Harry Dalessio, Head Of Institutional Retirement Plan Services, Prudential Retirement (Photo: Business Wire)

Prudential Retirement, a business unit of Prudential Financial, Inc. ( NYSE: PRU), has unveiled Advice and Income Engines at Prudential, a next-generation digital managed advice platform, powered by NextCapital.
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Prudential Retirement, a business unit of Prudential Financial, Inc. ( NYSE: PRU), has unveiled Advice and Income Engines at Prudential, a next-generation digital managed advice platform, powered by NextCapital.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210202005148/en/

Harry Dalessio, head of Institutional Retirement Plan Services, Prudential Retirement (Photo: Business Wire)

Advice and Income Engines provides defined contribution plan participants with access to retirement planning and personalized portfolio management, designed to help them generate a source of income for retirement. The service is expected to go live in the first quarter of 2021, with several key features that will follow its launch.

"More than 100 million Americans rely on a defined contribution plan as the foundation for a secure retirement," said Harry Dalessio, head of institutional retirement plan services at Prudential Retirement. "Incorporating a managed advice solution that supports understanding of income needs in retirement is especially critical during times of market volatility. Additionally, many Americans are unsure about investing and retirement decisions and prefer the convenience of getting professional financial advice through their trusted employer-sponsored defined contribution plan."

"We are excited Prudential has selected NextCapital's managed advice platform to help power personalized advice and retirement planning to its 3.2 million retirement savers through their workplace retirement plans," said Rob Foregger, executive vice president and co-founder of NextCapital. "Prudential is in a unique position to help shape the future of the $8 trillion defined contribution market, which is increasingly focused on meeting consumer demand for more customization through large-scale technological innovation."

About Prudential Retirement

Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and nonqualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.7 million participants and annuitants. Prudential Retirement has $519.7 billion in retirement account values as of Sept. 30, 2020. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.

About NextCapital

NextCapital is the leader in enterprise digital advice whose mission is to help everyone retire successfully. NextCapital partners with financial institutions to deliver personalized planning and managed accounts to individual investors across multiple channels, including 401(k), IRA, and taxable brokerage accounts. NextCapital's open-architecture digital advice solution provides integrated account aggregation, analytics, planning and portfolio management, and allows partners to customize advice methodology and fiduciary roles.

"NextCapital" is a brand name representing NextCapital Group, Inc. and its wholly-owned subsidiaries, NextCapital Software, Inc. and NextCapital Advisers, Inc. NextCapital Advisers, Inc. is an investment adviser registered with the Securities and Exchange Commission (SEC). NextCapital Software, Inc. is not registered with the SEC and does not provide investment advice.

______________ 1 Provided by the plan's designated registered investment adviser.

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