What is Retirement Advisory Service and how does it work?
T. Rowe Price Retirement Advisory Service offers retirement-focused planning, discretionary account management and access to a Financial Advisor, supported by a robust digital client experience.
Our team of experts creates your personalized Financial Plan based on information you provide in response to our online questionnaire, such as your investing time horizon, current financial situation, goals, and risk tolerance. Based on your plan, the program will recommend a model portfolio that will range from 10% equity to 100% equity, using portfolios of T. Rowe Price mutual funds and exchange-traded funds (ETFs). The portfolios are implemented across your household’s enrolled managed accounts in a tax-aware manner.
We will regularly monitor the portfolios and periodically rebalance the asset allocation of each as determined by our investment professionals. When the portfolio is rebalanced, we seek to realign your portfolio to the target allocation of your recommended model portfolio. You will have access to a dedicated Financial Advisor who will provide ongoing planning support and behavioral coaching to help you stay on track to achieve your goals. You can find more information in the Retirement Advisory Service ADV Brochure.
What is household management and how does it work?
Retirement Advisory Service manages your portfolio at a household level. You can select which assets are enrolled in the discretionary management portion of the service based on eligible account types. We will manage your portfolio based on your household’s overall goals, time horizons and risk tolerance. This means that each account included in the discretionary management household will be invested in a manner such that the household’s managed accounts together are intended to achieve the recommended portfolio's asset allocation. We will regularly monitor and automatically rebalance your household portfolio to maintain alignment with your recommended model. In periods of higher market volatility, you may see increased trading activity to maintain the targeted allocation of the model portfolio.
Is there an investment minimum to get started?
Yes – you can receive a Financial Plan with just $250,000 in qualifying T. Rowe Price accounts or new investable assets.
T. Rowe Price account types that qualify:
Individual or joint accounts
Brokerage accounts
Traditional and Roth IRAs
Roth Rollover and Rollover IRAs
Revocable trust accounts
Traditional or Roth inherited IRAs
Transfer on Death (TOD) accounts
The following account types don’t qualify or count toward the minimum. However, you can include them in your Financial Plan to provide us with a more complete view of your financial situation.
SEP-IRA and SIMPLE IRA accounts
Workplace retirement accounts (e.g., 401(k), 403(b) accounts)
Education Savings Accounts
Not sure if you qualify for this service or which accounts are eligible? We can help. Call 1-866-230-0189.
How do I know if my information is safe?
Safeguarding your online security and privacy is one of our highest priorities. Learn more about the T. Rowe Price policies and procedures in place to protect your accounts and information.
Can I use this service if I don’t have T. Rowe Price login credentials?
You can begin the process by signing up as a guest. You will have the opportunity to talk to a Financial Advisor and receive a Financial Plan as a guest. However, enrolling in the discretionary management portion of the Retirement Advisory Service, opening advisory accounts with discretionary management, and engaging in an ongoing Financial Advisor relationship require login credentials.
How do I automatically link my outside investment accounts?
If eligible, you can use the Linked Accounts section of the questionnaire to securely link your non-T. Rowe Price investment accounts (for example, outside brokerage, retirement, college savings plan, and annuities) to provide us with a more complete view of your financial situation to inform the creation of your Financial Plan.
If you or your external institution has updated login credentials or login credential requirements, including multifactor authentication, you may need to go into your Account Center and update your information.
How do I reschedule an appointment with my Financial Advisor?
You can use the link in your appointment confirmation email or on your Planning Details page to select a new date and time convenient to you.
What’s the questionnaire completion process like?
Plan to spend 15-30 minutes on the questionnaire. It is designed to gather key elements to help construct a tailored financial plan for you. Don't worry, you don't need to get it perfect, as your financial advisor will review this information as part of the initial appointment.
Your information auto-saves as you go through the questionnaire. You can pause and come back later to finish if you need to.
