Terms of Service
Updated May 2, 2022
I. About NextCapital
Welcome to NextCapital. We strive to be the most investor-centric company, where everyone can find and follow their optimal path to a secure retirement.
NextCapital is an experienced provider of automated portfolio management and financial planning software. NextCapital's founding team was responsible for building out one of the first automated 401(k) portfolio management platforms, one of the first digital wealth advisors, and one of the first online banks. Whether you're a workplace plan participant or a retail investor, we provide a retirement plan that’s tailored to you.
Before you get started, we ask that you take a few minutes to carefully read the important Terms of Service below.
NextCapital is an experienced provider of automated portfolio management and financial planning software. NextCapital's founding team was responsible for building out one of the first automated 401(k) portfolio management platforms, one of the first digital wealth advisors, and one of the first online banks. Whether you're a workplace plan participant or a retail investor, we provide a retirement plan that’s tailored to you.
Before you get started, we ask that you take a few minutes to carefully read the important Terms of Service below.
II. Agreement & acceptance of terms
"NextCapital" means NextCapital Group, Inc., and its subsidiaries, NextCapital Advisers, Inc. (“NextCapital Advisers”), and NextCapital Software, Inc. (“NextCapital Software”). All financial software provided by NextCapital is provided by NextCapital Software (“Software Platform”). Any financial advice provided by NextCapital is provided solely by NextCapital Advisers, an investment adviser registered with the SEC. These Terms of Service apply with respect to your use of NextCapital services, as described below, and your use of NextCapital's website. In addition, NextCapital Advisers may also provide certain investment advisory services as set forth in separate agreements between investment advisory clients and NextCapital Advisers.
NextCapital ("We" or "Us") looks forward to providing you with our services. In exchange for using NextCapital services, clients of our services (that's you) are expected to read and follow these Terms of Service.
Your use of any of the NextCapital services is subject to our Privacy Policy, which addresses how we gather, use, disclose and manage your personal information.
To use NextCapital services, you need to understand and agree to follow these Terms of Service. You also must understand, i) that the Terms of Service may change from time to time at the sole discretion of Us; ii) by downloading our app, visiting our website, actively or passively enrolling in a NextCapital service, using our free tools prior to registration, or manifesting your affirmative acceptance of these terms by way of a click-box, modal, or pop-up, you are agreeing to the Terms of Service herein.
Except to the extent that you have a separate agreement to receive investment advisory services from NextCapital Advisers, NextCapital services and website are provided for general information, education, and guidance purposes only and you should not construe any such information or the features, tools, or other content available through NextCapital as advice. You have the ultimate responsibility for evaluating the merits and risks associated with NextCapital services and use of the information provided by NextCapital before making any decisions. No information generated by NextCapital or content on NextCapital services and website constitute a solicitation, recommendation, endorsement, or offer with respect to any securities or other financial instruments.
Also, the financial information utilized by NextCapital is historical in nature. Historical financial information is not a guarantee of future financial results. While We will endeavor to keep the information used at NextCapital as up-to-date and correct as possible, We make no representations or warranties of any kind, expressed or implied, about the completeness, accuracy, reliability or suitability of the information contained in, or generated by use of, NextCapital services and website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. Remember, we are trying to help you make informed decisions, but you are responsible for your decisions.
In exchange for using NextCapital services, you agree to provide true, accurate, current and complete information about yourself and your accounts maintained at other websites. You agree not to misrepresent your identity or your account information. You also agree to keep your account information up to date and accurate. Remember, We cannot help you make informed decisions if you do not give us accurate information.
Finally, you may not use NextCapital services or website for any unlawful purpose. We reserve the right to terminate or restrict your access to NextCapital services for any reason, including but not limited to, the violation of any laws, regulations or rulings, infringing upon other’s rights or violation of these Terms of Service.
NextCapital ("We" or "Us") looks forward to providing you with our services. In exchange for using NextCapital services, clients of our services (that's you) are expected to read and follow these Terms of Service.
Your use of any of the NextCapital services is subject to our Privacy Policy, which addresses how we gather, use, disclose and manage your personal information.
To use NextCapital services, you need to understand and agree to follow these Terms of Service. You also must understand, i) that the Terms of Service may change from time to time at the sole discretion of Us; ii) by downloading our app, visiting our website, actively or passively enrolling in a NextCapital service, using our free tools prior to registration, or manifesting your affirmative acceptance of these terms by way of a click-box, modal, or pop-up, you are agreeing to the Terms of Service herein.
