Products March 15, 2023

Adviser Product Partnerships

Pacific Life and Templeton partner on lifetime income solutions; Transamerica, Cetera Financial Group debut group retirement plan solution; and UBS joins with Athletes Soul to support retiring athletes.

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Pacific Life, Franklin Templeton Collaborate on Lifetime Income Solutions

Pacific Life Insurance Co. and Franklin Templeton have announced a collaboration on lifetime income solutions.

The firms will provide insurance solutions and personalization for defined contribution plan participants seeking lifetime income.

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“Crafting next-generation solutions that meet the unique needs of participants is core to our values and allows us to make meaningful progress toward providing financial well-being to all Americans,” said Yaqub Ahmed, head of U.S. retirement, insurance sub-advisory and 529 college savingsat Franklin Templeton, in a statement.

The collaboration will combine Pacific Life’s expertise in risk management in the lifetime income space with Franklin Templeton’s background in investment management and personalized allocation methodology.

“A one-size-fits-all approach to retirement planning is falling short of the needs of most plan participants,” said Michael Oler, head defined contribution lifetime income at Pacific Life, in a statement. “This collaboration will address the need for personalization and customization in retirement savings and help plan sponsors help their participants achieve better retirement outcomes.”

Transamerica, Cetera Financial Group Debut New Group Retirement Plan Solution

Transamerica Corp. announced a new pooled plan solution in partnership with Cetera Financial Group Inc.

The Cetera Advantage(k) GPS is designed for small and mid-sized businesses, allowing employers to reduce their administrative burden and certain fiduciary risks and to benefit from cost efficiencies.

“Our new solution, in collaboration with Transamerica, aims to reduce the administrative tasks and liability for the business owners so they can focus on what matters most—running their business,” said Adeline Wong, a senior vice president and head of retirement plan programs and strategy at Cetera, in a statement.

Transamerica will serve as the plan’s recordkeeper. Cetera Retirement Plan Specialists, a Cetera-owned third-party administrator, will be the plan’s 402(a) and 3(16) fiduciaries. The specialists will also manage the plan’s day-to-day administrative duties.

“Together with Cetera, we share a vision of making it possible for more companies to offer retirement plans to their employees,” said Phil Eckman, president of workplace solutions at Transamerica, in a statement.

UBS Partners With Athletes Soul, Adds Adviser to Firm’s Certified Athletes and Entertainers Segment

UBS Financial Services Inc. announced a partnership with Athletes Soul Inc., a volunteer-based organization that supports athletes as they transition into athletic retirement.

UBS and Athlete Soul will provide financial education through group events and online programs to help retiring athletes make informed decisions.

“Until now, we have been missing the financial piece of this puzzle, and we are very gratified that UBS sees the value in working with us to provide the wealth management education and advice that will help our athletes make smart financial decisions,” said Myriam Glez, the founder of Athletes Soul and a former Olympian, in a statement.

Additionally, Barry Porter, the managing director for wealth management at UBS, has been named a certified consultant within the UBS Athletes and Entertainers Strategic segment.

“We are proud that Barry has received his AEC designation. The value and insight he’s provided over the years to professional athletes and entertainers, alongside his understanding of the industry, will be extremely beneficial to our clients,” said Justin Frame, UBS managing director and market head for Southern California, in a statement.

Compliance March 15, 2023

SEC Reopens Comment Period for Proposed Cybersecurity Rules

The rules from the February 2022 proposal include new recordkeeping requirements, and industry actors requested more time to review them.

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The Securities and Exchange Commission today reopened the comment period on proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure.

The rule proposals were put forward by the SEC on February 9, 2022. Under the proposals, registered investment advisers and fund companies would be required to adopt and implement written cybersecurity policies and procedures “reasonably designed to address cybersecurity risks.”

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The new rules operating under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 had an initial comment period ending April 11, 2022. RIAs, investment companies and business development companies now have 60 additional days to comment once the reopening release is published in the Federal Register, according to the SEC.

The proposed rule includes a new form requiring advisers to report “significant cybersecurity incidents” affecting the adviser, or its fund or private fund clients, to the regulator. The SEC also proposed new recordkeeping requirements. The additional time shows an acknowledgment by the SEC that interested parties need further review and preparation to provide organized comment.

Gail Bernstein, general counsel at the Investment Adviser Association, issued a statement of appreciation for the extended window, as well as another proposed rule that requires advisers be responsible for vetting third-party firms—such as cybersecurity providers.

“The IAA appreciates that the SEC has heard us on the interrelatedness of its current proposals and is reopening the comment period on its cybersecurity proposal,” she wrote. “We’re assessing the potential implications for advisers and how these proposals interact with each other and with other recently issued proposals, like outsourcing.”

The SEC also proposed enhancements to Regulation S-P, which is designed to protect the privacy of consumer financial information. The regulation requires institutions to notify individuals affected by certain data breaches that may be harmful.

“We appreciate the SEC’s recognition that an adviser’s policies and procedures should be calibrated based on its business, size, and risks,” Bernstein wrote. “Preliminarily, we expect to have questions around the scope of how customer information is defined in the proposal, the duplicative and potentially inconsistent obligations imposed on advisers by the proposal in relation to other similar proposed rules, and the implications of proposed timeframes.”

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