J.P. Morgan Asset Management enhanced its Retirement Link bundled defined contribution plan offering by adding Price Smart, a new digital solution that it said Thursday provides advisors with the ability to instantly generate custom 401(k) pricing proposals for their clients.
Price Smart boasts three key capabilities the firm said were designed to help advisors build stronger plans at lower costs. The first is the ability to identify potential cost savings. Users get to view three pricing options per plan, in flat dollars and percentages, and compare the Retirement Link pricing proposal to current 401(k) fees to see how much their clients could save, according to J.P. Morgan.
The second key capability is that Price Smart tailors proposals to each specific plan, presenting bundled or third-party administrator (TPA) pricing for multiple scenarios, and helping clients make informed decisions by customizing additional services, the company said.
And the third main capability is that it allows users to get instant results, providing them with secure, 24/7 access to plan quotes on demand and the ability to save and manage proposals online to make updating fast and simple, according to J.P. Morgan.