PGIM partners with iJoin to expand access to PGIM RetireWell Managed Accounts

Business Wire 30-Sep-2024 9:30 AM

New offering raises the bar on personalized advice at scale to help savers reach retirement goals

PGIM,¹ the $1.33 trillion global investment management business of Prudential Financial, Inc. ((PRU), and iJoin, a leading retirement plan technology innovator, have announced that the PGIM RetireWell™ Managed Accounts — a highly personalized offering — will soon be available to the growing list of iJoin-enabled recordkeepers through its Managed Account Program (MAP) marketplace. This integration leverages the power of the PGIM RetireWell™ Advice Engine in combination with iJoin's goals-based user experience, portfolio allocation technology, and a plan advisor's investment lineup to enable a more holistic retirement planning journey for plan participants.

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"The PGIM RetireWell Managed Accounts were created to solve for the retirement challenge that American workers face today — transforming savings into adequate, sustainable retirement income." -- Michael Miller, Head of PGIM DC Solutions (Photo: Business Wire)

Configurable as a plan's Qualified Default Investment Alternative (QDIA) or via opt-in, PGIM RetireWell Managed Accounts incorporate proprietary methodology and patent-pending technology to create a personalized retirement strategy based on each participant's unique data, preferences and goals. Leveraging iJoin's sophisticated yet intuitive user experience, the PGIM RetireWell Managed Account invites investors to fine-tune their income goal by expressing risk tolerance preferences as well as considering health-related priorities.

Michael Miller, head of PGIM DC Solutions, said: "The PGIM RetireWell Managed Accounts were created to solve for the retirement challenge that American workers face today — transforming savings into an adequate, sustainable stream of retirement income. PGIM's highly personalized solution offers the innovation employers need for better retirement outcomes for their plan participants."

Steve McCoy, CEO of iJoin, remarked: "We admire the significant investment the PGIM team has made in developing an advisor-led managed account experience that more holistically factors an individual's unique and changing circumstances. Together, we're able to present a highly differentiated user experience that addresses underlying complexities while remaining intuitive."

There is growing evidence that managed advice is desired by a majority of plan participants² and can lead to higher overall savings rates.³

Since 2020, iJoin has integrated its data-driven, goals-based participant experience with leading providers of managed account programs, in-plan income, and IRA rollover solutions. Available through a growing number of retirement plan recordkeepers, financial advisors now enjoy unparalleled product choice with which to make informed recommendations based on plan and participant suitability.

The PGIM RetireWell Managed Accounts are part of PGIM RetireWell™ Solutions, a suite of tools, products and solutions developed to help defined contribution plan participants achieve better retirement outcomes through holistic advice and guidance.

Please contact PGIM DC Solutions for more program information for plan recordkeepers and plan advisors.

ABOUT PGIM DC SOLUTIONS

As the retirement solutions provider of PGIM, PGIM DC Solutions seeks to deliver innovative defined contribution solutions founded on market-leading research and capabilities. Our highly experienced team partners with clients on customized solutions to solve for retirement income. As of June 30, 2024, PGIM has $170 billion in DC assets under management and PGIM DC Solutions' AUM is $1.3 billion.⁴

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. ((PRU). In 41 offices across 18 countries, our more than 1,400 investment professionals serve both retail and institutional clients around the world.

As a leading global asset manager with $1.33 trillion in assets under management,⁵ PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialized expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.

ABOUT LDI-MAP, LLC (dba iJoin)

iJoin is a leading retirement plan infrastructure technology partner supporting cost-efficient personalized managed account programs, built-in plan health analytics and reporting tools, financial education and wellness, access to guaranteed income products, and IRA rollovers. We're built to help financial advisors differentiate and win. LDI-MAP (d.b.a. iJoin) is a registered investment advisor with the State of Arizona – 16430 N. Scottsdale Road Suite 200, Scottsdale, AZ 85254. Learn more at ijoinsuccess.com.

¹ The term PGIM as used in this announcement includes PGIM DC Solutions LLC, an indirect wholly owned subsidiary of PGIM, Inc.

² Source: The 2022 BlackRock Read on Retirement, 76% of plan participants are interested in using a service that provides personalized investment recommendations and manages their investments on their behalf.

³ Source: Transamerica: Managed Accounts in Retirement Plans; Measuring the impact of a personalized, goal-based retirement strategy, 2023, page 6.

⁴ Reported data reflect the assets under management by PGIM and its investment adviser affiliates for defined contribution investment purposes only.

⁵ As of June 30, 2024

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional.

PGIM DC Solutions LLC ("PGIM DC Solutions") is an SEC-registered investment adviser, a Delaware limited liability company, and an indirect wholly-owned subsidiary of PGIM, Inc. ("PGIM"), the principal asset management business of Prudential Financial, Inc. ("PFI") of the United States of America. PGIM DC Solutions is the retirement solutions provider of PGIM and aims to provide innovative defined contribution solutions founded on market leading research and investment capabilities. Registration with the SEC does not imply a certain level of skill or training. PGIM DC Solutions does not establish or operate pension plans.

PGIM DC Solutions aims to help participants achieve their retirement goals through their suite of "PGIM RetireWell™" solutions. These solutions may include a range of investment options including target date portfolios, retirement spending strategies, and managed accounts powered by our proprietary advice engine. There is no guarantee that investment or retirement goals will be achieved. Use of the term "RetireWell" and any related phrase is not intended to indicate that such goals will be achieved.

© 2024 Prudential Financial, Inc. and its related entities. Prudential, the Rock symbol, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

PGIM DCS – 3888440

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