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Products October 28, 2021
Fintech Firm Relaunches With Aim to Increase Participant Use of Retirement Plans
Remotiv was designed to use a psychology-based savings mindset training approach that includes unconflicted retirement savings coaches as well as personalized messaging.
Reported by Rebecca Moore
Financial Soundings, an independent, savings-focused fintech company, has announced its relaunch under the new name Remotiv, derived from Retirement Motivation Technologies.
Bobby Dughi, the firm’s chairman and CEO, says the purpose of the relaunch is to complete the rollout of Remotiv’s new technologies. President Steve Maschino says the firm has continued to develop and refine its data-driven and employee-centric Retirement Readiness (RR) platform, which is designed to increase the efficient use of employer-sponsored retirement plan benefits.
The platform includes the following components: Lifestyle RR, the Savings Mindset Coach (SMC) app and personalized coaching for employees who need assistance saving more for retirement. The relaunch announcement says all components of Remotiv’s platform are flexible and can be customized to fit the exact needs of each plan sponsor and its employees.
Working with sport and performance psychology professionals, Remotiv was designed to use a psychology-based savings mindset training approach that includes unconflicted retirement savings coaches as well as personalized messaging in the soon-to-be-launched SMC app. Additional improvements embedded in the RR software include lifestyle enhancements to further customize the RR Score, targeted and dynamic education, retirement outcome projections, individual savings strategies, and flexible plan sponsor-directed investment strategies.
The firm says Remotiv helps large employers looking to enhance the fiduciary governance of their retirement plans by delivering a custom solution that increases employee savings while remaining disconnected from the selection of investment products, fund selection and plan design.
“Our complementary technology allows us to embed our solution while creating very little work for our employer clients, and I know that is something they appreciate about our service,” says Lee Tupper, chief technology officer (CTO) and system architect.
Tupper adds, “We continue to deliver great benefits not only to our employer clients and their workforce, but also to our recordkeeper, adviser and product provider partners.”