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Dave Bernard steps down; board appoints Peter de Silva to lead company into its next growth phase

IRALOGIX, a leading retirement industry fintech provider, today announced that Dave Bernard stepped down as chief executive officer effective immediately. The board has appointed Peter de Silva as the new CEO of IRALOGIX. de Silva has been an IRALOGIX investor and board member for the past two years. He is a nationally recognized and highly accomplished financial industry executive.

“On behalf of the board, I want to thank Dave and the IRALOGIX team for the great job they have done in leading the company from a fledging startup to a truly disruptive force in the retirement market,” says Jim Smith, an IRALOGIX board member. “During his tenure Dave has been instrumental in not only building out a great product and a cutting-edge technology platform, but also assembling a very talented group of employees and senior leaders.”

de Silva assumes the reins at a critical juncture in IRALOGIX’s history as it continues to mature as a company. Last fall’s successful capital raise allows IRALOGIX to capture the significant growth opportunities ahead. de Silva has more than 35 years experience leading established companies in the financial services industry, including roles as president of TD Ameritrade’s retail business, president of Scottrade Financial Services, CEO of UMB Bank, and 17 years of experience at Fidelity Investments in various leadership roles.

“This is a really exciting time for IRALOGIX, its employees, and clients,” says de Silva. “We’ve had tremendous success helping to redefine and in many cases disrupt the wealth industry beginning with IRAs . My objective is to continue our innovative heritage, while speeding up our growth trajectory, scaling our business, and expanding our client base and distribution channels. I am thrilled to be given this opportunity to lead IRALOGIX as it enters its next lifecycle and to help solidify our mission of transforming the retirement experience for every investor in America.”

IRALOGIX enables institutional partners to rapidly launch profitable white-label IRA programs that leverage institutionally priced investments as well as professional advice and education. The company’s modular technologies are cloud-native and support a fully paperless process with no account minimums.

IRALOGIX recognized by FinTech Global as one of their WealthTech 100 companies for 2024.

Complementary accumulation and decumulation tools target retirement security for all

IRALOGIX, a leading retirement industry fintech provider, today announced a partnership with PensionPlus, an innovative decumulation solution that makes it easy for retirement plan participants to create a highly personalized retirement plan designed to last for their entire lives while keeping their current investments.

According to industry leader and PensionPlus CEO Shlomo Benartzi, “Collaborating with IRALOGIX will allow PensionPlus to further its goal of democratizing retirement income planning for all participants, including the tens of millions of Americans relying on IRA accounts.”

“We are honored to partner with Shlomo Benartzi and his team at PensionPlus as we integrate the most advanced post-retirement drawdown solution with the power of IRALOGIX’s groundbreaking IRA technology,” said David Bernard, Chief Executive Officer at IRALOGIX. “Together, we are creating fundamental change across the IRA and Wealth Management industries on behalf of every investor and all those who support them. PensionPlus gives IRA investors total control over their retirement savings and the opportunity to customize their retirement ‘paycheck’ for their specific needs.”

In 2024, 11,000 Americans are expected to celebrate their 65th birthday daily. Many struggle to convert their savings into a retirement paycheck that lasts the rest of their lives. Others are concerned about adhering to their income plan once in retirement and ensuring they don’t outlive their savings. Americans need a new and better way to create a personalized plan that matches their goals and preferences.

With PensionPlus, the benefits are clear: participants get a sustainable retirement paycheck while remaining in complete control of their investments (no transfer of assets required). In addition, PensionPlus monitors the plan (including spending and withdrawals) and adjusts the plan as needed based on portfolio performance and inflation. Additional features include an annual bonus payment and tax optimization. By creating an easy and affordable lifelong solution, PensionPlus aims to give all Americans the peace of mind they deserve in retirement.

Retirement Redefined as Gateway to Greater Flexibility, Not Necessarily an Exit from the Workforce

Millennials are Moderately Confident They’ll Have Sufficient Retirement Savings

Majority Won’t be Swayed by Taylor Swift’s Endorsement of a Presidential Candidate 

Pittsburgh, PA, March 11, 2024 – A new survey reveals how millennials are reshaping the retirement landscape, defining it by financial independence rather than an age-based benchmark. The study, which marks a new understanding of retirement planning’s shifting paradigms, surveyed millennials nationwide, shedding light on the evolving attitudes and behaviors surrounding their retirement readiness, retirement confidence, and consumer debt. The survey was commissioned by IRALOGIX, a retirement industry fintech provider, and took place in February 2024.

“Millennials are revolutionizing the traditional concept of retirement along with the very definition of the word itself, offering a fresh perspective unlike any other generation in the U.S.,” remarked Lowell M. Smith, Jr., co-founder of IRALOGIX and an expert on retirement matters. “The survey underscores a fundamental shift from what we previously understood: millennials don’t perceive retirement solely as a departure from the workforce. Instead, they define it as a stage of life characterized by enhanced career flexibility and an opportunity to pursue passion projects and hobbies, fostering personal fulfillment and making a meaningful social impact.”

