BERWYN, PA — Envestnet has joined forces with retirement services provider Empower to launch a new product aimed at enhancing retirement planning. The solution, Envestnet Retire Complete, offers fiduciary and investment support in a cost-effective, streamlined plan, enabling financial advisors to help retirement plan sponsors better serve their participants.
Sean Murray, CFA and Head of Retirement for Envestnet, discussed the advantages of their collaboration with Empower in the retirement services market. In highlighting their combined strengths, Murray stated, “Our 3(38) fiduciary service and investment selection methodology, along with Empower’s retirement services market leadership and scale, have created an opportunity for advisors to help businesses deliver value to their employees—while minimizing fiduciary concerns and service challenges associated with running a retirement plan, Together, we can enable more organizations to offer a competitive benefits package for attracting and retaining top talent.”
Envestnet Retire Complete merges Envestnet’s fiduciary guidance and investment due diligence with Empower’s personalized communications and investments. This collaboration aims to enable more employers to provide competitive 401(k) plans.
The new offering comprises several key features:
- Fiduciary Support & Investment Selection/Monitoring: As an ERISA 3(38) fiduciary and investment manager, Envestnet provides tailored recommendations to meet the needs of both plan sponsors and participants. Its proprietary SCORE methodology evaluates and monitors investment options in qualified retirement plans based on factors such as style, cost, organization, risk, and execution.
- Seamless Participant Experience: Empower offers a highly personalized digital experience, integrating all elements of an individual’s financial picture to help them better understand their current situation and future needs. Participants can also access their personalized account dashboard via the Empower app, which allows them to view their projected retirement income, link accounts, adjust contributions, and more, all in one platform.
- Customized Communications: Empower’s multichannel messaging capability enables plan sponsors to send timely, relevant communications to participants.
- Broad Suite of Diverse Investment Options: Envestnet provides a pre-set Core Menu of active and passive investment options. Advisors and plan sponsors can also choose from four target date providers as the qualified default investment option.
“Retirement investors who are better informed about their complete financial picture are in a strong position to make better decisions,” said Joe Smolen, Senior Vice President of Core and Institutional Markets at Empower. “Empower has joined with Envestnet to design a state-of-the-art experience that allows plan sponsors to optimize retirement saving and planning for participants.”
In addition to this collaboration, Envestnet and Empower will present a Workplace Solutions Experience at the upcoming Elevate conference, set to take place in Phoenix, AZ from May 14 – 15, 2024. Recently recognized as one of the top advisor conferences for 2024, Elevate will feature a dedicated retirement track as part of its programming.
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