Products July 13, 2023

Investment Product and Service Launches

Schwab introduces tools for workers with student loan debt; CapIntel launches proposal builder for SEC Marketing Rule compliance; Penny Finance adds automated money insight.

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Schwab Offers New Tools to Help Workers Manage Student Loan Debt

Schwab Retirement Plan Services announced new student loan resources available to 401(k) plan participants through an agreement with Vault, a student loan and education benefits platform incorporated as Student Loan Benefits Inc.

Vault Advisor is a digital platform that lets employees view and aggregate student loan information. They can access education to help them evaluate different strategies for lowering monthly payments, paying off loans faster and refinancing loans.

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“With student loan payments set to resume in October, we know the topic is top of mind for many workers, and we’re excited to add Vault Advisor to our suite of financial wellness resources,” Adrian Miguel, director, advice, Schwab Retirement Plan Services, said in a statement. 

Schwab Introduces Differentiated Experiences to Support High-Net-Worth Investors

Charles Schwab & Co. Inc., announced the launch of branded and differentiated client experiences for high-net-worth and ultra-high-net-worth clients.

Retail clients with more than $1 million in assets at Schwab will be automatically enrolled in Schwab Private Client Services, and clients with more than $10 million will be enrolled in Schwab Private Wealth Services. Both programs provide a complimentary suite of benefits such as pricing advantages and other rewards.

“These new experiences reflect our commitment to deliver meaningful differentiation for the growing number of wealthy clients we serve,” said Jonathan Craig, managing director and head of investor services at Charles Schwab.

CapIntel Launches Proposal Builder for Compliance With SEC Marketing Rule

CapIntel Inc. announced the launch of a proposal builder allowing financial advisers to create investment presentations that comply with the SEC’s Marketing Rule.

“CapIntel’s customers and partners can rest assured that tailored proposals deliver knowledge and perspectives while staying within the parameters of regulatory requirements,” James Rockwood, founder and CEO of CapIntel, said in a statement.

CapIntel’s proposal generation builder includes a range of controls to assist registered investment advisers in meeting the key requirements outlined in the Marketing Rule. CapIntel’s functionality also allows RIAs to “hardwire” necessary disclosures into presentations, ensuring that financial professionals include required information when creating proposals. 

Penny Finance Adds Automated Money Insight to Financial Mentorship Platform for Women

Penny Finance, an online financial mentorship platform for women, announced the launch of automated account integration with Plaid Inc., allowing for improved money insights.

Penny’s new feature enables women to link their bank accounts, and receive regular, personalized financial reporting delivered to their email inbox.

“Managing your finances should be easy,” Crissi Cole, CEO and founder of Penny Finance, said in a statement. “You shouldn’t have to dig through statements, read a finance book, or ask your dad how to manage your money. We are so excited to take the guesswork out of managing your money for the most high-potential group of investors out there: women.”

Morgan Stanley at Work Launches Deferred Compensation Technology Solutions

Morgan Stanley at Work now offers deferred compensation technology solutions to support plan sponsors and participants, from recordkeeping, to digital enrollment, plan management and reporting.

The firm has made technology enhancements to its stock plan platforms, Equity Edge Online and Shareworks. For both EEO and Shareworks, Morgan Stanley financial advisers now have increased visibility to access stock plan details when private company participants engage an adviser.

 “These latest updates help us continue to drive deeper automation—knowing this helps businesses and their participants achieve even more,” Mark Mitchell, chief product officer of Morgan Stanley at Work, said in a statement.

Title corrected for Adrian Miguel.

Benefits July 13, 2023

Nava Benefits Acquires Consulting Firm to Improve Employee Experience

Nava and Nielsen Benefits Group plan to make cost-effective health care more accessible for small and midsize employers.

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Benefits brokerage firm Nava Benefits announced it has acquired Nielsen Benefits Group Inc.—a company known for designing benefits solutions that lower health care costs for small and midsize employers.  

This acquisition is intended to “revolutionize the benefits service delivery model for employers and improve their member experience,” according to Nava. 

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In April 2022, Nava launched its Benefits Search Engine, which includes more than 600 benefits offerings and allows employers to browse a wide range of modern, digital-friendly health and wellness benefits offerings across 28 benefits categories, including telehealth, fertility, addiction, wellness coaching, direct primary care, tuition assistance and mental health. 

As employer health care costs have grown by 20% since 2017, Nava stated that this disproportionately impacts small to midsize employers. For example, new research conducted by the National Federation of Independent Business found that 98% of small businesses are concerned that health care costs will become “unsustainable” for them in the next five to 10 years.    

Nava argued that with its expertise and technology, the firm has helped employers reduce their health care costs, simplify their offerings and make it easier for employees to understand and use their benefits. By joining forces, Nava and NBG expect to combine “deep consulting expertise with cutting-edge technology” to bring a “modern benefits approach” to more midsize employers, according to a press release. 

Nava’s technology includes the firm’s Nava Benefits App, which can provide clients’ participants access to health care and carrier information. 

“In getting to know the NBG team, three things were crystal clear: They share our belief that benefits brokers have an outsized ability to fix healthcare; they care deeply about leveling up the member experience and supporting employees throughout each stage of their healthcare journey; and they actually deliver on the promise of lowering costs,” said Brandon Weber, CEO and co-founder of Nava Benefits, in a press release. “We’re excited to come together to make cost-effective healthcare more accessible for employers and employees alike.” 

NBG is recognized for its focus on customized plan design and employee benefits education targeted toward midsize employers who have been “historically underserved in the market.” 

“After three decades of building Nielsen Benefits Group into an award-winning employee benefits brokerage, I wanted to find a partner who could take our client and market impact to new highs,” said Craig Nielsen, president and CEO of NBG. “Nava emerged as the clear choice versus traditional brokerages, offering a compelling partnership that brings cutting-edge innovation to our clients and a deeply mission-driven culture to my team.” 

 

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