Key findings follow below. 

Key Findings:

• 51% say retirement is defined not by age 65 but by financial independence where they can indulge their lifestyles without relying on traditional employment; 24% noted retirement at age 65 (i.e., ceasing all work) is a goal they’re highly focused on working towards; and 16% responded that retirement is not necessarily an exit from the workforce, but a time of greater flexibility in their lives.
• When asked if they see themselves retiring at some point, 47% of respondents said they will retire
  as soon as they can afford it,” and 22% will keep working, either because they “enjoy it or they don’t have sufficient retirement savings.”
• Millennials are moderately confident (47%) that they will accumulate sufficient savings to someday retire; 29% have no confidence in their ability to save enough to retire.
• When it comes to balancing short-term financial goals like vacations, buying a home, and paying down student loans/other debt with saving for retirement 62% indicated they try to “strike an even balance” between the two, and 29% are entirely focused on “living in the now” by focusing only on their short-term goals.
• Millennials appear to be able to contain their consumer debt reasonably well, with 55% saying they have between $0 and $20,000 in debt, excluding their mortgages; 18% have up to $35,000 in debt. Just 11% say their debt exceeds $65,000.
• The majority (55%) of respondents hold themselves accountable for ensuring they have sufficient retirement savings, while 25% say their employer is responsible, and 20% believe the government should provide their retirement savings.
• Of those who answered “employer” to the previous question, 37% said to make a comfortable retirement viable, employers should offer a robust retirement benefits package like a 401(k) or similar plan along with a competitive employee match; 24% want a traditional Defined Benefit plan with investments selected by investment professionals, where the employer assumes all the risk and is required to pay the employee a fixed monthly sum when they retire 

Other Takeaways

• When asked if they use technology like Robo-advisors, investment platforms, or AI to aid in their retirement planning, 60% said “no,” 28% answered “yes,” and 12% are “thinking about it.”
• 61% make regular monthly contributions to an employer-sponsored retirement plan like a 401(k), 403(b), SIMPLE IRA, or SEP IRA.
• When leaving an employer where they had a retirement plan in place, 25% rolled it over into their new employer’s plan; 27% rolled it into an IRA; 31% left it “untouched” with their former employer; and 16% withdrew the balance and spent it.
• Despite her fame and fortune, Taylor Swift doesn’t appear to hold much sway over millennials. When asked if her endorsement of a particular presidential candidate would have any influence on their vote, 71% said “no.” Just 29% answered “yes,” or “I haven’t given it any thought but I will.”

Methodology

The survey of 578 respondents was conducted online in February 2024 on behalf of IRALOGIX. Respondents, who skewed 56% female to 44% male, were drawn from a national sample of millennials, ages 28 – 43 with household incomes of $0 – $200,000 plus. To schedule an interview, or for a copy of the full survey results, please contact Scott Sunshine.

27-Year Wells Fargo Alum Brings deep participant-centric marketing expertise helping investors succeed financially

 Pittsburgh, PA, February 12, 2024 – IRALOGIX, a leading retirement industry fintech provider, today announced the appointment of Jennifer Plese as Director of Marketing. Plese assumed her new position February 5 and reports to Pete Littlejohn, Chief Revenue Officer.

“Jennifer has spent years building an exceptional career in the financial services sector, creating and executing marketing strategies for clients across diverse industries and assets under administration,” said Littlejohn. “Throughout her journey, Jennifer has demonstrated strategic innovation, unwavering client dedication, and inspirational team leadership. We are thrilled to welcome her to the IRALOGIX team, and eagerly anticipate the invaluable contributions her marketing expertise will bring as we drive forward with our expansion.”

Most recently, Plese served as Director of Marketing at Principal Financial Group (formerly Wells Fargo Institutional Retirement & Trust). In this capacity, she led participant communication strategy and execution. Before her role at Principal, Plese spent nearly 25 years as Vice President and Participant Experience Manager at Wells Fargo. During her tenure, she championed the delivery of exceptional participant experiences, crafting innovative solutions for over three million retirement plan participants.

“Many of my former colleagues have joined IRALOGIX, which is how I came to learn about the company and its pivotal role in the retirement space,” said Plese. “I’m delighted to reunite with my former co-workers and am eager to leverage my marketing expertise in support of IRALOGIX’s clients, products, and services.”

Plese’s philanthropic endeavors include roles on the Milwaukee Charitable Contributions Committee and the Minneapolis Community Funding Council. She was also recognized as a United Way Leader in Giving in the Greater Milwaukee Area.

Plese holds a B.A. degree in International Relations and Spanish from the University of Wisconsin-Madison and pursued Spanish studies at the University of Madrid, Spain.