Newport Introduces Personal Account Aggregation Service

The Newport Group, a leading provider of retirement and executive benefit plans, has introduced a new personal account aggregation feature for participants in its plans. This service consolidates all of a user's personal savings, investment and other accounts on one secure, dedicated online site.

Accessible through Newport's award-winning website plandestination.com, the service is fully integrated with both retirement and executive benefit plans—a first for the retirement and benefit industry. "Newport is changing the paradigm of retirement savings by putting these accounts in the context of an individual's complete financial picture," said the firm's Chief Operating Officer Bryant Kirk.

The service aggregates all of a plan participant's financial holdings into a single, consolidated view. Each of an individual's assets (executive benefit accounts, 401(k) and other retirement accounts, brokerage accounts, savings/checking accounts, real estate), and liabilities (mortgage, credit cards and other loans) are shown at a glance, on an overall "dashboard" page that displays a summary of all assets and liabilities, as well as total net worth.

"These summaries are updated every business day," Kirk said. "In addition, users can also search for and view individual transactions, as well as creating alerts to notify them about balance activity. The result is a 'live' and up-to-the-minute view of an individual's total financial holdings—something that will be of particular value to those participants who work with a financial advisor."

Newport has partnered with CashEdge, a leader in secure account aggregation, to provide this service. Because data security is a priority at Newport, personal account information is stored and maintained in CashEdge's secure data centers. For a second level of security, personal account information for outside accounts is not shared or accessible through Newport's own secure data centers. "This is the same state-of-the-art technology the world's largest banks and brokerage firms use to support their back-office operations," Kirk noted.