Products November 17, 2020

Mesirow Partners With Newport Group to Offer PEP

The pooled employer plan that will launch in 2021 is for small and mid-sized employers.

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Mesirow Financial has announced that the Mesirow Retirement Advisory Services (RAS) group is partnering with Newport Group to offer a new pooled employer plan (PEP) in 2021.

The PEP will enable small to mid-sized employers to “pool” their retirement plans. Mesirow says the collective purchasing power of the PEP reduces cost and enhances services for its members, providing a 401(k) experience comparable to some of the largest companies in the country. The PEP will also enable plan sponsors to more effectively manage fiduciary risk and outsource plan operations, often at a lower cost than a traditional 401(k) plan.

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Mesirow says its RAS professionals are well positioned to bring a PEP solution to market, as they have been consulting on multiple employer plans (MEPs), a similar type of pooled plan vehicle, since 2011. The group also has expertise in driving successful participant outcomes, launching my FinancialFuture, a proprietary personal financial advice program, in 2019 to help participants achieve financial wellness.

Newport offers plan administration, recordkeeping and trust services.

“We are thrilled we will have a robust and affordable solution to offer to retirement plan sponsors that adds to the depth, breadth and reach of our business,” says David Dermenjian, president of Mesirow Retirement Advisory Services.

Products November 17, 2020

Commonwealth Launches Commonwealth Connect

The digital platform was built to help affiliated advisers foster connections.

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Commonwealth Financial Network has launched its first digital platform to foster connections among the more than 2,000 advisers affiliated with the firm. Commonwealth Connect builds on the firm’s strong community foundation by allowing its network of advisers to find each other based on location, niche clientele, interests and hobbies.

“Our advisers have been asking for more ways to network with each other outside of our annual conferences and development programs,” says Miriam Manning, senior vice president, chief information officer. “We’re pleased to be able to offer them a platform where they can build new relationships with fellow advisers. Especially during these uncertain times, building and maintaining meaningful relationships with our colleagues is more important than ever.”

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Commonwealth built the platform in house in response to requests from advisers to connect with colleagues geographically. However, the firm decided to expand the network so advisers could find others with similar clientele so that they could share best practices to help each other grow.

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