Products August 1, 2012

Professional Capital Services Updates Plan Model Tools

Professional Capital Services LLC (PCS) updated its retirement plan model management tools.
Reported by

The latest model management enhancements are part of a Web-based tool suite available through the PCS AdvisorPlan Program. It offers advisers a single access point to rebalance, realign or transfer funds within customized mutual fund and exchange-traded fund-based asset allocation portfolios across multiple 401(k) plans.

The PCS Model Maintenance interface helps meet the new disclosure demands by consolidating and simplifying the building, rebalancing, benchmarking, performance reporting and fee disclosure functions via a Web portal.

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Advisers maintaining models can choose to use their own performance figures or actual performance calculations for each model since inception on the PCS record keeping system. They can also design custom benchmarks, risk profile rankings and model descriptions for inclusion on the PCS annual participant fee disclosure and “evergreen” enrollment booklet.

The suite was revised to meet all requirements for designated investment alternatives (DIAs) contained in the Department of Labor’s participant fee disclosure regulations.

More information is available here.

Deals & People August 1, 2012

AIG's SunAmerica to Acquire Woodbury Financial Services

SunAmerica Financial Group Inc. agreed to acquire Woodbury Financial Services Inc., a brokerage unit of The Hartford Financial Services Group Inc.
Reported by

Once the transaction is finalized, Woodbury Financial Services will become part of the SunAmerica Financial Group’s Advisor Group, American International Group Inc.’s life and retirement business.

Patrick H. McEvoy will continue to serve as Woodbury Financial’s president and chief executive, reporting to Larry Roth, president and chief executive of Advisor Group.

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“Woodbury Financial Services is a strong broker/dealer, with very talented independent financial advisers and a dedicated home office team,” said Jay Wintrob, president and chief executive of SunAmerica Financial Group. “I am confident that when Woodbury Financial’s advisers join our network they will see tremendous benefits, namely our industry-leading technology and open architecture platform.”

The transaction is expected to be finalized by the end of this year, subject to required regulatory approvals and customary closing conditions.

The Hartford started pursuing the sale or other strategic alternatives for Woodbury Financial Services in March (see “The Hartford Puts Retirement on the Block”).

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