Morningstar Retirement Manager
Provider 
Founded 1984
Sells To Individuals, Institutional
Pricing Model Subscription
Ownership Public, Public-Private Partnership

Morningstar Retirement Manager is a managed-account service for defined-contribution plans, delivering personalized advice on saving, investing, and retiring.
Morningstar Retirement Manager is a managed-account service offered through defined-contribution retirement plans, helping plan participants decide how much to save, how to invest, when to retire, and how to draw down their balance. The service builds personalized portfolios using Morningstar's Total Wealth Methodology, which weighs salary, savings, age, household balances, and risk tolerance against asset-allocation and manager-selection research.
Morningstar acts as a 3(21) fiduciary on the advice service and as a 3(38) fiduciary on the discretionary management option, which lets plan sponsors offload investment-selection liability. Distribution runs through recordkeepers and plan sponsors who differentiate their benefits packages with personalized retirement guidance, and the offering is sold under the Morningstar Retirement brand alongside Plan Advantage, Target-Date Services, and Advisor Managed Accounts.
| Attribute | Morningstar Retirement Manager | Fidelity Personalized Planning & Advice | |
|---|---|---|---|
| Provider | |||
| Founded | 1984 | 1946 | |
| Sells To | Individuals, Institutional | Employers, Institutional, Retail | |
| Pricing Model | Subscription | Advisory Fees, Brokerage Fees, Management Fees | |
| Ownership | Public, Public-Private Partnership | Private |
Provider 
Founded 1984
Sells To Individuals, Institutional
Pricing Model Subscription
Ownership Public, Public-Private Partnership
Provider 
Founded 1946
Sells To Employers, Institutional, Retail
Pricing Model Advisory Fees, Brokerage Fees, Management Fees
Ownership Private

Goldman Sachs — Ayco
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