Company’s expanded focus will increase access to financial planning tools and resources at unprecedented scale, empowering millions of Americans to build financial confidence on their own or with their trusted advisors
Boldin (formerly NewRetirement), a comprehensive, digital-first financial planning platform for consumers and enterprise partners, announced its new company name, product capabilities, and expanded mission. With a goal to help consumers at all stages of life build financial confidence, the company is debuting holistic planning features that empower users to make a plan that aligns with their personal financial goals, such as buying a house or retiring early. Since the company’s inception, Boldin has implemented user feedback and leveraged proprietary modeling and AI to build the most comprehensive, affordable, and widely accessible financial planning software on the market today. Boldin’s easy-to-use, self-directed tools and resources are available for free – with additional features available for a nominal cost – and can be utilized by anyone with an internet connection.
The need for affordable, accessible financial planning is deeply felt. Only 35% of Americans have determined their financial goals and documented them in a formal plan, according to Charles Schwab’s Modern Wealth Survey 2023, and 38% of both Gen Zers and Millennials believe they don’t have enough money to need a plan. Since financial advisors are limited by bandwidth and time constraints, client recruiting efforts are generally focused on prospective accounts with a high minimum account value that is typically over $1M. The result is that personalized financial planning tools and advice have been historically inaccessible to lower-income earners and younger workers.
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Boldin is working to change that with its intuitive, self-directed tools and resources that allow anyone to confidently create and manage their own financial plan. The company is introducing its Financial Wellness Dashboard, which includes the Boldin Financial Wellness Snapshot: an assessment of users’ financial health measured across 20+ metrics. Boldin analyzes each metric and grades a user’s status as excelling (green), progressing (yellow), or vulnerable (red), providing a holistic view of their financial well-being. In the near future, Boldin will introduce its Financial Wellness Score, which will assign a numerical value to user’s financial wellness based on their selected metrics. Similar to a credit score, Financial Wellness Scores will change over time, allowing users to easily visualize how their financial wellness has evolved.
“Boldin is unique in that we are 100% aligned with the end user, both in terms of our business model and our product offerings. Our users pay us and we work for them – full stop. I’m especially proud of the fact that we’ve built our tools in partnership with our community members. That feedback loop has been invaluable to our growth,” said Steve Chen, Founder and CEO of Boldin. “What started as a spreadsheet created by me and my brother to help our mom holistically manage and draw down her assets as she approached retirement turned into a light bulb moment. We quickly realized that many other families needed easy-to-use, comprehensive financial planning software. That’s why our goal has always been to get Boldin’s tools into the hands of the people who need it, either directly or indirectly through employers, trusted advisors, or our other partners. No matter how they find us, the end result is the same – we are helping people plan for their future and become more financially confident so they can be bold in life.”
Boldin is addressing a critical issue in the financial services industry: helping individuals and their trusted advisors smoothly transition from accumulating wealth during their working years to effectively drawing down (decumulating)Â their savings in retirement. The company’s innovative approach centers on a user-friendly, comprehensive financial planning platform that puts the consumer’s financial wellness at the forefront. Wealth managers, banks, and insurance companies are utilizing Boldin’s APIs, planner, calculators, and advisor tools to develop a white-labeled or co-branded platform, enabling them to leverage new business models, retain assets, and drive revenue with more engaged consumers. Further, employer plan sponsors and plan providers such as Nationwide and RTX are offering Boldin’s planner, calculators, and educational classes to their employees as an easy-to-use, self-directed financial wellness benefit to hundreds of thousands of plan participants.
Boldin’s comprehensive planning and modeling engine considers thousands of scenarios, enabling individuals to do holistic accumulation and decumulation planning with digital guidance. To date, more than 350,000 individuals have built financial plans using Boldin’s direct-to-consumer product. Individuals on Boldin are managing their own plans with over $300B in assets, and Boldin users report 94% more in retirement savings than the national average, per an internal survey conducted in June 2023. Further, 74% of Boldin’s PlannerPlus users have 90%+ chance of retirement success on their baseline plan.
In the months ahead, Boldin will invest in new features and AI to support users at various stages of their financial journey, such as adding more collaborative planning features, offering different ways to visualize aspects of a financial plan, and creating new explorers that will help users evaluate different aspects of their financial life.
Boldin is a financial planning platform that gives everyone the ability to discover, design and manage a personalized path to a secure future. Over 350,000 consumers and millions of people through partners have accessed the Boldin platform to improve their financial wellness and create financial plans. The platform can be co-branded or white-labeled for financial partners. Additionally, the company provides API access to companies who wish to embed planning functionality within their own site.
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