To save time, have the following information on hand when you begin the questionnaire:
Your annual income
Your retirement savings
If linking accounts: Your login credentials for investment accounts outside of T. Rowe Price
If entering accounts manually: Relevant financial statements, such as your quarterly mutual fund statement, year-end brokerage statement, or pension statement (if applicable)
Important plan documents
TRP Advisory Services Client Agreement and Financial and Retirement Income Planning Supplement
TRP Advisory Services Client Agreement and Discretionary Management Supplement
Brokerage Account Agreement, Fee Schedule, and Important Disclosures
T. Rowe Price Traditional And Roth IRA Disclosure Statement and Custodial Agreement
Retirement Advisory Service Individual Retirement Account (IRA) Roth Conversion Form
Who builds my Financial Plan?
Our team of experts creates your personalized Financial Plan based on your current financial situation and goals. You benefit from our proprietary analysis and the insights of T. Rowe Price investment and asset allocation experts and CERTIFIED FINANCIAL PLANNER™ professionals (CFP®). CFP® professionals are trained to take a comprehensive view of financial situations and have completed robust competency and ethical requirements under professional standards governing CFP® professionals.
Your Financial Advisor is here to answer your questions and help you get on track—and stay on track—to meet your financial goals.
What's included in my Financial Plan?
Your Financial Plan consists of point-in-time planning, asset allocation, and T. Rowe Price fund advice for your retirement and other financial goals. Plan features will include:
Summary of your financial situation
Summary of your goals and our analysis
Retirement saving and drawdown strategy
Social Security analysis
Assessment of your risk tolerance
Your current portfolio compared with our recommended model portfolio
Recommended action steps
Can I include my existing investment accounts in the analysis for my Financial Plan?
Yes – when creating your Financial Plan, we include any accounts you identify. These can be your current T. Rowe Price investment accounts as well as non-T. Rowe Price accounts.
Your T. Rowe Price retail accounts will be automatically included in our analysis, including: mutual fund accounts, T. Rowe Price Brokerage investments in IRA or taxable accounts, etc.
To include your 401(k), SEP-IRA, SIMPLE IRA, or Education Savings Account or trust accounts serviced by T. Rowe Price, simply give us your permission in the Terms of Service.
The Financial Plan is intended to include assets or accounts that are owned and controlled by you and/or your co-client for your benefit or the benefit of members of your household and have corresponding goals in the Financial Plan. It is your responsibility to determine which assets and accounts and their corresponding goals are appropriate to include in your Financial Plan and to remove or exclude any inappropriate assets and accounts from the Financial Plan. Please talk with your Financial Advisor if you have questions.
Why does my Financial Plan expire after 90 days?
It’s important for us to have up-to-date information about your financial situation so that when we create your personalized plan and make recommendations, they reflect your current situation and goals.
Can I access my Financial Plan after it expires?
Yes – your plan is available from your planning details page as a reference.
How do you create the asset allocation and T. Rowe Price fund recommendations for my Financial Plan?
We use your questionnaire responses regarding your investing time horizon and risk tolerance to guide our recommendation. Each model portfolio is tailored for a specific risk tolerance and time horizon and invests in a carefully selected, diversified mix of T. Rowe Price mutual funds and ETFs. We may adjust your recommended model portfolio based on additional information you provide, such as income and expenses, or upon further review of certain factors, such as the probability of success of the initial recommended model portfolio compared with the probability of success of a model portfolio with a lower risk profile.
Who designs the recommended model portfolios?
T. Rowe Price investment and asset allocation experts design the model portfolios, including selection of the underlying T. Rowe Price mutual funds and ETFs in the models. They also make allocation decisions and regularly review the fund selection.
Our experts have deep knowledge of asset allocation and portfolio construction and benefit from ongoing communication with our investment professionals in the field around the world.
Are mutual funds and ETFs outside of T. Rowe Price considered for this program?
Only T. Rowe Price mutual funds and ETFs are available in this program. Your recommendation consists of a diversified portfolio of our actively managed mutual funds and ETFs and is backed by our strategic investing approach. Our investment professionals have deep knowledge of asset allocation and portfolio construction. They developed each of the broadly diversified portfolios to align with a specific risk tolerance and time horizon.
How do I add my co-client or spouse to the Financial Plan?
