American investment management firm BlackRock is partnering with Microsoft to transform the way people make decisions regarding their financial goals in retirement.
Many people are struggling with the difficult tasks of saving and investing for their retirement funds. According to Microsoft, the shift in responsibility from corporations to individuals combined with increasing life spans has created a need to reimagine how to secure sound finances in retirement.
Using BlackRock’s investment capabilities and Microsoft’s technology, the partnership is exploring the development of a new platform that will help people foster better saving and investing habits by engaging more regularly with their retirement assets and seeing how their contributions today will translate into their long-term retirement income.
“Today millions of Americans are struggling to achieve their financial goals for retirement,” said Satya Nadella, CEO of Microsoft. “Together with BlackRock we will apply the power of the cloud and AI to introduce new solutions that address this important challenge and reimagine retirement planning.”
BlackRock intends to offer the platform in connection with its own designed and managed investment products. These new products would be made available to US workers through their employers’ workplace savings plan.
“Retirement systems worldwide are under stress and providing financial security to retirees has become one of the most defining societal challenges of our time,” said Laurence Fink, chairman and CEO of BlackRock. “BlackRock has a tremendous responsibility to help solve this challenge, and we recognise the need to act now. Working with Microsoft will enable us to build a powerful solution for millions of hardworking Americans.”
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