Citing increased demand by investors for retirement advice Transamerica Retirement Services said this month that it will provide such advice to all of its plan sponsors via the Web.
AdviceSolutions, the firms new advice product, analyzes data from participants retirement plans and other investments and savings information. It employs a Monte Carlo simulation to forecast the future value of retirement assets and prepares a customized asset allocation plan. The company says it is one of the first providers to offer these kind of tools to the small business market at no additional cost.
Some of the features of AdviceSolutions include a life summary timeline, a personal profile model, and an interactive graph that charts various "what if?" scenarios.
"Historically, small business employees have not had access to the same level of retirement planning tools as workers in larger companies," said Kent Callahan of Transamerica Retirement Services. "Our new advice feature levels the playing field for these employees, allowing them to take an in-depth look at their financial situation to analyze how future events like an upcoming move or a child entering college will affect retirement plans."