If you would like to add your spouse or partner's accounts or unique goals in the Financial Plan, you have the option to add them as a "co-client" at the start of the planning experience or later in the process. When you complete the questionnaire with your co-client, we can build a plan that reflects your household’s overall financial situation and provides financial planning advice for what’s most important to you and your family.
When you identify your co-client, we send an invitation to the email address you provide for your co-client. The email has a secure access link.
You create a unique personal identification number (PIN) and give it to your co-client. The PIN is valid for 7 days.
Do you send the PIN to my planning co-client?
No – you create the PIN and give it to your co-client. For security reasons, we never see the PIN.
Can I add more than one co-client?
No – our advisory experience is designed for you and one co-client.
If I forget the PIN, can I create a new one?
Yes – log in to the service and click the Add a Co-Client icon at the top right. You can create another 4-digit PIN to give to your co-client. Since the PIN is not saved, you may want to write it down before continuing.
What if my co-client didn’t receive the invitation?
We may not have the right email address. Log in to the service and select the Add a Co-Client icon at the top right. Review or update the information with the correct email address and we’ll resend the invitation. If the problem continues, please contact your advisor. If you do not have an Advisor assigned, please schedule an appointment.
Why isn’t my co-client’s invitation working and what can I do?
If the co-client didn’t log in within 7 days, or if they reached the maximum of 5 attempts to enter their PIN, the pin you created is no longer valid.
Can I start a plan with a new co-client if I have a plan with a previous co-client?
Yes – but keep in mind, your existing plan and information will not be saved or carried over to create a new plan.
Please contact your advisor. If you do not have an Advisor assigned, please schedule an appointment. Then, go back through the questionnaire and reenter your information, including goals and accounts.
Why does it make sense to plan with my co-client?
When you plan with your co-client you can get financial advice that reflects your whole financial situation and is designed to help you achieve your shared goals. After enrolling in the discretionary management portion of the service, your advisory accounts can include accounts held by either you or your co-client. Our experts will implement and manage your recommended portfolio across all of the advisory accounts in your household. You also have the opportunity to partner with a Financial Advisor to maintain your shared Financial Plan and receive ongoing guidance.
What if I accidentally started my own plan when I intended to join my co-client?
We can help. Please contact your advisor. If you do not have an Advisor assigned, please schedule an appointment.
Who is involved in providing my advice?
Our team of experts creates your personalized Financial Plan based on your current financial situation and goals. You benefit from our proprietary analysis and the insights of T. Rowe Price investment and asset allocation experts and CERTIFIED FINANCIAL PLANNER™ professionals. CFP® professionals are trained to take a comprehensive view of financial situations and have completed robust competency and ethical requirements under professional standards governing CFP® professionals.
For clients who enroll in the discretionary management portion of the service, your Financial Advisor is here to connect all the pieces and provide you with ongoing guidance, so you get on track—and stay on track—toward the goals that are important to you and your family.
Can I get a financial plan without enrolling in the discretionary management portion of the service?
Yes, complete our questionnaire and we will have our team of CERTIFIED FINANCIAL PLANNER™ professionals create a personalized Financial Plan based on your current financial situation, goals and risk tolerance. If you determine that enrolling in the discretionary management portion of the service is not the right fit for you, you can use our recommendation to self-implement your accounts.
How much is the fee for the service?
The total cost of advice is expected not to exceed 0.9% of assets under management. The total cost includes both the net advisory fee and the fees and expenses of the underlying funds held in your household’s advisory accounts.
The average net advisory fee for the T. Rowe Price Retirement Advisory Service, using all primary funds and neutral portfolio weightings, is 0.5% of assets we manage for you. Your actual net advisory fee will vary based on your recommended portfolio, the specific mix of funds in your managed portfolio and their fees and expenses. The estimated net advisory fees for the model portfolios ranged from 0.41% to 0.55% as of April 2025.1 The net advisory fee will be automatically deducted from your account in 12 monthly installments, in arrears.
For additional information on the fees and expense of the program, please read the Fees and Compensation section of the Retirement Advisory Service ADV Brochure (PDF).
Which share class do you use for this program?
Clients enrolled in the discretionary management portion of the service are invested in I Class shares of the T. Rowe Price mutual funds, when available.
