Various parties in the retirement plan services industry are crafting solutions aimed at making defined contribution (DC) retirement plans more accessible and affordable for small businesses.
The latest effort has been announced by OneDigital and Ascensus, who have come together to create the “OneDigital Complete Retirement Solution.” The firms say their “co-created small market solution,” is meant to bring institutional-quality services to plan participants working at small businesses. Notably, OneDigital is already 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.
According to Ascensus and OneDigital, the new small-market offering includes access to 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. Another feature is called Financial Elements, which is described as 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, as well as Ascensus Elite Advisor program benefits. These include a dedicated client relationship manager and strategic account manager to help advisers focus on growth and enhance their practices.
“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,” says 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.”
Morris continues: “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. 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.”
« Strong Savings Persist Despite Financial Strains