CHICAGO, Nov. 20, 2019 /PRNewswire/ -- NextCapital announced that it now has over $2 billion in assets on its industry-leading IRA rollover platform, which it has developed in cooperation with several leading enterprise partners.
Improving IRA rollover solutions with emerging digital advice technology is a huge opportunity in the retirement advice industry that will grow more important as demographic and employment trends drive further demand. Many rollover solutions exist, but most are product-based and administrative in nature and don't provide personalized retirement advice with a digital enrollment process that scales.
"Over $450 billion in assets are rolling out of defined contribution plans each year," says Dirk Quayle, President and Co-Founder of NextCapital. "Large institutions focused on improving their clients' retirement outcomes are selecting NextCapital to power their next-generation rollover solutions."
NextCapital's IRA rollover solution leverages the NextCapital digital advice platform, which allows customization of partner branding, methodology, and investment options. Through its digital advice platform, NextCapital's IRA rollover solution also provides configurable workflows and CRM integration. The solution connects to recordkeepers and retail custodians via APIs. It can operate as both an advisor-led and direct-to-investor experience. Participant data from the recordkeeper is used to create on-demand, personalized retirement plans or risk-based general investing proposals. NextCapital's IRA rollover solution is also paperless. It auto-populates rollover forms and new account opening documents, and it executes the rollover and back-end processing, funding, and trading process.
Key features of NextCapital's IRA rollover solution include the following:
- Direct access to participant data
- Streamlined participant experience, with advisor interaction as needed
- Complete retirement planning and advice that considers the unique demands of participant status and rollover behavior—partials, distributions, company stock restrictions, and shorter-term liquidity needs vs. longer-term retirement goals
- An affordable, holistic, long-term managed advice solution, allowing other outside accounts to be rolled in and managed
- Connectivity between the recordkeeper and the custodian, with paperless, automated processing for account opening, money movement, service requests, etc.
- Call center or advisor capabilities for initial onboarding and ongoing investor interaction
- Powerful reporting and analytics on operations, investor behavior, and other KPIs
In addition to IRA rollovers, NextCapital's digital advice platform also seamlessly supports workplace managed advice and retail solutions for advisory firms. For all NextCapital solutions, NextCapital enables institutional partners to rapidly bring to market a cost-effective, full-stack digital advice solution that's specifically built to support the demanding configuration requirements of large institutions. Other notable features include the following:
- Custom user experience and ongoing engagement
- Configurable investment methodologies and advisory roles
- Self-service and advisor-assisted service models
- Multi-channel—supporting not only IRA rollovers, but also workplace and retail brokerage accounts
NextCapital Group, Inc. ("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 powers digital advice strategies for top-tier institutions such as Ascensus, John Hancock, Newport Group, Russell Investments, State Street Global Advisors, and Transamerica.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. As used here, "industry-leading" means the digital advice platform developed in cooperation with the top tier institutions listed above.