Will I receive shareholder communications and proxy statements?
Yes. Our clearing firm, Pershing LLC, will notify you regarding shareholder communications and proxy statements. You will be responsible for voting on any proxy statements.
How often will you rebalance my portfolio?
Rebalancing is the act of periodically realigning your portfolio to the target asset allocation of your assigned model portfolio in a tax-aware manner.
Our investment professionals generally rebalance based on account drift—when an asset class or investment goes above or below its target allocation by a predefined amount.
Our investment professionals may choose to change their rebalancing methodology at any time. Keep in mind that regular additions or withdrawals may impact the time between rebalancing.
Can I direct the trades or timing of trades in my account?
No. T. Rowe Price investment professionals take care of the day-to-day investment and trading decisions in your account. That’s one of the benefits of this program.
You can always request to contribute to or withdraw from your account. Trades must be received before 12 p.m. ET for same- day processing. Requests received after 12 p.m. ET but before market close may be processed the next business day.
During severe market declines, the U.S. equity markets may halt trading and the New York Stock Exchange (NYSE) may close early (i.e., prior to 4:00 p.m. ET). If the NYSE closes earlier than 12 p.m. ET, we will use our best efforts to process and execute withdrawal requests on the same business day for requests that are received in good order on the given business day prior to the early market close.
You can process contributions or withdrawals online or by speaking with your Financial Advisor. Online withdrawals are limited to 3% of your account per day. Any amount in excess of 3% must be done over the phone with your Financial Advisor. If you have questions or need assistance, please contact your advisor.
What can I use to fund my account?
You can use T. Rowe Price mutual funds and ETFs. Other securities held in your T. Rowe Price Brokerage account must first be sold with the proceeds showing as an available balance in your sweep account to fund your new account.
Are there transaction fees or other costs to use securities to fund my account?
We won’t charge a commission or fee when we sell T. Rowe Price mutual funds and ETFs in your program account. However, for brokerage or outside investment holdings, there may be other fees or costs, such as back-end loads, depending on the security or fund family you select to fund your new account.
What are opportunistic allocations?
Opportunistic allocations are an additional active management approach, in which we’ll allocate a portion of your portfolio to additional funds, based on proprietary research that is meant to increase your return potential or hedge future risk.
What active management approaches do you already apply for my Retirement Advisory Service accounts?
Opportunistic allocations may enhance Retirement Advisory Service by building on our active approach to portfolio management.
Upon enrollment in Retirement Advisory Service, we invest your portfolio in a mix of stock and bond mutual funds and ETFs tailored to your goals, time horizon, risk tolerance, and preferences. This is referred to as your strategic asset allocation, which we review with you at least annually.
We regularly monitor your portfolio for variance from this target asset allocation and periodically rebalance it to retain alignment. Additionally, expert investment professionals in our Multi-Asset Division monitor market conditions and make changes to these strategic allocations quarterly, as they see fit, in a process known as tactical asset allocation.
Opportunistic allocations take this process one step further by investing in additional T. Rowe Price mutual funds and ETFs when appropriate. Through a disciplined approach, our investment professionals will identify opportunities to complement your portfolio's strategic and tactical allocations. This allows clients to potentially benefit from our ongoing investment process, which is specifically designed to create more opportunities while adapting to ever-changing market environments.
How will opportunistic allocations build on our current active management approaches?
Generally, 85% or more of your portfolio will remain invested in core funds. At any time, a portion of your portfolio might be allocated to no more than 3 additional funds. Those additional funds will be held for a year or more unless the return expectations are achieved beforehand. Allocation decisions will be based on our proprietary research and set by our Multi-Asset experts.
For example, if our experts want to take advantage of an opportunity in a specific market sector, they may add an additional 5% allocation to a fund that has exposure to that sector. In this example, if 5% is allocated to the additional strategy, 5% will be reduced from the core portfolio holdings to maintain your portfolio's overall allocation.
