ENFIELD, Conn. and CHICAGO, April 22, 2016 /PRNewswire/ -- MassMutual's RetireSmartSM Ready Managed Path Managed Account Program for 401k participants powered by Envestnet Retirement Solutions, LLC (ERS), a majority owned subsidiary of Envestnet Inc. (ENV), has received the Money Management Institute's (MMI's) award for Advisory Solutions Most Innovative New Investment Product.
Announced at the Gateway to Leadership Industry Recognition Dinner on April 20, 2016 during the MMI Annual Convention in Washington, D.C., this award recognizes the firm that has developed and launched the most innovative new investment product across all categories of Sponsors, Investment Managers and Solutions Providers.
"Creating a managed account portfolio that adheres to the most appropriate allocation for an investor's preferences is crucial for maximizing outcomes, and we are grateful that MMI has spotlighted our managed account program for providing this benefit for investors," said Tina Wilson, Senior Vice President of Product Management at MassMutual. "By utilizing a simple process to input methodology, and automating the individual's data inputs from the recordkeeping system, we are not only able to efficiently develop highly personalized portfolios but are also able to automatically re-determine the allocation whenever there is a change in the data or personal preference inputs."
ERS actively manages RetireSmart Ready Managed Path accounts on an ongoing basis to help ensure that portfolio investments remain appropriate for each participant over time. The managed account program is designed to provide investment solutions to participants who do not want to actively manage their retirement investments by themselves. RetireSmart managed account investment strategies are created using investment options already available via a plan sponsor's retirement savings plan.
"We are thrilled with the recognition of our joint managed account program by MMI and are big believers in the power of behavioral science, combined with automated personal data, to provide outcomes that all participants can embrace." Babu Sivadasan, Group President of Envestnet Retirement Solutions.
Nominations for the 2016 Industry Leadership Awards were submitted by MMI members, and the finalists were selected by a special committee representing all segments of the MMI membership. The winners in each category were determined by a vote of MMI member firms.
MassMutual is a leading mutual life insurance company that 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.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.
About Envestnet Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.
Envestnet | Retirement Solutions, LLC, a majority owned subsidiary of Envestnet, Inc., provides a fully integrated suite of retirement services including data aggregation, practice management tools, model management, 3(21) and 3(28) fiduciary services, plan-level portfolios, managed accounts and personalized Qualified Default Investment Alternatives (QDIAs). ERS is a federally registered investment advisor and is the investment manager for managed accounts.
Envestnet's Advisor Suite® software empowers financial advisors to better manage client outcomes and strengthen their practices. Envestnet provides institutional-quality research and advanced portfolio solutions through our Portfolio Management Consultants group, Envestnet | PMC®. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software.
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 950 companies, including 12 of the 20 largest U.S. banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalized financial apps and services for millions of consumers. Envestnet | Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and drive better outcomes for our clients and their customers.
About the Money Management Institute (MMI)
Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members' advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct and to creating the most successful outcomes for investors at every level of assets. For more information, visit www.MMInst.org.
Money Management Institute
SOURCE Envestnet, Inc.