Products January 26, 2009

ProNvest Introduces Open Platform of Portfolio Managers

ProNvest Inc. has rolled out a new service designed to assist plan sponsors with their fiduciary liability in offering managed accounts.
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Through the new service, ProNvest approves and integrates multiple investment managers or registered investment advisers (RIAs) into its managed account platform and conducts ongoing due diligence in accordance with Pension Protection Act of 2006 (PPA) guidelines pertaining to investment advice and managed accounts.

According to the press release:

  • ProNvest’s due diligence and monitoring services enhance the plan sponsor’s efforts to fulfill its fiduciary responsibility in the selection and monitoring of investment managers.
  • ProNvest helps enable the plan sponsor to select the investment manager that best meets the needs of its plan instead of using a single managed account offering that is integrated into the provider.
  • ProNvest helps reduce provider fiduciary liability by engaging the plan sponsor in much of the due diligence effort required.
  • ProNvest standardizes the integration and operation of each investment manager into its platform so that there is a single integration with each provider, even if the plan decides to change investment managers at a later date. Single integration helps eliminate additional integration costs, minimizes ongoing support of data connections, use of IT resources, and helps eliminate potential service disruption to participants when changing investment managers.

More information is at www.ProNvest.com.

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Products January 26, 2009

Schwab Unveils Real Life Retirement Services Product

Charles Schwab&Co. has launched Real Life Retirement Services, to provide practical help for people making the transition to retirement.
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A Schwab news release said the new approach to retirement education is designed to answer questions about issues such as whether workers can afford to retire, their retirement expenses, when they should begin Social Security benefits, and how best to generate income during retirement.

“We have a different point-of-view from other financial firms in how we approach retirement. For most people, retirement isn’t about hang-gliding or hitting the golf course every day. People dream of balance – enjoying a comfortable lifestyle, covering health care costs, spending time with family and friends, and making sure they won’t run out of money,” said Mark Jamison, vice president, Charles Schwab, in the news release. “We chose to build a service that addresses real life challenges people are facing today, which typically don’t involve a life sailing around the world.”

The new program starts with a free consultation. To help deal with the in-retirement income needs, Schwab said it will help investors develop the proper portfolio with access to income funds, help find appropriate fixed income investments, and provide an annuity cost comparison tool and a “rollover concierge” to help the investor consolidate multiple accounts.

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