Broker-dealer heavyweight Cetera delved deeper into the 401k services space Thursday with the launch of its ‘My 401(k) Assistant’ solution.
The new service provides automatically-generated investment monitoring reports and proposal comparisons from multiple recordkeepers for advisors looking to place retirement plan business.
The services help “increase efficiency for retirement plan advisors” by “enabling them to spend more time on core, value-added client service priorities without the need to implement new systems or alter their business practices.”
My 401(k) Assistant offers two distinct subscription-based service offerings:
Reporting Assistant
It outsources the work of generating plan investment monitoring reports to the Cetera Retirement Plan Solutions team, enabling advisors to send customizable, professional performance reports to plan sponsor clients on an annual or quarterly basis.
Advisors are able to select which data is included and can include their own logos in the reports, all without needing to learn or implement new technology tools.
RFP Assistant
It leverages the Cetera Retirement Plan Solutions team to conduct proposal comparisons for up to five prospective recordkeeping partners.
RFP Assistant provides advisors with reports that include comparisons of recordkeepers’ services and features; plan cost summaries; investment mapping and investment proposal portfolio comparisons; and investment risk/return reviews.
“Our vision for the advice-centric future of how advisors impact individuals’ financial lives includes helping retirement plan-focused advisors strengthen and deepen their relationships with the plan sponsors and participants they serve,” Jon Anderson, head of Cetera’s Retirement Plan Solutions team, said in a statement. “Cetera’s new My 401(k) Assistant enables our advisors to ‘in-source’ critical yet time-consuming functions like comparing complex proposals from recordkeepers and performing detailed monitoring of investment performance.
This allows advisors to upgrade their efficiency and focus their efforts on relationship-building client service activities, he added.
“Additionally, we are helping advisors serve more plans across the country by reducing the complexity, friction and cost of serving this business and helping our advisors impact more American workers.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
