FeeX and Coastal Partner on Held-Away Account Solution

The firms say held-away accounts often represent a large opportunity for individuals to grow their net worth, but they have historically been challenging for advisers to support.

FeeX, a provider of financial services technology, has formed a partnership with Coastal Investment Advisors Inc., a registered investment adviser (RIA), to enable Coastal’s advisers to more effectively manage their clients’ held-away accounts.

According to the firms, held-away accounts, which often include retirement assets such as 401(k)s, 403(b)s and individual retirement accounts (IRAs), often represent a large opportunity for individuals to grow their net worth. However, the firms say, advisers can find it challenging to support these accounts, given a lack of visibility and control.

Through the partnership, FeeX helps Coastal Investment Advisors to manage these accounts without assuming custody, enabling them to manage their clients’ retirement and other held-away accounts like they would other accounts.

“We’re thrilled to be a part of CoastalOne’s offering to both their advisers and their respective clients. This partnership will help individual clients benefit from growth in their retirement accounts and across their entire portfolio,” says Dave Goldman, vice president of business development at FeeX. “Retirement plan assets represent a significant amount of most Americans’ savings, and it’s vital that advisers are able to manage them with the same level of service and insight that they provide for other assets.”

Ken Fischer, chief technology officer with CoastalOne (of which Coastal Investment Advisors is a subsidiary), says managing held-away retirement accounts “has been a constant struggle.”

“We’re looking forward to continuing our partnership’s growth, and being able to provide the best possible service to our clients,” he adds.