Except to the extent that you have a separate agreement to receive investment advisory services from NextCapital Advisers, NextCapital services and website are provided for general information, education, and guidance purposes only and you should not construe any such information or the features, tools, or other content available through NextCapital as advice. You have the ultimate responsibility for evaluating the merits and risks associated with NextCapital services and use of the information provided by NextCapital before making any decisions. No information generated by NextCapital or content on NextCapital services and website constitute a solicitation, recommendation, endorsement, or offer with respect to any securities or other financial instruments.
Also, the financial information utilized by NextCapital is historical in nature. Historical financial information is not a guarantee of future financial results. While We will endeavor to keep the information used at NextCapital as up-to-date and correct as possible, We make no representations or warranties of any kind, expressed or implied, about the completeness, accuracy, reliability or suitability of the information contained in, or generated by use of, NextCapital services and website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. Remember, we are trying to help you make informed decisions, but you are responsible for your decisions.
In exchange for using NextCapital services, you agree to provide true, accurate, current and complete information about yourself and your accounts maintained at other websites. You agree not to misrepresent your identity or your account information. You also agree to keep your account information up to date and accurate. Remember, We cannot help you make informed decisions if you do not give us accurate information.
Finally, you may not use NextCapital services or website for any unlawful purpose. We reserve the right to terminate or restrict your access to NextCapital services for any reason, including but not limited to, the violation of any laws, regulations or rulings, infringing upon other’s rights or violation of these Terms of Service.
III. Description of services
NextCapital Advisers provides the investment advisory services detailed below. A proprietary algorithm and model is used to execute the investment advisory services, including to manage individual client accounts, generate recommended portfolios, and invest and rebalance accounts. In providing the investment advisory services, NextCapital Advisers relies on data directly provided by clients to inform their investment goals. Information, other than that collected in a client’s profile, is not considered in generating investment recommendations.
- Managed Account Service (Retail and Workplace): Managed Account Services are advice services offered online through the Software Platform and include one or more of the following: (i) asset allocation and/or glide path determinations; (ii) model portfolio creation, whereby NextCapital Advisers generates model portfolios and maintains appropriate model portfolio strategies consistent with an individual’s user profile (including through portfolio rebalancing, as necessary); and/or (iii) advice and wealth forecasting, including, as applicable, projected spending/draw-down available at retirement. The Managed Account Services are primarily delivered to: (i) clients and customers of financial institutions; or (ii) plan sponsors and participants of employer-sponsored retirement savings plans. Retail Managed Account Services pertain to IRAs and other taxable accounts and Workplace Managed Account Services pertain to employer-sponsored retirement savings accounts, such as a 401(k), 403(b), and other defined contribution arrangements. Refer to the Managed Account Service - Retail and Workplace firm brochure for more details.
- Personal Portfolio Service: The Personal Portfolio Service provides automated, ongoing discretionary investment management, automatic portfolio rebalancing, and/or securities transaction services. The Personal Portfolio Service is not open to the public and is only made available at this time to NextCapital Advisers and NextCapital Software personnel. Refer to the Personal Portfolio Service firm brochure for more details
IV. Cost & billing
- Managed Account Service: The Managed Account Service is a fee-based service whose pricing is determined by the Institution, Program Sponsor, Plan Sponsor, or Partner Investment Manager based on a client’s assets under management (Retail) or the nature of the services provided (Workplace). Refer to the Managed Account Service - Retail and Workplace firm brochure for more details.
- Personal Portfolio Service: The Personal Portfolio Service is a fee-based service whose pricing is disclosed in the Personal Portfolio Service Program Brochure.
V. Change of service & cancellation
- Managed Account Service Cancellation Details: Refer to the Managed Account Service - Retail and Workplace firm brochure for more details regarding account termination
- Personal Portfolio Service Cancellation Details: Refer to the Personal Portfolio Service firm brochure for more details regarding account termination.
VI. Ownership
As part of these Terms of Service, We grant you a nonexclusive, limited, royalty-free, revocable license to use NextCapital’s services, website and content only for your personal, non-commercial purposes. Except as described in this paragraph, you may not copy, reproduce, distribute or create derivative works from the services, website and content without our express written consent. Further, you agree not to reverse engineer, reverse compile or create test harnesses to run against any NextCapital software.
We may contract with third parties, known as "NextCapital Service Providers" to help us provide you with NextCapital services. You also agree that you are licensing to Us and NextCapital Service Providers any information you provide to Us, including, but not limited to, data, passwords, materials or other content (collectively "Content"). We and NextCapital Service Providers may use, modify, display, distribute and create new material using such Content to provide NextCapital services to you. By submitting Content, you agree that the owner of the Content grants Us and NextCapital Service Providers the right to use the Content for these purposes. Regardless, as between NextCapital, NextCapital Service Providers and you, you own your confidential information.
