The financial advisory services firm recently announced that it will team up with Morningstar Investment Management to power the intellicents’ “bioni(k)” managed account solution.
According to the announcement, the Morningstar Investment Management technology can consider dozens of separate variables to look at a participant as a whole, and together with intellicents professionals, bioni(k) can advise them on their contributions, investment allocations, retirement age and Social Security start date.
“We believe managed accounts are the natural evolution of in-plan investment advice for 401(k) and 403(b) plans,” notes Brad Arends, Co-Founder and CEO of intellicents. “No longer should investment decisions get made solely based on age. Should all 40-year-old participants in a plan be invested exactly the same way? Target date funds once made sense, but technology today provides a smarter way,” he says.
“We are very excited about this relationship and encouraged that more and more major recordkeepers are integrating their technology platforms with this Morningstar tech to provide better efficiencies for plan sponsors and their participants,” adds Grant Arends, Co-Founder and President of intellicents.
The firm notes that it already has one 2,000+ participant plan committed to auto reenrolling everyone into its bioni(k) managed accounts this fall and several other plan sponsors are considering their use.
