Firm Joins Forces with Empower to Launch New
401(k) Solution Offering High-Quality Plans with Comprehensive
Suite of Investments
BERWYN,
Pa., Nov. 14, 2023 /PRNewswire/
-- Financial advisors can now offer retirement plan sponsors
access to a cost-effective, streamlined plan solution with
fiduciary and investment support. The solution, Envestnet
Retire Complete—a new offering from Envestnet in
collaboration with retirement services provider Empower—can
help strengthen the opportunities for participants to achieve a
more secure retirement.
Envestnet Retire Complete combines Envestnet's fiduciary
guidance and investment due diligence with Empower's personalized
communications and investments to help more employers provide
competitive 401(k) plans.
"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," said Sean
Murray, CFA, Head of Retirement for Envestnet.
"Together, we can enable more organizations to offer a competitive
benefits package for attracting and retaining top talent."
More information about Envestnet Retire Complete can be found at
https://retirecomplete.envestnet.com/.
Envestnet Retire Complete encompasses:
- Fiduciary Support & Investment Selection/Monitoring:
Envestnet assumes the responsibility of ERISA 3(38) fiduciary and
investment manager, providing recommendations tailored to fit the
plan sponsors' and participants' needs. Envestnet's fiduciary
service is complemented by its proprietary SCORE methodology
specially designed to evaluate and monitor investment options in
qualified retirement plans. The SCORE methodology applies
quantitative and qualitative factors such as style, cost,
organization, risk, and execution when evaluating designated
investment options—and places a premium on managers that rate high
in those characteristics.
- Seamless Participant Experience: Empower's digital
experience for participants presents a highly personalized digital
experience that can integrate the elements of any individual's
financial picture to help them better understand their current
situation and future needs, driving increased financial confidence.
Plan participants can also download the Empower app to access their
personalized account dashboard on their mobile devices. The
dashboard enables participants to view their projected retirement
income, link accounts to see all their savings and investments in
one place, include liabilities when viewing their net worth,
rebalance portfolios, adjust contributions, create and keep
budgets, and more, all in one platform.
- Customized Communications: Empower's multichannel
messaging capability, which enables plan sponsors to send relevant
and timely communications to participants that are tailored with
the messages they need to receive.
- Broad Suite of Diverse Investment Options: Envestnet has
created a pre-set Core Menu of investment options for participants
to choose from with an eye towards active and passive choices. In
addition, advisors and plan sponsors can 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, while maintaining
the flexibility to design features that work best for their
organizations."
Building on this announcement, Envestnet is thrilled to announce
an exciting collaboration with Empower for a Workplace Solutions
Experience in the Exhibit Hall at Envestnet's premier event
Elevate. Recently recognized as one of the top advisor conferences
for 2024[1], Elevate will feature a dedicated retirement track as
part of the programming for the event, which will take place in
Phoenix, AZ from May 14 - 15, 2024. To learn more about the
conference please visit www.Envestnet.com/Elevate.
About Envestnet
Envestnet is transforming the way financial advice is delivered
through an ecosystem of technology, solutions, and intelligence. By
establishing the connections between people's daily financial
decisions and long-term financial goals, Envestnet empowers them to
make better sense of their finances and live an Intelligent
Financial Life™. With $5.4 trillion
in platform assets—more than 107,000 advisors, 16 of the 20 largest
U.S. banks, 48 of the 50 largest wealth management and brokerage
firms, more than 500 of the largest RIAs, and thousands of
companies, depend on Envestnet technology and services to help
drive better outcomes for their businesses and for their
clients.
Envestnet refers to the family of operating subsidiaries of the
public holding company, Envestnet, Inc. (NYSE: ENV). For more
information, please visit www.envestnet.com, and follow us on
LinkedIn and X (@ENVintel).
About Empower
Recognized as the second-largest retirement recordkeeper in the
U.S.,1 Empower is a leading provider of financial
services, including advice, wealth management, investing, and
retirement services. Headquartered in Greenwood Village, Colo., Empower administers
approximately $1.4 trillion in assets
for more than 18 million investors.2 Connect with us on
empower.com, Facebook, Twitter, LinkedIn, Tik Tok and Instagram.
[1] Michael Kitces, October
2023,
https://www.kitces.com/blog/2024-best-financial-advisor-conferences-list-fpa-norcal-t3-futureproof-elevate-xypn/
*As of October 2023
Empower and Envestnet are separate and unaffiliated firms. This
material should not be construed as a recommendation or endorsement
of any particular product, service, individual or firm. Plan
sponsors will always retain some fiduciary responsibility and
should therefore conduct their own initial and ongoing research and
due diligence on third party service providers, including but not
limited to trustees, investment managers, recordkeepers and third
party administrators.
1 Pensions & Investments 2022 Defined Contribution Survey.
Ranking measured by total number of participants as of September 2022.
2 As of June 30, 2023. Information
refers to all retirement business of Empower Annuity Insurance
Company of America (EAICA) and its subsidiaries, including Empower
Retirement, LLC; Empower Life & Annuity Insurance Company of
New York (ELAINY); and Empower
Annuity Insurance Company (EAIC), marketed under the Empower brand.
EAICA's consolidated total assets under administration (AUA) were
$1,387.9B. AUA is a non-GAAP measure
and does not reflect the financial stability or strength of a
company. EAICA's statutory assets total $73.98B and liabilities total $70.1B. ELAINY's statutory assets total
$7.2B and liabilities total
$6.9B. EAIC's statutory assets total
$90.1B and liabilities total
$88.8B.
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SOURCE Envestnet