Advisor Group, the national network of independent financial advisory firms, announced the launch of Retirement Plan Central, a comprehensive practice management platform for 401(k) advisers.
According to Advisor Group, the new solution is powered by Envestnet Retirement Solutions’ Practice Advantage. The firms say Retirement Plan Central “provides retirement advisers with the investment tools, workflow solutions and powerful analytics that represent essential drivers of a sustainable retirement plan business in today’s increasingly regulated environment.”
The program features a client relationship management (CRM) solution, adviser management dashboard, investment analytics, fund research and monitoring reports, as well as request for proposal (RFP) and vendor search tools. Additionally, according to the firms, it offers a compliance tool as well as access to a secure online vault that stores important client documents and meeting notes.
“Remaining competitive in today’s retirement adviser landscape is becoming increasingly difficult as consumer demand increases, and we see more advisers enter the space,” observes Jamie Price, president and CEO of Advisor Group. “As Advisor Group continues to build out its suite of practice management resources, we are launching Retirement Plan Central with Envestnet Retirement Solutions to equip advisers with the tools needed to provide customized, best-in-class retirement advice that is unburdened by back-office strain.”
Advisor Group’s new retirement practice management platform is expected to address a number of critical needs for 401(k) advisers in the independent space, including the following:
- Client Dashboard and Integrated CRM – A dashboard with an easy-to-use interface enables advisers to view their entire book of business in one, consolidated line of sight and manage it accordingly.
- Secure Document Vault – The client document vault stores important information such as retirement plan documents, performance reports, tax reports, estate planning documents, personal client information, meeting notes, and more. The vault offers a secure environment, is easily accessible by the adviser and the client and ensures a streamlined process for compliance-auditing and document retention.
- Plan Provider RFP Search Tool – The RFP search tool helps advisers document their retirement plan provider search process from start to finish. This is especially useful for meeting increased record-keeping requirements.
According to Allison Couch Pratt, executive vice president of national sales at Advisor Group, increased regulation and the heightened cost of doing business has driven many of the large wealth management firms away from supporting committed retirement advisers.
“With access to Retirement Plan Central, comprehensive sales support, a robust education curriculum and a dedicated team of home office support, we’re confident that many of our 401(k) advisers will benefit from having a dedicated partner in their corner,” she concludes.
For more information about Retirement Plan Central or to speak to a representative from Advisor Group, contact firstname.lastname@example.org.