Product & Service Launches

GROUPIRA Launches IRA Rollovers With Microsoft Azure

GroupIRA, an order routing system operator for IRAs, announced the launch of GroupIRA 5.0, a platform designed to streamline individual retirement account rollovers for its channel partners.

“With GROUPIRA 5.0, we’re giving valuable time back to our channel partners by automating data transfers using advanced tools with Microsoft Azure leveraging APIs and secure file transfer protocols,” said Yannis Koumantaros, co-founder and president of GroupIRA, in a statement. “These technologies work together to move data securely and seamlessly.”

The solution will also leverage technology from FIS Relius, LexisNexis, Plaid, DocuSign and Veratad to enhance the rollover process, according to GroupIRA.

Additionally, GroupIRA announced it is developing a customized online account origination solution tailored for external retirement plan advisers. This new solution will streamline the onboarding process, enabling advisers to integrate their point-of-sale documentation and account management forms for member clients.

PGIM Adds 2 Buffer ETF Series and Laddered Buffer ETF

PGIM, the $1.4 trillion global investment management business of Prudential Financial Inc., launched the PGIM S&P 500 Max Buffer ETF series, the PGIM Nasdaq-100 Buffer 12 ETF series and the PGIM Laddered Nasdaq-100 Buffer 12 ETF.

The exchange-traded funds will be offered at a 0.50% net expense ratio, placing them among the lowest-cost buffer ETFs in the marketplace, according to PGIM.

The PGIM S&P 500 Max Buffer ETF series seeks to provide investors with returns that match those of the SPDR S&P 500 ETF Trust up to a predetermined upside cap (of at least 3%) while seeking to maximize downside protection against SPY’s losses over each ETF’s one-year target-outcome period.

The PGIM Nasdaq-100 Buffer 12 ETF series seeks to provide investors with returns that match the price return of the Invesco QQQ Trust, Series 1 up to a predetermined upside cap, while providing a downside buffer against the first 12% (before fees and expenses) of QQQ’s losses over each ETF’s target-outcome period.

The PGIM Laddered Nasdaq-100 Buffer 12 ETF seeks to provide investors with capital appreciation and equally invests in each of the quarterly PGIM Nasdaq-100 Buffer 12 ETFs. PBQQ is listed on the Nasdaq.

Directors Retire From Certain Closed-end Funds Advised by Franklin Templeton Fund Adviser

The board of certain closed-end funds advised by Franklin Templeton Fund Adviser announced the retirements of Daniel Cronin and Paolo Cucchi as directors. The list of funds can be found at this link.

The directors serving on the board was decreased from 10 directors to eight, effective December 31, 2024.

The board of each fund also announced that Hillary Sale has succeeded Cronin as chair of each fund’s nominating committee and Peter Mason has succeeded Cucchi as chair of each fund’s compensation committee, effective January 1.

Prudential Offers Beta Baby Bonus for Babies Born January 1

Prudential Financial Inc. announced it is offering a Beta Baby Bonus to those born on the first day of the new year, celebrating the birth of a new generation. Generation Beta is designated as those born between January 1, 2025, and December 31, 2039.

Parents or guardians of a “Beta Baby” born in the U.S. on January 1 can apply to receive $150—in honor of the company’s 150th anniversary this year—to put toward saving for the baby’s future. According to Prudential, the Beta Baby Bonus has the potential to grow to approximately $100,000 by age 70 if invested toward retirement savings.

In tandem with the Beta Baby Bonus, Prudential released a report on the new generation, “Generation Beta: Redefining Life, Longevity, and Retirement.” The report addressed how Americans envision the future and how technological, social and economic shifts will impact their financial security.