Morningstar and Envestnet to launch managed IRA service via IRALOGIX

Rick Steves

Morningstar Retirement collaborates with Envestnet and IRALOGIX to introduce a managed Individual Retirement Accounts (IRA) service aimed at reducing the administrative costs for asset management firms.

Morningstar Investment Management LLC and Envestnet are set to unveil a managed accounts service for Individual Retirement Accounts (IRA), powered by fintech innovator IRALOGIX.

This initiative, custodied by Matrix, a Broadridge subsidiary, is designed to democratize personalized investment advice for IRA holders, irrespective of their account balances.

The service, launching in early 2024, aims to deliver low-cost investment opportunities by utilizing institutional over retail share classes and offering investment strategies tailored to individual profiles.

“Nearly 40 percent of U.S. households own an IRA”

Morningstar Retirement, part of Morningstar Investment Management LLC, offers retirement products and services aimed at helping individuals achieve their retirement objectives. Envestnet is renowned for its ecosystem of technology, solutions, and intelligence that transforms financial advice delivery.

IRALOGIX stands at the forefront of the IRA market with its advanced wealth management technology, offering customizable, white-label IRA record-keeping solutions.

Morningstar Investment Management’s platform will integrate Envestnet’s model portfolio-building prowess with its own managed accounts methodology. This synergy is expected to provide unique, adaptable investment portfolios to account holders, enhancing the IRA management experience.

Brock Johnson, president of Morningstar Retirement, said: “We believe the IRA space is ripe for innovation and personalization. Nearly 40 percent of U.S. households own an IRA, yet the vast majority do not have an advisor and will never be able to retain an advisor because their balances are too small. With the help of Envestnet Workplace Solutions and IRALOGIX, we aim to advance access to personalized investment advice and institutionally priced investment options in the IRA space. Every account holder should have access to not only a professionally built investment portfolio, but also one highly configured to their specific needs and objectives.”

This latest managed account offering allows for Envestnet to develop the fund-level models that serve as the bedrock for the portfolio-building process within the IRA service.

Sean Murray, Head of Envestnet Workplace Solutions, added: “This service is a very powerful collaboration that we believe will give asset managers, broker-dealers, recordkeepers, and advisors options to shift the growing cost of administering their IRA programs to a private-labeled offering, while still retaining their existing revenue streams. It is a win for investors. It is a win for asset managers. And it is a win for the wealth and retirement industry.”

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