Capital Group is adding new features and capabilities to its retirement plan service, including advisor-focused tools.
The enhancements are aimed at the small- and mid-sized retirement plan marketplace, the active investment manager said in a news release.
“Capital Group is committed to helping Americans retire with confidence,” Ross McDonald, Capital Group’s Retirement Plan National Sales Director, said in the release. “That’s at the core of why we build solutions that make retirement plans easier to implement, manage and grow — including solutions specifically for small businesses. Recent enhancements to our recordkeeping platform underscore our commitment to being the partner of choice for our advisor clients and ultimately delivering better outcomes for participants in retirement plans.”
Capital Group recordkeeping platforms serve nearly 10% of American small- and mid-sized plans. The firm recently upgraded its RecordkeeperDirect, a low-cost platform for smaller businesses and startups, including the following changes:
RecordkeeperDirect now provides “fund flexibility,” offering investments from other fund families and a variety of American funds and target date retirement series.
New digital functions have been added, including electronic loan management and a digital onboarding portal that streamlines plan sponsors’ setup and administration. Capital Group’s digital participant engagement platform ICanRetire can also can be accessed via RecordkeeperDirect, offering personalized savings tools and education.
A new streamlined retirement plan solution that was designed for one large client with over 20,000 financial advisors and their plan sponsor clients is being offered to other clients. It provides easy onboarding and enrollment, a variety of investment options, simplified plan administration and participant education features, according to Capital Group. Advisors using the system can sell and onboard more retirement plans while providing a streamlined experience for plan sponsors.
Capital Group was ranked no. 1 for the quality of its thought leadership in a recent Fuse Research survey of financial advisors. The firm complements its retirement planning and investment solutions with brief perspectives and a longer term outlook on markets, helping advisors to have conversations with their clients.
As of March 31, Capital Group manages about $2.8 trillion in equity and fixed-income assets for millions of individuals and institutional investors around the world.
