New offering raises the bar on personalized advice at scale to help savers reach retirement
PGIM,1 the $1.33 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU), and iJoin, a leading retirement plan technology innovator, have announced that the PGIM RetireWell™ Managed Accounts — a highly personalized offering — will soon be available to the growing list of iJoin-enabled recordkeepers through its Managed Account Program (MAP) marketplace. This integration leverages the power of the PGIM RetireWellTM Advice Engine in combination with iJoin’s goals-based user experience, portfolio allocation technology, and a plan advisor’s investment lineup to enable a more holistic retirement planning journey for plan participants.
Configurable as a plan’s Qualified Default Investment Alternative (QDIA) or via opt-in, PGIM RetireWell Managed Accounts incorporate proprietary methodology and patent-pending technology to create a personalized retirement strategy based on each participant’s unique data, preferences and goals. Leveraging iJoin’s sophisticated yet intuitive user experience, the PGIM RetireWell Managed Account invites investors to fine-tune their income goal by expressing risk tolerance preferences as well as considering health-related priorities.
Michael Miller, head of PGIM DC Solutions, said:
“The PGIM RetireWell Managed Accounts were created to solve for the retirement challenge that American workers face today — transforming savings into an adequate, sustainable stream of retirement income. PGIM’s highly personalized solution offers the innovation employers need for better retirement outcomes for their plan participants.”
Steve McCoy, CEO of iJoin, remarked:
“We admire the significant investment the PGIM team has made in developing an advisor-led managed account experience that more holistically factors an individual’s unique and changing circumstances. Together, we’re able to present a highly differentiated user experience that addresses underlying complexities while remaining intuitive.”
There is growing evidence that managed advice is desired by a majority of plan participants2 and can lead to higher overall savings rates.3
Since 2020, iJoin has integrated its data-driven, goals-based participant experience with leading providers of managed account programs, in-plan income, and IRA rollover solutions. Available through a growing number of retirement plan recordkeepers, financial advisors now enjoy unparalleled product choice with which to make informed recommendations based on plan and participant suitability.
The PGIM RetireWell Managed Accounts are part of PGIM RetireWellTM Solutions, a suite of tools, products and solutions developed to help defined contribution plan participants achieve better retirement outcomes through holistic advice and guidance.
Please contact PGIM DC Solutions for more program information for plan recordkeepers and plan advisors.
ABOUT PGIM DC SOLUTIONS
As the retirement solutions provider of PGIM, PGIM DC Solutions seeks to deliver innovative defined contribution solutions founded on market-leading research and capabilities. Our highly experienced team partners with clients on customized solutions to solve for retirement income. As of June 30, 2024, PGIM has $170 billion in DC assets under management and PGIM DC Solutions’ AUM is $1.3 billion.4
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU). In 41 offices across 18 countries, our more than 1,400 investment professionals serve both retail and institutional clients around the world.
As a leading global asset manager with $1.33 trillion in assets under management,5 PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialized expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.