Products July 8, 2014

ANB Teams Up to Offer Retirement Solution

American National Bank of Texas (ANB) has teamed up with several firms to offer a retirement plan services solution known as the Select Open Architecture Retirement (SOAR) program.
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ANB, a provider of fiduciary and trust services, has partnered with United Retirement Plan Consultants, Aspire Financial Services, IRON Financial, RJ20 and Financial Wellness4Life, with the aim of providing fiduciary protection for plan sponsors and enhanced retirement outcomes for their participants via the SOAR program. The program acts as a simple turnkey platform with low fees, according to ANB. 

“The program is designed to make it easier for plan sponsors to outsource the fiduciary duties they are permitted to by law and help participants to save enough for a dignified retirement,” Jeff Atwell, senior vice president at ANB, tells PLANADVISER.

Atwell, who is based in Fort Worth, Texas, says under the SOAR program, ANB acts as the ERISA 3(16) named fiduciary, as well as the 402(a) named fiduciary and the 403(a) named discretionary trustee. United Retirement Plan Consultants serves as the third-party administrator for SOAR, handling administration and compliance services, while Aspire Financial Services acts as the recordkeeper.

Other SOAR services, such as advice and education, will be handled by IRON Financial, RJ20 and Financial Wellness4Life.

According to Atwell, SOAR can also be customized to meet specific service needs of plan sponsors and participants.

The program is geared to retirement plans with at least $1 million in plan assets, says Atwell.

More information about the SOAR program is available at 855-439-6709 or SalesSupport@UnitedRetirement.com.

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