Note that opportunistic allocations usually invest in additional funds that aren’t already part of the core portfolio holdings, while tactical allocations adjust the core portfolio holdings themselves. Tactical allocations are typically more incremental in nature (for example a 0.5% change to an existing core portfolio fund) while opportunistic changes are usually more considerable (for example a 5% addition of a new fund). Finally, tactical allocations are done on a quarterly basis if needed, while opportunistic allocations can be done any time that our investment experts see an opportunity.
Will you inform me about opportunistic allocation changes that you plan to make?
Your advisor will be happy to discuss opportunistic allocation changes with you at any time, including during semi-annual and annual reviews. We will also send out additional materials as needed.
Will this change the price I pay for Retirement Advisory Service and is there any action needed on my part?
This change will typically not result in any changes to the overall cost of Retirement Advisory Service. You don’t need to take any action because we will automatically implement opportunistic allocations for you. However, we recommend that you review the updated documents such as the ADV, client agreement, and discretionary management supplement.
What are the similarities and differences between mutual funds and ETFs?
Mutual funds and ETFs both offer diversification and professional investment management. In the case of our active ETFs, our investment professionals apply the same rigorous research and collaborative process as we do in managing our mutual funds, so you benefit similarly from our experience and expertise in active management. Mutual funds are purchased and redeemed at the fund’s net asset value once per day at market close (generally 4 p.m. ET) and ETFs are continuously traded throughout the day on exchanges, like stocks, at their market prices, which can be different from the ETF’s net asset value. ETFs are generally considered a more tax-efficient vehicle than mutual funds.
To learn more about T. Rowe Price ETFs, please click here.
What are the benefits of ETFs?
Both mutual funds and ETFs generally offer shares that represent a basket of underlying securities. For investors, both can provide an opportunity to increase diversification, which is an important part of any investment strategy. Investing in a portfolio that includes a variety of assets helps mitigate market risks related to a single company, geographic region, or industry.
In general, ETFs have some distinct advantages over conventional mutual funds.
Lower Investment Costs: ETFs generally have lower expense ratios and total cost of ownership than mutual funds. T. Rowe Price passes these savings back to you by reducing the gross advisory fee (see below).
Improved Tax-Efficient Options: For taxable assets, ETFs tend to be more tax-efficient than mutual funds, which may help you keep more of your investment returns over time.
Why is Retirement Advisory ServiceTM adding ETFs to my portfolio?
We are constantly looking for ways that may enhance Retirement Advisory Service. Given the expense ratio and tax efficiency benefits of ETFs, we believe now is the right time to make this exciting change.
What transaction costs and taxes might be associated with this change?
While the total cost of ownership of ETFs is generally lower than that of conventional mutual funds, ETFs do have some expenses that are not present within a mutual fund structure that clients should be aware of. Investors bear transaction costs when ETFs are traded. These could include the market bid/ask spread and other transaction costs, which could be considerable. While T. Rowe Price does not charge commissions for trades in T. Rowe Price ETFs, commissions and fees may also apply when ETFs are traded outside of T. Rowe Price.
For those who own investments in a taxable account, this change may have tax implications. Clients with taxable accounts could realize gains or losses upon the implementation of the ETFs. If you have enrolled taxable accounts in the program, we strongly encourage you to speak with your financial advisor to discuss your specific situation.
Can I choose not to invest in ETFs?
ETFs will become an integral part of Retirement Advisory Service. You are not able to “opt out” of ETFs while a Retirement Advisory Service client. However, our program will continue to offer alternate funds for adding flexibility and personalization. We reserve the right to limit the number of alternate funds present within a portfolio to ensure the resulting portfolio is consistent with our best thinking.
What retirement income planning capabilities do you offer?
Generating income in retirement can be complex due to the many tax rules, Social Security rules, and implications of withdrawing from your retirement savings.
T. Rowe Price Retirement Advisory Service (RAS) offers an innovative planning process that uses tax-efficient portfolio withdrawal strategies, coupled with personalized Social Security claiming strategies to help our clients achieve their retirement goals.
Backed by our expert research, we'll help you coordinate your retirement income needs by providing:
Points of Comparison: Tables and charts that compare key components of curated retirement income strategies to find the one that you believe will work best for you.
Detailed Withdrawal Strategy: Based on your preferences, we’ll help you strategically manage your portfolio withdrawals–which types of accounts to draw from, how much, and when.
