SoFi, one of the most successful Fintechs in the U.S., announced earlier this week it has joined forces with T. Rowe Price Retirement Plan Services for new financial wellness offerings. The duo noted that these offerings are a comprehensive suite of financial wellness resources, including educational tools and content, to T. Rowe Price plan participants.
“Plan Sponsors will have the option to include additional SoFi offerings like employer contribution services, student loan refinancing, and payroll deduction to 529 College Savings plans. These optional benefit offerings will be made available through the SoFi at Work financial wellness platform.”
SoFi and T. Rowe further revealed that employee access to the comprehensive suite of financial wellness tools and educational content will be integrated into T. Rowe Price’s participant website, giving participants the ability to manage and plan for their student loan needs, while also saving for retirement. Anthony Noto, SoFi CEO, spoke about the collaboration by stating:
“Given the current macroeconomic environment, employee circumstances are continually changing and more employees are seeking broad guidance on how to manage debt, build their savings, and ultimately improve their financial health. Together with T. Rowe Price, we are committed to providing the most meaningful ways to help employees address their toughest financial concerns head-on.”
Kevin Collins, head of T. Rowe Price Retirement Plan Services, Inc., added:
“Student loan debt can have a significant effect on an individual’s financial situation and we recognize that many individuals may need help finding the balance between managing or planning for education costs while also saving for retirement; our strategic alliance with SoFi will help individuals navigate this successfully.”