The NextCapital trademark belongs to Us, and you agree not to use the NextCapital trademark without the prior written consent of NextCapital. All marks not owned by NextCapital are property of their respective owners.
We may contract with third parties, known as "NextCapital Service Providers" to help us provide you with NextCapital services. You also agree that you are licensing to Us and NextCapital Service Providers any information you provide to Us, including, but not limited to, data, passwords, materials or other content (collectively "Content"). We and NextCapital Service Providers may use, modify, display, distribute and create new material using such Content to provide NextCapital services to you. By submitting Content, you agree that the owner of the Content grants Us and NextCapital Service Providers the right to use the Content for these purposes. Regardless, as between NextCapital, NextCapital Service Providers and you, you own your confidential information.
The NextCapital trademark belongs to Us, and you agree not to use the NextCapital trademark without the prior written consent of NextCapital. All marks not owned by NextCapital are property of their respective owners.
VII. Accessing account data
You agree that We and NextCapital Service Providers may access third party sites designated by you, on your behalf, to retrieve information you requested and to register accounts requested by you. The overall integrity and quality of the data presented by NextCapital to you is an important element in providing you with our services. NextCapital, however, is not responsible for and cannot guarantee the accuracy or timeliness of information We retrieve on your behalf directly, from third party technology providers, from third party financial institutions where your accounts are held, or from third party research/market data providers used to provide NextCapital services.
NextCapital may not be able to foresee or anticipate technical or other difficulties which may result in failure to obtain data, personalization settings or other service interruptions. NextCapital assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data or for any loss of user data, communications or personalization settings. NextCapital encourages you to periodically confirm the accuracy of your information through independent sources, such as an investment adviser, broker-dealer or other financial institution.
To use NextCapital services, you grant Us and NextCapital Service Providers a limited power of attorney, and as your true and lawful attorney-in-fact and agent, with full power substitution and re-substitution, for you and in your name, place and stead in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities.
You acknowledge and agree that when We or NextCapital Service Providers access or retrieve information from third party sites, NextCapital and NextCapital Service Providers are acting as your agent, and not the agent or on behalf of the third party. You agree that the third party advisors you select shall be entitled to rely on the foregoing authorization, agency and power of attorney granted by You. You also understand and agree that NextCapital is not endorsed or sponsored by any third party account providers accessible through NextCapital.
NextCapital may not be able to foresee or anticipate technical or other difficulties which may result in failure to obtain data, personalization settings or other service interruptions. NextCapital assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data or for any loss of user data, communications or personalization settings. NextCapital encourages you to periodically confirm the accuracy of your information through independent sources, such as an investment adviser, broker-dealer or other financial institution.
To use NextCapital services, you grant Us and NextCapital Service Providers a limited power of attorney, and as your true and lawful attorney-in-fact and agent, with full power substitution and re-substitution, for you and in your name, place and stead in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities.
You acknowledge and agree that when We or NextCapital Service Providers access or retrieve information from third party sites, NextCapital and NextCapital Service Providers are acting as your agent, and not the agent or on behalf of the third party. You agree that the third party advisors you select shall be entitled to rely on the foregoing authorization, agency and power of attorney granted by You. You also understand and agree that NextCapital is not endorsed or sponsored by any third party account providers accessible through NextCapital.
VIII. Disclaimers & warranties
NextCapital services and website are provided on an "as-is" and "as available" basis. You use NextCapital services and website at your sole risk, and while We will do what we can, you understand that We, along with NextCapital Service Providers, disclaim any warranties of any kind as to NextCapital and all information, products and other materials included in or accessible from NextCapital, whether express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
We and NextCapital Service Providers make no warranty that NextCapital will (i) meet your requirements or expectations, (ii) run uninterrupted, timely, securely or error-free, (iii) provide accurate or reliable results, or (iv) be free of errors in the technology.
Any materials downloaded or obtained through the use of NextCapital services and website are done at your own risk. You are solely responsible for any damage to your computer system or loss of data that results from the download of any such material. No information, whether written or oral, that you obtain from NextCapital or NextCapital Service Providers through or from NextCapital will create any warranty not expressly stated in these terms.
We and NextCapital Service Providers make no warranty that NextCapital will (i) meet your requirements or expectations, (ii) run uninterrupted, timely, securely or error-free, (iii) provide accurate or reliable results, or (iv) be free of errors in the technology.
Any materials downloaded or obtained through the use of NextCapital services and website are done at your own risk. You are solely responsible for any damage to your computer system or loss of data that results from the download of any such material. No information, whether written or oral, that you obtain from NextCapital or NextCapital Service Providers through or from NextCapital will create any warranty not expressly stated in these terms.
