Products November 21, 2013

OMYEN Releases Retirement Software

The financial software developer launched The Enterprise Retirement Planner, which allows advisers to generate and distribute personalized retirement plans and produce plan sponsor scorecards.
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OMYEN Corporation developed the program to help advisers meet growing margin pressures brought on by fee disclosure requirements from the Department of Labor (DOL). Developers hope the software will help advisers maintain efficiency and decrease fact-to-face time with clients during the creation of retirement plans.  

Software features allow the uploading of salary, contribution, investing and demographic data to produce customized retirement plans in a batch environment. This format allows for the automated creation of an unlimited number of personalized financial plans, according to a statement from OMYEN.

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The software is built on OMYEN’s comprehensive financial planning platform and can interface with recordkeeping systems to pull participant data. Advisers, sponsors and participants can also manually enter data.   

Reports generated by The Enterprise Retirement Planner show participants how particular retirement portfolios are likely to grow over time, what kind of annuitized income a portfolio can provide in retirement, and suggested asset allocations based on risk outlooks and time horizons.

Asset-allocation features within the program can be configured according to multiple options. The default distributes assets across 11 broadly accepted asset classes.

The Enterprise Retirement Planner also produces plan sponsor scorecards showing participant-level retirement readiness. It also shows the extent to which current employee income can be replaced by retirement income. 

The Enterprise Retirement Planner uses open architecture to promote integration with recordkeeping systems.

For more on OMYEN and The Enterprise Retirement Planner, visit https://www.omyen.com/products.

Deals & People November 21, 2013

Calvert Names Institutional Sales Director

The firm hired Michael Davis as director of institutional sales.
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As leader of the institutional business at Calvert Investments, which specializes in sustainable and socially responsible investing, Davis is responsible for developing new clients among corporate pension plans, foundations, endowments and various other institutions.

Before joining Calvert, Davis worked as a senior vice president and head of the stable value business at Prudential Retirement. He also led Prudential’s in-plan and third-party stable value product management and development team.

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Earlier roles include service as deputy assistant secretary of the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) during President Obama’s first term. Davis also worked for J.P. Morgan Chase & Company, where he moved through several jobs to serve as managing director and head of the west region institutional client group.

Davis holds a bachelor’s degree in finance from the University of Texas at Austin and a master’s degree in public policy from the John F. Kennedy School of Government at Harvard University.

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