September 28, 2012
--- AmericanFunds rolled out a multi-fund version of its Recordkeeper
Direct tool, with the goal of providing advisers more investment and pricing flexibility. ---
Recordkeeper Direct offers more than 80 investment choices
from 20-plus investment managers in addition to the American
The original Recordkeeper Direct was designed to handle the
micro market, where a typical plan has less than than 20 participants and under
$1 million in assets, according to Bill Anderson, director of retirement plan
services at American Funds.
“With many plans, [the] sponsors and participants wind up
paying more in recordkeeping fees each year as the assets in the plan
increase,” Anderson said.
The multi-fund version is a tool for the $1 million to
$20 million market, with recordkeeping fees based on a fee of $2,500 per plan
and $50 per participant.