ProNvest, the Chattanooga-based digital provider of custom retirement planning services, has added a new feature to help retirement plan advisors grow business by expanding their view of plan participants’ total assets.
Within its secure online portal, ProNvest allows advisors to be able to offer participants in retirement savings programs the option of connecting their current retirement plan data with other unconnected investments. This allows advisors to gain a more comprehensive view of a participant’s overall financial picture and paves the way for participants to receive active account management, professional investment research, counseling, and advice from ProNvest while also positioning the plan advisor to provide assistance on assets outside of the current retirement plan.
OneAmerica, which has used ProNvest services for 17 years, is the first record keeper to integrate with ProNVest’s new advisor portal.
“This collaboration showcases what’s important to OneAmerica — helping participants feel secure about their financial futures and helping advisors build their businesses,” Steven Kofkoff, vice president of retirement services strategy, product management and innovation at OneAmerica, said in an announcement of the new venture. “The advisor portal from ProNvest opens up a world of opportunity for advisors and opens a door for plan participants to achieve better overall financial outcomes.”
Jay Jumper, the founder and CEO of ProNVest, said his company acts as an extension of the advisor to help service 401(k) clients, many of which say they need help in deciding how to allocate their savings and handle their investments. A recent Bankrate survey of workers with retirement plans found that 52% think their retirement savings are not where they need to be and another 16% said they are not sure whether they’re on track. Only one third of the respondents said they’re where they need to be or were ahead of plan.