The retirement plan solution supports full 3(21) fiduciary protection and provides access to a core fund lineup of risk-based asset allocation models.
“Lincoln Trust’s open model allows our advisers to provide competitive 401(k) plan designs via access to over 24,000 mutual funds,” says Eileen Canady, vice president of strategic development and marketing at JHS Capital Advisors.
Canady says another attractive feature of the Model(k) solution is that it doesn’t impose product requirements on advisers, and it strives to have transparent fees. Tom Gonnella, executive vice president of Lincoln Trust, says his firm is excited about the strategic relationship with JHS.
“With fiduciary protection and full transparency, our partnership will allow JHS advisers to offer a unique platform for participants seeking an alternative yet strategic retirement option to a traditional 401(k),” Gonella says.
In addition to full 3(21) fiduciary protection, Model(k) provides professional fund management, compliance assistance and fee disclosure coverage. Gonella says this is attractive for an adviser’s business, as it will allow staff to focus on managing client relationships, knowing the plan is professionally managed.
Advisers also benefit from other automated support features, the firm says. These include:
- Investment policy statements;
- Plan design assistance;
- Year-end reporting preparation;
- A participant call center;
- Mid-year or projected nondiscrimination testing;
- Sponsor, adviser and participant websites; and
- Quarterly investment option reporting.
Lincoln says the Model(k) solution will combat the high costs and opaque fee structure sometimes associated with packaged solution products by incorporating such features as personalized expense ratio reports.
Another feature, the online LincolnTrust Personalized Expense Ratio Calculator, walks investors through a five-step process to calculate and benchmark the real cost of their 401(k) plan.