T. Rowe Price today announced a definitive agreement to purchase Retiree, Inc., a fintech firm headquartered in in Overland Park, Kan., that offers innovative retirement income planning software.
Terms of the deal were not disclosed; the transaction is expected to close during the second quarter of 2023, subject to satisfaction of certain closing conditions.
“The software will be an important part of our strategy to build personalized retirement income solutions and services for our clients.”
T. Rowe Price’s Dee Sawyer
“Combined with our investment capabilities, we believe Retiree, Inc.’s retirement income technology will help millions of Americans confidently prepare, save for, and live in retirement,” said Dee Sawyer, head of Retirement Plan Services and U.S. Intermediaries at T. Rowe Price. “The software will be an important part of our strategy to build personalized retirement income solutions and services for our clients. Retiree, Inc. and T. Rowe Price share the passion and understanding that increasing the longevity of a retirement income strategy is critical to improving retirement outcomes for Americans.”
Baltimore, Md.-based T. Rowe Price said in a statement announcing the deal that Retiree, Inc.’s retirement income planning software complements and expands T. Rowe Price’s existing retirement capabilities to create a more comprehensive suite of retirement income solutions for investors and practitioner tools for financial professionals.
Retiree, Inc.’s tax-aware income planning software provides a personalized income strategy by drawing from a household’s accounts with different tax treatments, including Roth conversion strategies, with the goal of increasing the lifetime value of total after-tax income and bequest value. The powerful software enables clients to make more informed decisions, improving their potential to optimize their retirement resources.
“As technological innovations make quality advice and planning more accessible, investors are increasingly looking to their financial services partners for more comprehensive education and support in navigating the complexities and trade-offs of retirement,” said Phil Korenman, head of Individual Investors at T. Rowe Price. “This acquisition provides T. Rowe Price the ability to meet this need at scale and more thoroughly deliver the strategies, tools and confidence millions of people need to live the retirement they envision.”
Global investment management firm and a leader in retirement T. Rowe Price manages USD$1.31 trillion in assets under management as of February 28, 2023.
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• 3 Key Themes Shape 2023 Retirement Outlook: T. Rowe Price
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.