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Products July 8, 2009
P&A Group Launches CIFs for Fee-Based Advisers
P&A Retirement Plan Services is expanding its open-architecture product matrix to focus on the fee-based adviser channel, the company said.
Reported by Ellie Behling
They have partnered with the CIF Marketplace to supplement their traditional mutual fund and exchange-traded-fund (ETF) product base with a limited selection of both core and managed collective investment funds (CIFs), according to a press release. The CIFs include non-proprietary investment options from major national trust companies and consulting firms, including both actively and passively managed CIFs.
P&A Retirement Plan Services, part of the Buffalo, NY based P&A Group, is an open-architecture defined contribution recordkeeper and third-party administrator (TPA), providing services to employer-sponsored retirement plans.
“While we continue to remain strongly committed to our national broker/dealer relationships and to offer the products and services needed thereto, neither can we deny the growing trends in the industry to fee-based advisers and their desire for low-net-cost investment product alternatives to mutual funds, which include ETFs and CIFs,” said Sean Zent, vice president of Retirement Plan Sales, in the press release.
The CIF Marketplace is offered by Campbell, California-based plan service provider 401kDIRECT (see “CA Firm Offers CIF “Marketplace’“). TPA and recordkeeper CPI Qualified Plan Consultants, Inc., previously announced it would expand its open-architecture retirement plan platform to include CIFs through CIF Marketplace (see “CPI Adds Collective Investment Funds to Platform“).