In Practice November 30, 2010

Moneta Group Joins National Advisors Trust Program

The Trust Representative Office (TRO) program will provide the registered investment adviser (RIA), Moneta, with branded trust services and a referral marketing program targeting local centers of influence. 
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National Advisors Trust announced today that Moneta Group, LLC is the latest RIA to join their Trust Representative Office (TRO) program.  According to a press release, the TRO program is a comprehensive trust and wealth management business development and marketing program for RIAs.  The TRO program establishes a branded trust presence for participating RIAs and provides them with a turnkey marketing program targeting centers of influence, including estate-planning professionals, to generate new client referrals.   

“We considered pursuing trust powers, but found that the directed trustee arrangement between Moneta Group and National Advisors Trust provided the safety and security that clients and regulatory agencies are looking for in today’s environment,” said Gene Diederich, CEO of Moneta Group in the release.   

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The Moneta Group specializes in comprehensive wealth management for families, calling itself the “Family CFO.”  It is headquartered in Clayton, Missouri.   

Products November 30, 2010

Fiduciary Risk Management Program Comes to Market

Securian Retirement has teamed with 401(k) Advisors to offer a 3(38) investment management fiduciary service.
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The service allows employers to transfer the responsibility for selecting and monitoring funds to 401(k) Advisors, and 401(k) Advisors accepts responsibility and discretion for the investment due diligence process under section 3(38) of ERISA, according to a press release.  

Securian and 401(k) Advisors will also provide support to retirement plan advisers as the industry prepares for new rules regarding fiduciary roles. The rules are scheduled to go into effect July 2011 and will, in part, require service providers to disclose whether they act as a fiduciary to a plan and in what capacity (see EBSA Answers Questions on Proposed Fiduciary Definition Change).  

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“This 3(38) approach gives broker-dealers a way to support their retirement plan advisers by offering a means of addressing key aspects of new federal regulations,” said Bruce Shay, executive vice president, Securian Financial Group, Inc., in the press release. “It also helps clients clearly understand the role their service providers play in helping them meet their investment fiduciary needs. Providing investment fiduciary services may be subject to registration or other regulatory requirements. If you are affiliated with a firm as a Registered Representative or an Investment Adviser Representative, you should consult with your firm before providing these services or entering into an agreement with a plan sponsor.”

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