To give plan sponsors greater choice in the tools they may wish to make available to plan participants, T. Rowe Price has expanded the advice portion of its personal finance platform by adding the Financial Engines Personal Asset Manager program, thereby now offering Financial Engines’ full suite of advisory services.
The Personal Asset Manager program kicks off with each participant receiving a Personal Evaluation, which is a personalized retirement assessment that shows each participant where they stand in relation to their retirement goals and how they can improve their financial outlook. T. Rowe Price integrates plan and participant data so that all of the advisory services are personalized for each employee.
“As a service provider, it is very important that we make top quality advice available to plan participants so they can make better retirement investing decisions,” says Charles E. Vieth, president of T. Rowe Price Retirement Plan Services, Inc. “Financial Engines has a comprehensive multi- channel platform and a proven methodology, is highly regarded for their investment and technology expertise, and has shown that they can make a positive difference in participants’ investment behavior. In addition, their Advice Engines can consider an investor’s entire household portfolio, including both tax-deferred and taxable investments. We are confident that plan sponsors and employees can benefit from access to more of their independent advice and portfolio management services.
“At the same time, aligning ourselves with multiple independent service providers – with whom we can integrate data to provide participants with a more personalized experience – gives us greater flexibility and allows us to offer plan sponsors more choice in terms of methodology and format of advice delivery,” adds Mr. Vieth.