Investment Product and Service Launches

Principal Debuts Registered Index-Linked Annuity Solution  

Principal Financial Group has launched its first registered index-linked annuity, Principal Strategic Outcomes. 

The product is designed to meet the growing demand for annuity solutions as market uncertainty persists and as individuals nearing retirement seek help mitigating investment risk.  

“Sustained market uncertainty has investors thinking about their asset allocation mix which, along with volatile equity markets, has triggered movement to solutions that help individuals build retirement savings while managing their risk tolerance,” Sri Reddy, senior vice president for retirement and income solutions at Principal, said in a statement. “We built our RILA to help investors more confidently navigate diverse market conditions.” 

Jackson National Life Enhances Registered Index-Linked Annuity Suite 

Jackson National Life Insurance Co., the main operating subsidiary of Jackson Financial Inc., launched Jackson Market Link Pro II JMLPII and Jackson Market Link Pro Advisory II, two new RILAs. 

JMLPII, commission-based, and JMLPAII, fee-based, allow consumers to grow assets before and during retirement, while offering different degrees of protection against unexpected market events. 

“Since entering the RILA market in late 2021, Jackson is committed to enhancing our suite of products to provide competitive options that seek to address clients’ unique need,” Alison Reed, chief operating officer of Denver-based Jackson National Life Distributors LLC, said in a statement. 

Prudential Advisors Introduces Fee-Based Annuities  

Prudential Advisors has introduced fee-based annuities to its expanding advisory platform. 

The new offering provides clients purchasing an annuity with investment advice for an asset-based fee. Clients will get an integrated view of their investments, including annuity assets, in a single report. The first annuity available will be the Prudential MyRock Advisor variable annuity. 

“The addition of fee-based annuities was natural given the growth of our investments business,” Pat Hynes, vice president and head of field sales at Prudential Advisors, said in a statement. “At the same time, it was important that we took the time to get the client and adviser experience right.” 

SoFi at Work Launches Student Loan Verification Service  

SoFi at Work, which offers companies financial well-being and education assistance benefits, announced the launch of a student loan verification service.  

The solution responds to the SECURE 2.0 retirement law allowing employers to match employees’ student loan payments with contributions toward retirement plans. For organizations looking to make the most of this policy change, SLV simplifies the process of linking matching employer retirement contributions to employee student loan repayments. 

“Our Student Loan Verification service makes it easy for companies to put [SECURE 2.0’s] emerging, yet highly impactful benefit into action for a more inclusive future,” Barrett Scruggs, vice president and business lead of SoFi at Work, said in a statement. 

John Hancock Investment Management Expands Alternatives Availability  

John Hancock Investment Management, the U.S. division of Manulife Investment Management, announced expanded availability for its alternative investment product offering.  

The firm broadened its registered alternative offerings to include semi-liquid tender offer funds that provide mass-affluent-eligible investors access to private securities. 

“We are currently experiencing an economic and market environment with high uncertainties, notable volatility, and the prospect for weaker growth,” Nathan Thooft, CIO of multi-asset solutions at Manulife Investment Management, said in a statement. “With this in mind, our goal is to provide investors the opportunity to consider an increased allocation to alternatives, adding differentiated exposures to their portfolios.” 

Human Interest Rewards Retirement Savers  

Retirement plan provider Human Interest has launched a feature offering 3% cash back reward to participants who start saving for retirement, the San Francisco-based company announced this week in a press release.  

Human Interest’s incentive is designed to increase participation rates in employer-sponsored retirement plans by helping to address near-term financial stressors, Jeff Schneble, CEO of Human Interest, stated.  

“We see the urgent need for more working Americans to save for retirement,” Schneble said. “We are using the same rewards model that people enjoy in their daily lives, akin to cash back credit cards, to encourage employees to actively save for a healthy retirement. That is why we are now the first and only retirement provider to offer a cash back program to incentivize individuals to save.” 

Human Interest debuted the reward to support plan participants building greater retirement savings, as almost 80% of Americans do not have sufficient funds for retirement, according to National Institute on Retirement Security research cited by Human Interest.   

The incentive is available to all eligible participants on the Human Interest platform who make the U.S. median annual wage of $60,000 or less. Human Interest plan participants will also have access to (k)ickstart, a financial wellness curriculum designed to support workers’ retirement savings journey, according to the release. 

Human Interest participants will earn 3% cash back, based on contributing at least 8% of their salary to a retirement plan over a 12-month period, the company noted. The minimum reward is $100 and maximum is $250, and additional terms apply, according to Human Interest.   

Human Interest is a retirement plan 401(k) and 403(b) plan provider, serving small to midsize businesses in the corporate and nonprofit market.