Tue Sep 10 14:08:00 UTC 2024: ## T. Rowe Price Introduces Personalized Retirement Manager: Tailored Target Date Strategies for Better Outcomes
**BALTIMORE, Sept. 10, 2024** – T. Rowe Price, a leading global investment firm specializing in retirement solutions, has launched Personalized Retirement Manager (PRM), a revolutionary service that combines the firm’s proven target date asset allocation methodology with personalized features to help investors achieve better retirement outcomes.
PRM leverages personal data to create a unique asset allocation strategy tailored to each individual’s specific savings goals, preferences, and financial situation. Participants can use information such as their account balance, contribution rate, and income, and can also choose to add additional details like retirement goals, spouse’s assets, and household assets outside of the plan to further refine their portfolio. The personalized glide path continues to adjust throughout a participant’s retirement savings journey.
PRM can be selected as the Qualified Default Investment Alternative (QDIA) for participants. The service is proprietary to T. Rowe Price and is built upon the same underlying investment strategies used in their Morningstar Gold Rated target date solutions. This ensures clients benefit from the firm’s proven expertise within a familiar investment framework, with comparable pricing.
“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. “PRM is a significant addition to our target date offering because it is the first proprietary service of its kind. We built PRM based on the same research and asset allocation methodology as our successful target date strategies, offering choice and flexibility to help fuel better retirement outcomes.”
T. Rowe Price’s latest white paper explores the growing demand for personalized retirement solutions. “While target date solutions and personalization typically exist separately, Personalized Retirement Manager combines the two, offering T. Rowe Price’s trusted target date methodology alongside the power of personalization,” said Jessica Sclafani, Global Retirement Strategist at T. Rowe Price. “Our goal is to help participants feel more confident that their investments are aligned to their unique circumstances and long-term goals.”
PRM is already being used by several T. Rowe Price recordkeeping clients for participants nearing retirement. The firm intends to further evolve the platform to incorporate retirement income advice in the future.
T. Rowe Price continues to demonstrate its commitment to innovation and client-centric solutions, offering individuals a more personalized and effective path towards a secure retirement.
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