Press release
T. ROWE PRICE LAUNCHES PERSONALIZED RETIREMENT MANAGER, AN INDUSTRY FIRST
Firm combines its identical, underlying target date asset allocation methodology with full personalization to help drive better retirement outcomes BALTIMORE,
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"Firm combines its identical, underlying target date asset allocation methodology with full personalization to help drive better retirement outcomes\nBALTIMORE, Sept. 10, 2024 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, continues the evolution of its target date offering with the launch of Personalized Retirement Manager (PRM), a service that uses personal data to create a unique asset allocation tailored to an individual's specific savings goals, preferences, and financial situation to help drive better retirement outcomes. The fully personalized glide path continues to adjust throughout a participant's retirement savings journey.\n\nPRM can be selected as the Qualified Default Investment Alternative (QDIA) for participants and uses personal information available through 401(k) recordkeeping data, such as account balance, contribution rate, and income. Participants can then choose to add additional information—retirement goals, a spouse or partner's assets, household assets outside the plan, and other relevant factors—to further refine their asset allocation. Participants have the flexibility to engage as little or as much as they like; and the more they engage, the more personalized their experience will be.\nThe service is proprietary to the firm and was designed by the same professionals behind T. Rowe Price's target date solutions, using identical underlying strategies, allowing clients to add personalization within a familiar investment framework and with comparable pricing. PRM is already being used as a QDIA by several T. Rowe Price recordkeeping clients for participants nearing retirement. The firm also intends to evolve the platform to incorporate retirement income advice in the future.\n\"With advances in technology, leveraging personal data to build customized asset allocation is the future of target date solutions,\" said Wyatt Lee, head of Target Date Strategies at T. Rowe Price, whose team manages $464 billion in target date portfolios as of July 31, 2024. \"Personalized Retirement Manager is a significant addition to our target date offering because it is the first proprietary service of its kind. From the underlying analytical engine to the portfolio construction and investment building blocks, we built PRM based on the same research and asset allocation methodol...