the future of the $8 trillion defined
contribution market, which is increasingly focused on meeting
consumer demand for more customization through large-scale
technological innovation.”
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for
public, private, and nonprofit organizations. Services include
defined contribution, defined benefit and nonqualified deferred
compensation record keeping, administrative services, investment
management, comprehensive employee education and communications,
and trustee services, as well as a variety of products and
strategies, including institutional investment and income products,
pension risk transfer solutions and structured settlement services.
With over 85 years of retirement experience, Prudential Retirement
helps meet the needs of 4.7 million participants and annuitants.
Prudential Retirement has $519.7 billion in retirement account
values as of Sept. 30, 2020. Retirement products and services are
provided by Prudential Retirement Insurance and Annuity Company
(PRIAC), Hartford, CT, or its affiliates.
About NextCapital
NextCapital is the leader in enterprise digital advice whose
mission is to help everyone retire successfully. NextCapital
partners with financial institutions to deliver personalized
planning and managed accounts to individual investors across
multiple channels, including 401(k), IRA, and taxable brokerage
accounts. NextCapital’s open-architecture digital advice solution
provides integrated account aggregation, analytics, planning and
portfolio management, and allows partners to customize advice
methodology and fiduciary roles.
“NextCapital” is a brand name representing NextCapital Group,
Inc. and its wholly-owned subsidiaries, NextCapital Software, Inc.
and NextCapital Advisers, Inc. NextCapital Advisers, Inc. is an
investment adviser registered with the Securities and Exchange
Commission (SEC). NextCapital Software, Inc. is not registered with
the SEC and does not provide investment advice.
______________ 1 Provided by the plan’s designated registered
investment adviser.
1044823-00001-00
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210202005148/en/
Monique Freeman (Prudential) 973-634-8325
monique.freeman@prudential.com Kate Chmielewski (NextCapital)
315-264-9460 chmielewskik@nextcapital.com
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