The Vanguard Innovation Studio is preparing to launch its first set of “out of the box” financial products as it approaches its second anniversary, writes Jeff Blumenthal for the Philadelphia Business Journal.

Vanguard created the studio as a catalyst for new ideas and products. Now, the team has finalized its first set of successful concepts and is working on a second set.

Locating the studio in Philadelphia has proven to be a good decision, according to Vanguard Chief Strategy Officer Brent Beardsley.

“Being in the city has really helped us attract people that might have not been as interested in working in Malvern,” he said.

The first set of concepts has already produced several successful ideas. One of them is Pygg, an interactive digital product for 8- to 10-year-olds that teaches them about basic financial concepts with the help of their parents.

The second is built around the fact that 35 percent of Americans work for companies that do not provide a retirement plan. So, Vanguard has developed a digital tool to help them save and invest money and handle regulatory matters.

Read more about the Vanguard Innovation Studio in the Philadelphia Business Journal here.