Hot Off the Presses
PLAN SPONSOR & PARTICIPANT TOOLS
AXA Financial, Inc., launched PlanConnect, a full-service third-party administrator (TPA) for sponsors of 403(b) and 457(b) retirement savings plans. The new subsidiary, headquartered in Syracuse, New York, delivers plan maintenance, plan compliance, and common remitter services.
Putnam Investments launched an enhanced Web site that offers an online dashboard to give sponsors of defined contribution plans access to information about their plan, its investments, its expenses, and its participants.
Fidelity enhanced its free iPhone and iPod touch application to provide 401(k) and 403(b) plan participants access to retirement account information in a secure, easy-to-use app.
The Retirement Plan Advisory Group (RPAG) rolled out a solution that it says could cut completion time on requests for proposal (RFPs) from several days to a few hours. The firm says that the e401k Proposal also will “widen the lens on fiduciary optics as sponsors strive to meet heightened fiduciary requirements.”
OppenheimerFunds Retirement Services announced tools to help plan sponsors and financial advisers “navigate the changing regulatory landscape.” The tools include a guide to help participants understand plan fees and expenses, a tool to educate advisers and sponsors about regulatory and legislative updates, and a new plan-review online demo.
Ascensus unveiled a mailer that simplifies the enrollment process. Enroll123 is a one-page, personalized communication that targets eligible, non-contributing employees.
MetLife introduced its online Open Enrollment Toolbox, designed to help employers engage their workforce during open enrollment, implement new strategies, and optimize the value of their group benefits programs.
Wealth Management Systems Inc. (WMSI) partnered with The Retirement Plan Company LLC (TRPC) to offer its rollover platform through TRPC’s Web site. Under the partnership, participants will be able to access a choice of 10 IRA options and facilitate the opening of the IRAs online.
PlanPerfect, Inc., a corporate retirement plan consulting firm that services 401(k), profit-sharing, and defined benefit pension plans for small to medium-size companies, has aligned with BrightScope, Inc., to independently diagnose retirement plans in its marketplace.
Bank of America Merrill Lynch enhanced and renamed its small-business retirement plan platform, MLConnect, as Advisor Alliance to “more closely align with small-business owners’ evolving challenges and priorities.”
PenChecks, Inc., said its new Web site is designed to make it easier for retirement plan providers, plan advisers, TPAs, and plan sponsors to find information about complex distribution issues. The site includes information about all of its qualified taxable account, IRA, and uncashed distribution checks services.
TIAA-CREF unveiled its Spanish-language initiative to increase U.S. Hispanics/Latinos’ access to retirement-planning information and tools, including a new Spanish-language Web site.
Putnam Investments added an asset allocation application to its retirement planning platform Lifetime Income Analysis Tool.
First Mercantile unveiled a customizable enrollment meeting service that can be delivered either by the plan’s investment professional or by one of 50 professional enrollment meeting specialists. The presentations, which are available in English and Spanish, can be customized to address specific goals and are tailored to employees’ varied levels of understanding.
ADVISER TOOLS
The College for Financial Planning announced the availability of a new designation for financial advisers. The Accredited Portfolio Management Advisor (APMA) is an education program for financial advisors who are interested in investment management theory, security valuation, and overall portfolio design and management.
RPG Consultants has become a new third-party administrator option for Folio Institutional’s financial adviser clients. The relationship will facilitate advisers’ use of exchange-traded funds (ETFs) in 401(k) plans and other types of defined contribution retirement plans.
Pershing Advisor Solutions LLC has made available a new study for registered investment adviser (RIA) firms. “Creating Growth: Tuck Ins, Breakaways and Advisor Recruiting Strategies” provides RIAs with guidance about how they can profit from the trend of advisers moving toward independence.
Corporate Compensation Plans, Inc. (CCP) and Harley Gordon, an attorney and authority on long-term care financing, have introduced the CLTC-WealthSecure System, a long-term-care insurance marketing system for financial advisers and insurance professionals.
Nationwide Financial Services, Inc., has created a specialized sales team to provide retirement income solutions for fee-based advisers. The Institutional Consultant team will provide personalized service and support to make it easier for fee-based advisers to help clients grow and manage their retirement income business.
Benefit Consultants Group (BCG) has introduced a Concierge Club partner development program that “rewards an adviser for his/her commitment to the retirement plan market.” According to the company, the program offers a full range of service offerings to build a strong partnership with retirement plan advisers.
TD AMERITRADE Institutional is launching an education portal for RIAs who custody assets with the firm. The learning management system is designed to help RIAs and their employees enhance their expertise, obtain professional certifications and designations from third-party institutions, develop the skills and talents of key employees, and also will allow advisers to track staff participation and progress.
Charles Schwab has launched Schwab Advisor University, an interactive online training program to help RIAs improve operational productivity and performance.
Standard & Poor’s and market research firm Financial Research Corporation (FRC) have entered into a content licensing and distribution agreement under which FRC will provide Standard & Poor’s with specialized research products for financial advisers.
As part of National Retirement Partners’ nonqualified initiative, the network of independent advisers has teamed up with MullinTBG, a Prudential Financial company, to be its preferred nonqualified provider.
MG Advisory Services, LLC, a subsidiary of Matrix Financial Solutions, Inc., will add vWise Inc.’s SmartPlan Advisor, a communication and education solution, to its platform.
American United Life (AUL) Retirement Services has recently teamed with Mesirow Financial’s Investment Strategies department to launch its Fiduciary Partnership Service.
Dow Jones and Company has said that broker/dealers and RIAs who subscribe to Dow Jones Adviser via NetX360 will have access to exclusive market news, commentary, and analysis about issues facing financial advisers, as well as selected editorial content from Dow Jones News Wires, The Wall Street Journal, Barron’s, and SmartMoney.
INVESTMENTS
AllianceBernstein has launched its Multimanager Retirement Strategies (MRS) target-date solution. According to the company, the offering “combines the strength of four world-class, institutional investment managers in one target-date fund.”
Nationwide Financial Services, Inc., is providing enhancements to its variable annuity lineup. The changes include increased client payouts for the optional Nationwide Lifetime Income Rider (Nationwide L.inc) and a new B-share variable annuity, Nationwide Destination B, the company said.
ICMA-RC has announced a new retirement income solution for state and local government employees. The organization is partnering with Prudential Retirement for the VantageTrust Retirement IncomeAdvantage Fund, which features no withdrawal penalties, full access to its market value, and a straightforward fee structure, and is expected to be available in the fall of 2010.
Putnam Investments will be launching a suite of three U.S. multi-cap equity funds, available by late September 2010, which will offer exposure to the array of stocks within the value, core/blend, and growth universes by utilizing the firm’s stock-picking and fundamental research capabilities.
Vanguard is expanding its 11-fund target-date series with the Vanguard Target Retirement 2055 Fund, aimed at investors 18 to 22 years old, available for investment in the third quarter.
Vanguard announced plans to expand its index fund family, introducing 19 new funds with ETF Shares to provide investors with additional low-cost stock and bond choices.