The service consolidates all of a user’s personal savings, investment and other accounts on one secure, online site. Accessible through Newport’s Web site plandestination.com, the service is integrated with both retirement and executive benefit plans.
According to a press release, the service aggregates all of a plan participant’s financial holdings into a single, consolidated view. Each of an individual’s assets (executive benefit accounts, 401(k) and other retirement accounts, brokerage accounts, savings/checking accounts, real estate) and liabilities (mortgage, credit cards and other loans) are shown at a glance, on an overall “dashboard” page that displays a summary of all assets and liabilities, as well as total net worth.
“These summaries are updated every business day,” said Newport Group’s chief operating officer Bryant Kirk, in the announcement. “In addition, users can also search for and view individual transactions, as well as creating alerts to notify them about balance activity. The result is a ‘live’ and up-to-the-minute view of an individual’s total financial holdings—something that will be of particular value to those participants who work with a financial adviser.”Newport has partnered with CashEdge to provide this service, and participants’ personal account information will be stored and maintained in CashEdge’s secure data centers.