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T. Rowe Price Enters Agreement to Purchase Fintech Firm

Client Services

Billed as a way to bolster its retirement income capabilities, T. Rowe Price announced a definitive agreement to purchase Retiree, Inc., a fintech firm that offers retirement income planning software.

According to the announcement, Retiree, Inc.’s software will complement and expand T. Rowe Price’s existing retirement capabilities to create a more comprehensive suite of retirement income solutions for investors and practitioner tools for financial professionals.

“Combined with our investment capabilities, we believe Retiree, Inc.’s retirement income technology will help millions of Americans confidently prepare, save for, and live in retirement,” Dee Sawyer, head of Retirement Plan Services and U.S. Intermediaries at T. Rowe Price, said in a statement. “The software will be an important part of our strategy to build personalized retirement income solutions and services for our clients.”

Retiree, Inc.’s tax-aware income planning software provides a personalized income strategy by drawing from a household’s accounts with different tax treatments, including Roth conversion strategies, with the goal of increasing the lifetime value of total after-tax income and bequest value.

“As technological innovations make quality advice and planning more accessible, investors are increasingly looking to their financial services partners for more comprehensive education and support in navigating the complexities and trade-offs of retirement,” adds Phil Korenman, head of Individual Investors at T. Rowe Price. “This acquisition provides T. Rowe Price the ability to meet this need at scale and more thoroughly deliver the strategies, tools and confidence millions of people need to live the retirement they envision.”

The terms of the deal were not disclosed. The transaction is expected to close during the second quarter of 2023, subject to satisfaction of certain closing conditions, the announcement notes.