The Standard is expanding its retirement plan investment solutions with the introduction of professionally managed accounts that provide personalization to help employees work toward their retirement goals, according to an announcement by the firm.
The TargetPro Portfolios solution creates customized investment allocations for participants based on their personal situation and is available as a turnkey managed account service that can also be rebranded for advisor managed accounts, the firm notes.
In offering personalization, the solution leverages employee data that the employer and recordkeeper already have, and participants can further personalize their portfolio by providing additional information. Managed-account provider Stadion Money Management identifies the applicable investments, creates the asset allocation and assigns participants to their respective portfolio.
In addition, Stadion monitors each portfolio to ensure allocations align with a participant’s finances and life circumstances throughout the journey to retirement. Portfolio management is integrated with The Standard’s recordkeeping system, resulting in an easy-to-implement experience for advisory firms, financial professionals, plan sponsors and participants, the announcement further explains.
“One-size-fits-all is not an effective strategy to help improve retirement outcomes for participants,” said Steven Chappell, vice president of distribution in Retirement Plan Sales at The Standard. “We believe everyone is unique and the strategy for building retirement savings should be personalized.”
Multiple national advisory firms reportedly have partnered with The Standard and Stadion to implement their own rebranded advisor managed account solution with their clients. Financial professionals can also choose the degree of fiduciary involvement best suited to their clients, practice and benefit offerings.
TargetPro Portfolios joins Mainspring Managed as another personalized account management service on the firm’s platform. Available since 2007, Mainspring Managed is offered through StanCorp Investment Advisers to plan sponsors and their employees. TargetPro Portfolios is currently available to new retirement plan clients that use The Standard as their recordkeeper and later will be available to existing clients.