IX. Limitation of liabilities
You agree that neither Us nor any NextCapital Service Providers, nor any of our or their respective officers, directors, affiliates, employees, agents or representatives, will be liable for any harm, including any direct, incidental, special, consequential, exemplary or punitive damages, including but not limited to damages for loss of profits, goodwill, use, data or other intangible losses, even if you notify Us or any NextCapital Service Providers of the possibility of such damages, resulting from (i) the use or the inability to use NextCapital services and website; (ii) the cost of getting substitute goods and services; (iii) any products, data, information or services purchased or obtained or messages received or transactions entered into, through or from NextCapital; (iv) unauthorized access to or alteration of your transmissions or data; (v) statements or conduct of anyone on NextCapital; (vi) the use inability to use, unauthorized use, performance or nonperformance of any third party account provider site, even if the provider has been advised previously of the possibility of such damages; or (vii) any other matter relating to NextCapital.
X. Indemnification
You agree to indemnify, defend and fully compensate Us, the NextCapital Service Providers and our or their respective officers, directors, affiliates, employees, agents or representatives, from and against any and all losses, claims, actions, judgments, fines, penalties, liabilities, damages, expenses and costs (including but not limited to reasonable attorneys' fees), that relate to any third party claim caused by or arising from your use of NextCapital services or website, your violation of these terms, or infringement of these terms by any other user of your account, or your violation or any intellectual property or other right of anyone.
XI. Use of password
In connection with the use of NextCapital services, you may be asked to create a login ID and password. You are responsible for maintaining the confidentiality of such information so that only you can access your information through NextCapital. We are not responsible for breaches of confidentiality of your personal information or personal financial data that result from your failure to maintain the security of your login ID and password.
We will take all commercially reasonable steps to protect your personally identifiable information and personal financial data. We make commercially reasonable efforts to maintain the confidentiality of all data you share with us.
We will take all commercially reasonable steps to protect your personally identifiable information and personal financial data. We make commercially reasonable efforts to maintain the confidentiality of all data you share with us.
XII. Electronic disclosure consent
By providing your email to enroll for use of NextCapital services, you consent to receive all notices and information regarding NextCapital services electronically. Electronic communications may be posted on our website and/or delivered to your registered e-mail address. All communications in electronic format will be considered to be in "writing," and to have been received no later than five (5) business days after posting or dissemination, whether or not you have received or retrieved the communication. Your consent to receive communications electronically is valid until you end your relationship with NextCapital. It is your responsibility to provide us with true, accurate and complete e-mail addresses, contact and other information related to this disclosure and to maintain and update promptly any changes to this information. You may print a copy of any electronic communications and retain it for your records. We reserve the right to terminate or change the terms and conditions on which we provide electronic communications and will provide you notice thereof in accordance with applicable law.
XIII. Service upgrades
From time to time, We may use online session information for the purposes of improving NextCapital services, website and your experience. In certain situations, such as service support requests, We may view your information as if We were you. This does not mean NextCapital support personnel have access to your investment account credentials. But to fix a problem with your user experience, we need to see what you see. We also aggregate information to understand how people like you use NextCapital services and website, so that we can make improvements for everyone.
XIV. Third-party websites & applications
Through NextCapital services, you may be able to link to other websites or applications that are not controlled by Us. Remember, We do not control those websites, and we are not responsible for the nature, content, or availability of those sites. Finally, the inclusion of a link does not imply a recommendation or endorsement of any views expressed therein.
XV. Digital Millennium Copyright Act
NextCapital respects the intellectual property rights of others. Upon proper notice, NextCapital will, in its discretion, remove User Content or other applicable content that violates intellectual property rights under applicable law, suspend access to the services (or any portion thereof) to any user who uses the services in violation of such law, and/or terminate the accounts of repeat infringers. If you believe your work has been copied in a way that constitutes intellectual property rights infringement, please send NextCapital's intellectual property agent (listed below) a written notification of claimed infringement with all of the following information:
Please send all of the above-enumerated information to the following NextCapital intellectual property agent:
Mary Alfred
104 S. Michigan Avenue
14th Floor
Chicago, IL 60603-5902
alfredm@nextcapital.com
Please do not send notices or inquiries unrelated to alleged copyright infringement to NextCapital's designated agent.
