Business
Morningstar Investment Management and ADP Retirement Services Team Up to Drive Personalized Advice for Employees at Small Businesses
CHICAGO, Aug. 15, 2023 /PRNewswire/ -- The Morningstar Retirement group within Morningstar Investment Management LLC, a subsidiary of Morningstar, Inc.
About this update from Morningstar, Inc.
[{"type":"text","content":"CHICAGO, Aug. 15, 2023 /PRNewswire/ -- The Morningstar Retirement group within Morningstar Investment Management LLC, a subsidiary of Morningstar, Inc. (Nasdaq: MORN), and ADP Retirement Services, a leading provider of retirement plan services for businesses of all sizes, are working together to offer more employees—regardless of the size of the company they work for—access to personalized retirement investment and savings advice through managed accounts.\nADP's decision to team with Morningstar Investment Management comes at a time when retirement plan participants are looking for increased help navigating an uncertain economic environment. \"Continued inflation and market volatility have made the need to help employees figure out how to maximize and invest their retirement savings greater than ever,\" says Brock Johnson, president of Global Retirement and Workplace Services at Morningstar Investment Management. \"This is especially true in the small end of the market, where access to personalized advice within retirement plans is often limited. ADP's reach in the industry is so extensive that we believe this collaboration can really move the needle in improving retirement results, not only in the small end of the retirement plan market but across all types of plans.\"\nADP Retirement Services, one of the country's largest retirement plan recordkeepers, is offering Morningstar Investment Management's advisor managed accounts, alongside the traditional managed accounts service. Both services are powered by Morningstar Investment Management's engine and methodologies to build a personalized investment portfolio for each retirement plan participant, as well as to help them determine their savings rate and savings goals. The service then manages the participant's retirement account for them, assuming discretionary authority over their investment portfolio.\nMorningstar Investment Management's advisor managed accounts services allows registered investment adviser (RIA) firms and their advisors to offer a co-branded managed accounts service to their retirement plan clients. This service is designed so participants receive personalized advice based on model portfolios aligned with the RIA firm's investment expertise and philosophies. Morningstar Investment Management's flagship managed account service uses its own investment portfolio...