Innovative Collaboration Between PGIM and iJoin for Retirement Solutions
PGIM and iJoin Join Forces to Enhance Retirement Planning
PGIM, the global investment management powerhouse managing $1.33 trillion in assets through Prudential Financial, Inc., has announced a groundbreaking partnership with iJoin. This collaboration brings forth the PGIM RetireWell™ Managed Accounts, a personalized solution aimed at redefining retirement planning for participants in employer-sponsored retirement plans. This integration is set to broaden access to this innovative offering through iJoin’s Managed Account Program (MAP) marketplace, enhancing the retirement planning journey for many.
Enhancing Personalized Retirement Strategies
The PGIM RetireWell Managed Accounts utilize state-of-the-art technology and data-driven insights to create tailored retirement strategies. Each account is crafted based on individual participant data, preferences, and retirement goals, ensuring a custom fit for diverse needs. This model aligns well with iJoin’s goals-based user experience, maximizing user engagement and satisfaction.
The Importance of Holistic Planning
Michael Miller, the head of PGIM's DC Solutions, emphasized the necessity of addressing the retirement challenges faced by American workers today. He stated, “The PGIM RetireWell Managed Accounts were developed to create a sustainable income stream in retirement — an essential need for today’s workforce.” Combining innovative strategies with the support from iJoin, employers can now offer their participants a robust solution that aims to improve their long-term retirement outcomes.
Significance of User Experience in Retirement Planning
Steve McCoy, CEO of iJoin, shared his appreciation for PGIM's commitment to enhancing the advisor-led managed account experience. This partnership reflects a significant leap toward understanding individual circumstances, enabling a user-friendly experience while addressing the inherent complexities of retirement planning. By integrating these systems, they aim to provide a differentiated approach that caters to the varying needs of today's retirees.
Growing Demand for Managed Advice
Recent studies show a rising interest in managed advice among plan participants, highlighting a trend towards higher savings rates and better retirement preparedness. The need for a comprehensive solution, such as the PGIM RetireWell Managed Accounts, can dramatically influence retirement outcomes for employees, leading to greater financial freedom in later years. Since 2020, iJoin has successfully blended its technology with leading providers, enabling enhanced choices for advisors while supporting individual retirement goals.
Comprehensive Solutions for Participants
As part of PGIM's RetireWell Solutions suite, these managed accounts deliver a spectrum of capabilities designed to guide plan participants through their retirement journey. By offering personalized advice and investment strategies, participants can navigate the complexities of retirement with confidence and clarity. The collaboration between PGIM and iJoin underscores a shared vision of delivering not just financial products but a holistic experience that empowers individuals to plan effectively for their future.
FAQs about the PGIM and iJoin Partnership
What are PGIM RetireWell Managed Accounts?
PGIM RetireWell Managed Accounts are personalized retirement solutions designed to help participants create a sustainable income stream throughout their retirement based on individual preferences and goals.
How does iJoin support these managed accounts?
iJoin enhances the user experience by providing technology that personalizes investment strategies and engages participants in goal setting for their retirement journeys.
Why is personalized retirement planning important?
Personalized retirement planning addresses the unique financial situations of individuals, helping them to align their savings and investment strategies with their specific retirement aspirations.
What are the expected benefits of this partnership?
This partnership is anticipated to improve participant engagement and satisfaction through tailored solutions, ultimately leading to more favorable retirement outcomes.
How can employers implement these solutions?
Employers can leverage the PGIM RetireWell Managed Accounts through their existing retirement plan providers to offer these innovative solutions to their employees.
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