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.
Price Smart “allows advisors to instantly generate customized 401(k) pricing proposals to identify potential costs savings and enable clients to make more informed decisions,” according to Michael Miller, head of retirement distribution at J.P. Morgan Asset Management. “Retirement Link harnesses the breadth of J.P. Morgan’s investment expertise and thought-leadership to help advisors build robust plans at lower costs,” he noted.
The company, meanwhile, remains “focused on exploring opportunities to enhance our Retirement Link solution to better address the retirement plan needs of organizations with assets from $500,000 to over $100 million,” he said. Price Smart is “testament to this commitment,” he said.
Price Smart can be accessed by advisors directly online or through the Retirement Link area of J.P. Morgan Asset Management’s website, under Planning Tools: https://am.jpmorgan.com/us/en/asset-management/gim/adv/defined-contribution/retirement-link
In addition to the website, advisors can also use J.P. Morgan Asset Management’s Retirement Link app on Apple iOS mobile devices. It wasn’t immediately clear if the app was also available on Android and other devices.