- identification of the intellectual property right (e.g., copyright, trademark, etc.) and the work claimed to have been infringed, or, if multiple rights and works are covered by a single notification, a representative list of such rights and works;
- identification of the claimed infringing material and information reasonably sufficient to permit NextCapital to locate the material on the services;
- information reasonably sufficient to permit NextCapital to contact you, such as an address, telephone number, and, if available, an email address;
- a statement by you that you have a good faith belief that the disputed use is not authorized by the intellectual property rights owner, its agent, or the law;
- a statement by you, made under penalty of perjury, that the above information in your notification is accurate and that you are the intellectual property rights owner or authorized to act on the owner's behalf; and
- your physical or electronic signature.
Please send all of the above-enumerated information to the following NextCapital intellectual property agent:
Mary Alfred
104 S. Michigan Avenue
14th Floor
Chicago, IL 60603-5902
alfredm@nextcapital.com
Please do not send notices or inquiries unrelated to alleged copyright infringement to NextCapital's designated agent.
XVI. Arbitration & governing law
These Terms of Service will be governed exclusively by the laws applicable in the State of Illinois, without regard to Illinois’ conflicts of law or choice of law principles.
Subject to the arbitration provision below, you irrevocably and unconditionally consent to submit to the exclusive jurisdiction and venue of the state courts in Cook County, Illinois or the United States District Court for the Northern District of Illinois with respect to any dispute or litigation arising under these Terms of Service or as the result of any NextCapital services.
You and NextCapital agree to resolve any disputes through binding and final arbitration instead of through court proceedings. All controversies, claims, counterclaims, or other disputes arising between you and NextCapital relating to NextCapital services or website or these Terms of Service (each a "Claim") shall be submitted for binding arbitration in accordance with the Rules of the American Arbitration Association ("AAA Rules"). The arbitration will be heard and determined by a single arbitrator in Chicago, Illinois with experience in the subject matter of the Claim. The arbitrator's decision in any such arbitration will be final and binding upon the parties and may be enforced in any court of competent jurisdiction. The parties agree that the arbitration will be kept confidential and that the existence of the proceeding and any element of it (including, without limitation, any pleadings, briefs, documents, or other evidence submitted or exchanged and any testimony or other oral submissions and awards) will not be disclosed beyond the arbitration proceedings, except as may lawfully be required in judicial proceedings relating to the arbitration or by applicable disclosure rules and regulations of securities regulatory authorities or other governmental agencies.
You may not act as a class representative or private attorney general, nor participate as a member of a class of claimants, with respect to any Claim. Claims may not be arbitrated on a class or representative basis. The arbitrator can decide only your and/or NextCapital's individual Claims. The arbitrator may not consolidate or join the claims of other persons or parties who may be similarly situated.
This section limits certain rights, including the right to maintain a court action, the right to a jury trial, the right to participate in any form of class or representative claim, the right to engage in discovery except as provided in AAA rules, and the right to certain remedies and forms of relief. Other rights that you or NextCapital would have in court also may not be available in arbitration.
Subject to the arbitration provision below, you irrevocably and unconditionally consent to submit to the exclusive jurisdiction and venue of the state courts in Cook County, Illinois or the United States District Court for the Northern District of Illinois with respect to any dispute or litigation arising under these Terms of Service or as the result of any NextCapital services.
You and NextCapital agree to resolve any disputes through binding and final arbitration instead of through court proceedings. All controversies, claims, counterclaims, or other disputes arising between you and NextCapital relating to NextCapital services or website or these Terms of Service (each a "Claim") shall be submitted for binding arbitration in accordance with the Rules of the American Arbitration Association ("AAA Rules"). The arbitration will be heard and determined by a single arbitrator in Chicago, Illinois with experience in the subject matter of the Claim. The arbitrator's decision in any such arbitration will be final and binding upon the parties and may be enforced in any court of competent jurisdiction. The parties agree that the arbitration will be kept confidential and that the existence of the proceeding and any element of it (including, without limitation, any pleadings, briefs, documents, or other evidence submitted or exchanged and any testimony or other oral submissions and awards) will not be disclosed beyond the arbitration proceedings, except as may lawfully be required in judicial proceedings relating to the arbitration or by applicable disclosure rules and regulations of securities regulatory authorities or other governmental agencies.
You may not act as a class representative or private attorney general, nor participate as a member of a class of claimants, with respect to any Claim. Claims may not be arbitrated on a class or representative basis. The arbitrator can decide only your and/or NextCapital's individual Claims. The arbitrator may not consolidate or join the claims of other persons or parties who may be similarly situated.
This section limits certain rights, including the right to maintain a court action, the right to a jury trial, the right to participate in any form of class or representative claim, the right to engage in discovery except as provided in AAA rules, and the right to certain remedies and forms of relief. Other rights that you or NextCapital would have in court also may not be available in arbitration.
