Small-Market Retirement Plan Offering Includes Institutional-Quality Employee Services Such as Financial Wellness and Managed Accounts
OneDigital and Ascensus recently announced the availability of a co-created small market solution for retirement plans that brings institutional-quality employee services to plan participants.
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The OneDigital Complete Retirement Solution offering includes 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, and Financial Elements, a wellness solution offered through OneDigital. Other features and services include:
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- 3(38) fiduciary coverage provided by OneDigital and supported by an open-architecture platform
- World-Class Net Promoter Score (NPS) plan onboarding and ongoing administration services for plan sponsors with Ascensus’ tech-enabled platform
- Transparent, fee-based pricing model
- Ascensus Elite Advisor program benefits (e.g., a dedicated client relationship manager and strategic account manager) to help advisors focus on growth and enhance their practices
One of the nation’s leading health, retirement/wealth, and HR advisory firms for employers of all sizes, OneDigital has offices throughout the country and serves 35,000 companies and manages nearly $4 billion in premiums. Ascensus is the largest independent recordkeeping services provider, retirement plan third-party administrator, and government savings facilitator in the United States. It supports more than 113,000 retirement plans and more than 3.8 million participants. As of June 30, 2021, Ascensus had more than $404 billion in assets under administration.
OneDigital is 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.
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“The OneDigital small market solution is another example of Ascensus’ dedication to helping plan sponsors curb costs, reduce risk, and save time via access to institutional-quality employee services that help drive plan health and retirement readiness,” said Jason Crane, Ascensus’ head of retirement distribution. “Our commitment to using our independence to offer partners like OneDigital the flexibility to design their own retirement programs has never been stronger, and we look forward to supporting their advisors and plan sponsor clients.”
“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,” noted 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.”
“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,” continued Morris. “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.”
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