LEXINGTON, Ky.--(BUSINESS WIRE)--Unified Trust Company (“Unified Trust”), a national bank trust company and discretionary trustee fiduciary serving retirement plans as well as individual and institutional investors with a mix of digital and traditional advice, is celebrating the 10 year anniversary of its UnifiedPlan Managed Account Solution.
The UnifiedPlan defines a goal for each participant, replacing 70% of pre-retirement income, adjusted for inflation and targeting as close to the normal Social Security retirement age as possible. Employees are automatically enrolled into the plan with the least amount of risk necessary to succeed. Unified Trust, as a discretionary trustee, makes adjustments as needed along the way to help participants stay on track to achieve their retirement goals.
“Replacing 70% of your income in retirement is a major industry challenge. Research shows that on average only 25% of retirement plan participants are on track to achieve that goal. Participants needed a more hands on approach and that’s where the UnifiedPlan comes in,” says Unified Trust CEO and Founder Dr. Gregory Kasten.
The approach works with 73% of participants in the UnifiedPlan on track to replace their retirement income goal, nearly tripling the industry average.
“The industry likes to talk in terms of percentages, but at the end of the day those data points represent individuals; people with families, personal goals and aspirations for an enjoyable retirement. We must never lose focus on why we are in this industry in the first place,” said Kasten.
Unified Trust, founded in 1985, introduced the UnfiedPlan in November of 2009 as a default QDIA solution to help participants achieve retirement success. It was the first generation of robo advice and has transformed over the last decade with increased automation, data management and a new user interface.
To measure participant success, the trust company completes a before and after study for every plan on the platform. Participants receive a quarterly progress statement with their journey to retirement success broken down into monthly income needs and projections. This retirement success model is delivered in conjunction with dedicated advisor partners and plan sponsors throughout the nation.
“We’re so honored for the opportunity to help participants succeed,” said Kasten.
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