With a focus on retirement assets and a natively institutional approach, NextCapital pulls the wraps off of some of their proprietary 401(k) solutions.
NextCapital, a robo-adviser that focuses on retirement, is implementing automated 401(k) account aggregation, touting it will help advisers to peer into a client's retirement assets to get a fuller financial picture. The goal is for advisers to center an entire financial plan around the work-sponsored retirement plan. "It's really about aggregating everything else into the 401(k)," said Rob Foregger, co-founder of NextCapital." Mr. Foregger said that it is more crucial now than ever before to do something...especially with the Labor Department and White House pushing for a fiduciary standard for retirement plans, which would mandate that all financial professionals advise clients with their best interests top-of-mind. As defined-benefit plans go the way of the dodo bird and more people are anxious about relying on Social Security, 401(k)s have become an integral part of the conversation between advisers and clients.