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May 11, 2020 at 10:13 AM
Massachusetts Mutual Life Insurance Co. teamed with fintech firm NextCapital Advisers to introduce a new managed advice solution that the companies said enables greater personalization of investment strategies for advisors and their clients with MassMutual retirement plans.
Manage My Retirement, available only on MassMutual’s platform, builds a personalized retirement plan and portfolio for each participant, using up to 30 specific data points, including retirement age, savings rate, gender, marital status, health, salary risk and guaranteed income, the firms said. The data points are used to create a personalized investment portfolio that is monitored and automatically adjusted as circumstances change, the companies said.
The service is available for 401(k), 403(b) and 457 plans and can be customized with a specific plan’s available investment options. It will also focus on the needs of advisory firms and plan advisors, the firms said.
Envestnet MoneyGuide Rolls Out Enhanced Client Portal
Envestnet MoneyGuide rolled out an enhanced version of its MoneyGuide Client Portal that it says enables clients to safely and securely interact with their advisor within the portal.
Noting that in-person meetings between advisors and clients have become rare during the COVID-19 pandemic, the company said the enhanced portal “empowers advisors to better engage with clients using MoneyGuide financial planning solutions through on-screen observation, guidance, and one- and two-way video.” The enhancement was considered for many years and was “accelerated due to the pandemic,” according to Joe Miller, chief operating officer at Envestnet MoneyGuide.
There are now three options for clients to engage their advisor from inside their MoneyGuide Client Portal.
- Live observation: By engaging in Portal Sharing, clients will allow their advisor to view their MoneyGuide Client Portal screen. “It can be used during a phone conversation to keep clients and advisors on the same page,” the company noted.
- Co-browsing: This feature enables the advisor’s cursor to appear on the client’s screen to guide the client within their portal.
- One- or two-way video: The portal allows the advisor and client to engage in one- or two-way video, “adding a human element to their virtual engagement,” the company said.
The screen-sharing tools also protect client privacy because an advisor can only see a client’s screen within MoneyGuide software during a remote connection, the company said.
