DRESHER, Pa., July 29, 2021 /PRNewswire/ -- OneDigital and Ascensus recently announced the availability of a co-created small market solution for retirement plans that brings institutional-quality employee services to plan participants.
The OneDigital Complete Retirement Solution offering includes Personalized Portfolios, OneDigital's managed account solution that gives employees access to personalized investment strategies and savings recommendations that are unique to their investor profile within the retirement plan, and Financial Elements, a wellness solution offered through OneDigital. Other features and services include:
3(38) fiduciary coverage provided by OneDigital and supported by an open-architecture platform
World-Class Net Promoter Score (NPS) plan onboarding and ongoing administration services for plan sponsors with Ascensus' tech-enabled platform
Transparent, fee-based pricing model
Ascensus Elite Advisor program benefits (e.g., a dedicated client relationship manager and strategic account manager) to help advisors focus on growth and enhance their practices
One of the nation's leading health, retirement/wealth, and HR advisory firms for employers of all sizes, OneDigital has offices throughout the country and serves 35,000 companies and manages nearly $4 billion in premiums. Ascensus is the largest independent recordkeeping services provider, retirement plan third-party administrator, and government savings facilitator in the United States. It supports more than 113,000 retirement plans and more than 3.8 million participants. As of June 30, 2021, Ascensus had more than $404 billion in assets under administration.
OneDigital is one of the largest partners on Ascensus' recordkeeping system, with more than 900 plans and upwards of $3.75 billion in assets under administration. The companies expanded their relationship after both were involved in the acquisition of Truist's retirement business in the first quarter of 2021.
"The OneDigital small market solution is another example of Ascensus' dedication to helping plan sponsors curb costs, reduce risk, and save time via access to institutional-quality employee services that help drive plan health and retirement readiness," said Jason Crane, Ascensus' head of retirement distribution. "Our commitment to using our independence to offer partners like OneDigital the flexibility to design their own retirement programs has never been stronger, and we look forward to supporting their advisors and plan sponsor clients."
"When it came to developing a small market solution, we recognized that Ascensus' platform allowed us to deliver OneDigital's best-in-class managed account and financial wellness solutions to clients in a highly integrated fashion," noted Vince Morris, president of OneDigital Retirement + Wealth. "Ascensus' open-architecture platform and expertise in small business retirement plans, along with top-tier service excellence and distribution enablement capabilities, made it easy for us to design and offer a retirement plan solution that is customized at the plan level and personalized at the participant level."
"In terms of need, I'm aware of more than 20,000 commercial clients on the OneDigital side that would benefit from this new small market retirement plan solution," continued Morris. "Together with Ascensus, we're putting the focus on an underserved participant population that deserves access to valuable services and features typically found in larger retirement plans."
About OneDigital OneDigital is the nation's leading health, retirement/wealth, and HR advisory firm focused on empowering business growth for employers of all sizes and has consistently led as a workplace ally for over 20 years. OneDigital's unique ability to converge health, wealth and human resources into a hub of services and business guidance has empowered companies to create workplaces that attract and retain talent while fueling innovation and company growth. As employee health care, wellness and workplace benefits continue to shift, companies of all sizes have relied on OneDigital's exceptional advisory teams for counsel and its adjacent services, including employee benefits, holistic HR services, employee wellbeing and pharmacy consulting, as well as the retirement and wealth management services provided through OneDigital Investment Advisors. Headquartered in Atlanta, OneDigital's more than 100 offices and 2,400+ business strategists serve the needs of over 85,000 employers across the nation.
About Ascensus Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, retirement plan third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com.