Commonwealth Financial Network Introduces Fee-Based 401(k) Platform

Commonwealth Financial Network has released a fee-based 401(k) platform, giving advisers access to about 12,000 funds, including no-transaction fee funds, load-waived funds, institutional funds and exchange-traded funds.

The new product, Preferred Portfolio Services Retirement Solutions (PPS), satisfies the fiduciary requirements mandated by the Pension Protection Act of 2006, and provides full fee disclosure, the company said in a press release.

The Massachusetts-based broker dealer expects that operating on a fee transparent platform will help it compete in an environment where compensation is flattened and conflicts-of-interest are reduced or eliminated, and fees paid to plan sponsors and advisers are out in the open.

“Not only does this platform allow advisors to capture additional assets under management, but with full integration into Commonwealth’s technology, including our rollover retention tools, it will strengthen and cultivate relationships with their business-owner clientele,” said Timothy Nihill, manager of retirement products and services at Commonwealth, in the release.