SPRINGFIELD, Mass.--(BUSINESS WIRE)--As part of its commitment to helping savers in 401(k)s and other retirement plans achieve the best outcomes possible, Massachusetts Mutual Life Insurance Company (MassMutual) announced today a new managed advice solution that allows for greater personalization of investment strategies.
The new service, called Manage My Retirement, is a professionally managed account service through NextCapital Advisers, Inc. (NextCapital), the leader in enterprise digital advice. It will help defined contribution retirement plan savers choose a path to retirement that matches their unique personalities and circumstances with the goal of helping them achieve better retirement outcomes.
The services are available for 401(k), 403(b) and 457 plans and can be customized with a specific plan’s available investment options.
“Given the events of the last few months and the uncertain time we find ourselves in, personalization of retirement savings based on an individual’s broader goals is important now more than ever,” said Paul Lapiana, head of product for MassMutual. “Our new Manage My Retirement service helps savers in 401(k)s and other retirement plans personalize their retirement savings journey to help them retire on their own terms, even in light of the hardship we’ve faced in recent months.”
NextCapital’s Manage My Retirement ‘advice engine’ 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, guaranteed income, and funding gap, among others. These data points are used to create a personalized investment portfolio, which is monitored and automatically adjusted as circumstances change. Manage My Retirement also gives each participant a personalized retirement plan, which includes start date and savings recommendations, as well as retirement income forecasts.
“The $8 trillion defined contribution market is shifting to personalized managed advice to better meet the unique needs of each retirement saver,” said Rob Foregger, co-founder & EVP of NextCapital. “With over 2.6 million retirement plan participants, we are excited MassMutual has selected NextCapital’s digital advice platform to help deliver better retirement outcomes.”
Manage My Retirement will also focus on the needs of advisory firms and plan advisers. By leveraging NextCapital’s flexible technology, MassMutual can provide customized solutions for different firms. These firms can include their own investment selections, choose varying levels of advisory interaction, and choose their fiduciary role. They can even collaborate with MassMutual and NextCapital to adjust advice methodology inputs, like capital market assumptions.
NextCapital is not an affiliate or subsidiary of MassMutual or its affiliates or subsidiaries.
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com.
NextCapital is the leader in enterprise digital advice®. NextCapital partners with world-class institutions to deliver personalized planning and managed accounts to individual investors across multiple channels, including 401(k), IRA, and taxable brokerage accounts. NextCapital’s open-architecture digital advice solution provides integrated account aggregation, analytics, planning and portfolio management, and allows partners to customize advice methodology and fiduciary roles.
“NextCapital” is a brand name representing NextCapital Group, Inc. and its wholly owned subsidiaries, NextCapital Software, Inc. and NextCapital Advisers, Inc. NextCapital Advisers, Inc. is an investment adviser registered with the Securities and Exchange Commission (SEC). NextCapital Software, Inc. is not registered with the SEC and does not provide investment advice.