CitiStreet Enhancements to Managed Account Services

The enhanced service offers, among other features, ongoing account monitoring and management, expanded personal evaluation statements, and an online site exclusively for participants who enroll. Ray Martin, president and CEO of CitiStreet Advisors, LLC, said in the announcement, with the ongoing and periodic monitoring of accounts, if improvements can be gained, then changes are made and participants are kept informed.

Additionally, there is the ability to have the account management consider other retirement investment accounts, as well as the ability to integrate other sources of retirement income such as pensions, the announcement said. The enhanced platform also offers reporting tools for plan sponsors designed to assist them in meeting their fiduciary monitoring responsibilities set forth in the Pension Protection Act.

Related enhancements for participants include a personal evaluation statement that offers personalized forecasts; evaluation of risk, diversification, contribution rate, and company stock; and recommended investment elections. Those who want to continue to manage their own savings can use the Personal Online Advisor which provides side-by-side comparisons of current investments as compared to advised recommendations with forecasts of estimated results for both scenarios.

Working with Financial Engines, whose computer models drive the program, CitiStreet has already rolled out the expanded product to some of its large institutional clients and will continue to do so for all advice customers in the coming months.