Product innovations designed to enhance 401(k) platform efficiencies and ultimately, participants' savings rates, just seem to keep coming.
Provider behemoths like Empower and Financial Engines both recently announced significant new enhancements to their platforms.
And of course Betterment's recent rollout of its robo-advisor solution for 401(k) participants is likely to accelerate incumbent providers' effort to integrate best-in-class technology solutions to improve participants' user experience.
Now, NextCapital, a Chicago-based developer of an open-architecture managed-account platform, has also stepped up its game.
This week the software company, whose investors include Russell Investments and Transamerica, rolled out the latest iteration of its 401(k) Digital Advice Platform, which the company claims will deliver plan advisors the ability to give savers "previously unreached levels of personalization and simplicity," according to a company release.
Like most of the innovation sweeping through the 401(k) space, personalization is the key to NextCapital's approach.
Its latest application creates tailored solutions to specific participant needs based on savings rates. It incorporates a more comprehensive assessment of a participant's financial portfolio beyond what assets may exist in their 401(k) account.
