Product Partnership Advisor | PLANADVISER
RBC Wealth Management, Transamerica and FuturePlan launch new group plan solution
RBC Wealth Management is partnering with Transamerica and FuturePlan by Ascensus to launch a pooled retirement plan solution for US business owners called RBC Group Retirement Plan.
Open to existing and start-up 401(k) plans, the RBC GRP will be distributed only through RBC Wealth Management in the United States. RBC Wealth Management will also act as investment trustee 3(38) of the PRG. FuturePlan will serve as third-party administrator and 3(16) plan administrators, while Transamerica will serve as the plan’s accountant.
Participating employers will have access to a combined team of plan professionals not otherwise available outside of the pooling arrangement. The RBC GRP also includes the FuturePlan Fiduciary Assistant program, a proprietary 100-point payroll data integrity check designed to prevent the most common plan errors reported in Department of Labor and IRS audits. Fiduciary Assistant works with payroll providers approved by Transamerica’s PayStart.
OneAmerica, smart collaborating on customer offering
OneAmerica and intelligents announced a personalized offering from intelligents, which bundles two OneAmerica services for select pension plan sponsors and participants.
intelligentnts’ offering will include bioni(k), an intelligentnts-branded managed account service that allows participants to receive personalized retirement savings and investment plan advice. The service is built on Morningstar Investment Management LLC’s advisor-managed account platform and interface.
OneAmerica acts as an archivist and integrates the platform into its archiving system, enabling a seamless experience for smart customers and attendees. The service also allows plan sponsors to delegate fiduciary responsibilities, with smarts taking responsibility for fund selection and portfolio creation, and Morningstar Investment Management taking responsibility for participants’ portfolio alignment process.
In addition to bioni(k), intelligentnts’ offering will include intelligentnts-branded intelli(k) which will now also be offered through OneConnect, a OneAmerica retirement plan solution. The intelli(k) offering combines investment fiduciary services offered by the advisor with 3(16) administrative fiduciary services provided by OneAmerica, allowing plan sponsors to offload fiduciary responsibility while maintaining complete flexibility in scheme design. OneConnect is available for all plan types, including 401(k), 403(b), and 457 plans.
smarts launched the dual product offering to select customers last month. Accounts managed by OneConnect and Advisors are currently available through OneAmerica.
AdvisorEngine introduces data visualization dashboards
AdvisorEngine has announced new data visualization dashboards that provide insights tailored to specific roles in key areas of wealth management.
Dashboards are built on the same modern technology architecture and design approach used to transform Junxure CRM into AdvisorEngine CRM earlier this year.
Business-critical information is presented in modern real-time visuals, eliminating the need for static spreadsheets. Organized “visualization” models form a library, allowing users to quickly adopt the technology. For more control, users can easily reconfigure their dashboard to create the experience they want.
Features include drag-and-drop customization, inline editing, autofill data, advanced filtering, one-click drill-down of detailed data, and enterprise permissions to control access to information. Department-level features include:
- CEOs and management teams can assess important business drivers such as net new assets, customer retention, customer segmentation, customer demographics, and advisor productivity
- New business development roles can stay focused on growth by visualizing their sales funnel, tracking close rates, and gaining insights into “won” and “lost” opportunities
- Financial advisors can review the status of client inquiries, see upcoming actions, and preview their new client opportunities
- Department managers can organize their team meetings based on accurate real-time dashboards rather than manually creating presentation pages using static spreadsheets
- Operations staff can see their daily tasks prioritized, ensure customer service standards are being met, and identify process bottlenecks
Design and deployment process:
Revenue growth, operational excellence, and customer service are the primary focus areas of dashboards.
AdvisorEngine developed these focus areas through a design process that involved interviewing 430 professionals across all wealth management roles, including CEOs, financial advisors, COOs and their team members. .
Participants shared common issues with their current solutions: data discrepancies, data integration issues, time-consuming manual analysis, and the high cost of external consultants to set up and maintain quality reports. AdvisorEngine CRM dashboards, on the other hand, allow users to start seeing insights quickly.
Dashboards are launched using a staged deployment process. A select group of AdvisorEngine CRM customers have already started receiving access.
Pacific Financial Group Partners with CapIntel to Strengthen the Advisor-Client Relationship
Pacific Financial Group, a wealth management firm focused on standalone brokerage account management, announced a partnership with CapIntel, a Toronto-based fintech company that improves fund analytics, proposal generation and daily workflow efficiency for financial advisors. CapIntel is a modern and intuitive platform that provides powerful instant analytics and easy-to-understand, highly visual reports.
CapIntel seeks to meet the needs of financial advisors and asset managers by offering a flexible and customizable solution that prioritizes a personalized client experience. The goal of the partnership is to enhance TPFG’s technology stack and provide the company with a fully customized performance reporting tool for its model strategy suite.
TPFG’s technology subsidiary, RiskPro, continues to provide enterprise-level risk tolerance screening and monitoring for all of PFG’s model funds and portfolios. RiskPro also provides a compliance and monitoring capability that allows registered investment advisers and brokerage firms to quantify and monitor risks associated with advisers as models and portfolio manager accounts, to create what the firm calls “Perpetual Suitability”.
Savvy Ladies receives grant to develop mobile portal advancing women’s financial literacy
Savvy Ladies, a nonprofit organization providing free financial education to women, including a nationwide “free financial helpline,” announced that it had received a grant from the Nasdaq Foundation. The grant will support the expansion of Savvy Ladies’ free financial helpline through the creation of a personalized, digitized mobile portal for women to easily access financial education resources. Additionally, the mobile portal will provide access to volunteer advisors who will help women create roadmaps to achieve financial security and build wealth.
Savvy Ladies will work with Salesforce nonprofit and Agile Cloud Consulting to build the mobile portal, which will leverage technology to advance the capacity of the Savvy Ladies Free Financial Helpline resource, enabling ongoing support and quarterly check-ins with advisors, building empowerment and independence for women seeking financial advice.
FinTron launches the next version of its investment application
FinTron, Inc., a fintech company promoting financial literacy and freedom for mobile-first Millennials and Generation Z, has introduced FinTron 2.0, an enhanced version of its education-based, commission-free brokerage app. Highlights of FinTron 2.0 include a new rewards engine to incentivize users to learn personal finance and adopt healthy financial habits, an expanded educational portal, and greater functionality overall.
Highlights of FinTron 2.0
- Over 2,000 commission-free fractional stocks and exchange-traded funds, allowing investors to buy into big companies such as Amazon and Apple for as little as $5 per share instead of paying the full share price that can reach more than $1,000.
- Automated tools for deposits, budgeting and repeat investments
Incentive-based rewards (new with FinTron 2.0):
- Rewards Center to encourage users to set and achieve budgeting and deposit goals
- Redeem points (for example, by completing training modules or meeting budgeting and deposit goals) to earn gift cards from popular brands like Apple, Airbnb and Delta Airlines
- FinTronU, a free educational portal, offering nearly 1,000 modules on dozens of financial topics such as investing, savings, taxes, retirement and credit cards
- Simulated trading game allowing users to learn and practice investing with simulated money
- FinTron has pledged to dedicate 5% of its after-tax profits to creating financial education programs for high schools, colleges and universities across the United States.
- The FinTron team, through FinTronU, has voluntarily delivered financial education and entrepreneurship programs to thousands of American high school and college students across the country.