Social Security Claiming Strategy: Our recommended claiming strategy will seek to maximize your cumulative lifetime benefits.
Diagnostics: We’ll illustrate the projected value behind your selected strategy, your portfolio’s projected durability over time, the strategy’s projected tax implications, and other helpful information to ensure clear understanding.
Help to Execute the Strategy: For assets at T. Rowe Price, we can help to make the withdrawals from your accounts in alignment with your selected strategy.
Why is a retirement income plan important?
Personalized retirement income planning strategies can extend your portfolio and give you confidence to enjoy retirement instead of worrying about running out of money.
Withdrawing money from retirement savings can be more complex than spending money during your working years. It can be difficult to determine how to draw down from your accounts, especially when dealing with various tax, Social Security, and Medicare rules, as well as the management of market risk. You can rest assured that your T. Rowe Price advisor will be there to support you every step of the way.
What types of questions will be addressed with a retirement income plan?
Which types of accounts (i.e., taxable, tax-deferred and tax-exempt) do you draw from once you retire?
How long is your money projected to last?
When should you start claiming Social Security benefits?
Should you do Roth conversions?
How much are your Medicare expenses projected to be?
Are you projected to have money to leave your heirs?
How can I get a retirement income plan?
Retirement income plans are only being offered to T. Rowe Price Retirement Advisory Service (RAS) clients who enroll in the managed portfolio service at this time. Explore Retirement Advisory Service here or feel free to reach out to your current advisor directly to see if you’re eligible for a plan.
What is an Annual Review and why is it important?
We will reach out once a year to ask you to schedule an annual review appointment with your dedicated Financial Advisor. During this appointment, we will review your portfolio to make sure it’s still aligned with your goals and needs. Your Annual Review is an opportunity to let us know if you have any changes in your life or your preferences that may warrant an update to your financial plan and the model portfolio for your account.
For personalized financial planning and active investment management, connect 1:1 with an advisor.
Our team is standing by to help you explore Retirement Advisory Service, and understand how we can help bring you better outcomes.
We offer different levels of advice to fit your needs and help you save enough for the future you envision.
1The average net advisory fee for the service assumes the use of primary funds and neutral portfolio weightings. Your actual net advisory fees will vary depending on your recommended model portfolio, the specific mix of funds in your managed portfolio, and their fees and expenses. The estimated net advisory fees for the model portfolios ranged from 0.41% - 0.55% as of April 2025. You will also pay the fees and expenses of the funds held in your managed portfolio. The total cost you are expected to pay for advice, which includes the net advisory fee and the underlying fund fees and expenses, is approximately 0.9% of assets under management. For additional information on fees and expenses of the service, please read the Fees and Compensation section of the Retirement Advisory Service ADV Brochure (PDF).
Investments in the T. Rowe Price Retirement Advisory Service™ are subject to the risks associated with investing in mutual funds and exchange-traded funds, which may result in loss of principal. T. Rowe Price does not guarantee the results of our investment management, or that the objectives of the funds or portfolios will be met. Financial planning and retirement income planning in the T. Rowe Price Retirement Advisory Service involve forward-looking projections that are based upon information provided by clients and certain assumptions about future events. Forward-looking projections are based on a limited set of assumptions and actual future outcomes may differ significantly from the projections; therefore, they should be used only as an aid for a client’s planning and decision-making and not as a guarantee of what will happen in the future.
The T. Rowe Price Retirement Advisory Service™ is a nondiscretionary financial planning and retirement income planning service and a discretionary managed account program provided by T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage accounts for the Retirement Advisory Service are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC, and are carried by Pershing LLC, a BNY Mellon company, member NYSE/FINRA/SIPC, which acts as a clearing broker for T. Rowe Price Investment Services, Inc. T. Rowe Price Advisory Services, Inc. and T. Rowe Price Investment Services, Inc. are affiliated companies.
ETFs are bought and sold at market prices, not net asset value. Investors generally incur the cost of the spread between the prices at which shares are bought and sold and may incur additional transaction costs.
Diversification cannot assure a profit or protect against loss in a declining market.
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