The new platform includes portfolio tracking and account aggregation. It also allows plan participants to manage their entire financial picture. Built-in tools calculate retirement savings rates and offer portfolio recommendations, a wealth and spend-down forecast, and a Social Security projection.
Participants can track savings and investments through a dashboard that provides performance, risk, asset allocation and forecasting metrics. Access to recordkeeping systems like Sungard’s Omni suite enables participants to use automation to escalate their savings rate over time, rebalance, and establish asset allocation glide paths to prepare them for retirement.
“This universal access to 401(k) record systems is what our partners need,” Foregger says. “This allows us to integrate data and plan rules and enable real-time advice.”
Additionally, NextCapital’s OpenEngine advice system allows partners to provide their world-class advice methodology inside of the NextCapital Digital Advice Platform.