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.
ProNvest is a fully integrated, managed account solution that leverages technology to make investing and planning for retirement intuitive for participants and plan sponsors alike.
Staff photo by Olivia Ross / Jay Jumper, President at ProNvest, talks about the company on August 15, 2022.The ProNvest's digital advisor portal is designed to simply overlay onto an existing retirement plan to help users know more about the investments, options and future needs. All individuals also have access to investment guidance and advice services with no account minimums.
Jumper said the new portal helps individuals and plan advisors to plan for assets outside of a particular 401(k) plan in developing future retirement or financial plans.
"ProNvest's new advisor portal is designed to help advisors unlock outside assets," Jumper said during an interview at the company's headquarters in downtown Chattanooga. "On average, one in three participants enter outside assets which opens up approximately $400,000 in additional wealth assets for advisors. Defined contribution plans offer a unique opportunity to identify new revenue streams for private wealth advisors, as well as retain clients who might have looked for outside solutions to manage these accounts."
The portal is available to advisors who are active with ProNvest on specific plans. This feature is available to all participants whose plan sponsor has selected ProNvest to be a Managed Account provider for their plan.
"The majority of Americans are relying upon their employers for their financial future, but it's not enough simply to have a 401(k) plan. People also need to have a plan and consider their investment options for their retirement plan and other assets," Jonathan Dickerson, vice president of product development at ProNVest, told the Times Free Press.
ProNVest currently works with about 1,000 financial advisors, and most of the 401(K) retirement plans it serves have under $200 million in assets and are sold by a financial advisor.
Contact Dave Flessner at dflessner@timesfreepress.com or at 423-757-6340. Follow on Twitter at @Dflessner1.
Staff photo by Olivia Ross / Jay Jumper, President at ProNvest, poses for a portrait on August 15, 2022.Company at a glance
Name: ProNVest
Started: 2000
Services: Offers a fully integrated, managed account offering online to help with investing and planning for retirement for both participants and plan sponsors.
Headquarters: Warehouse Row in Chattanooga
CEO: Jay Jumper
Staff: About 40 employees
Major acquisition: Bought the digital signature company Signix in 2002
Website: www.pronvest.com