New Program Helps Advisers Manage 401(k) Assets of Individual Clients

The program, Savings Plan Management, is designed for advisers who work with individual clients with an asset base tied up in the 401(k) plan, but can also be used by advisers who sell and service 401(k) plans and want to add a managed account offering, said John Blamphine, COO at Retirement Management Systems, in a release.  The firm said the program helps advisers manage 401(k) and other defined contribution assets and gives advisers access to the portfolio construction of their clients’ retirement plan assets.

Through a secure Web site, advisers can monitor their clients’ accounts, communicate with the Retirement Management Systems’ back office, and open new Savings Plan Management accounts. The system mirrors those of the plan’s recordkeeper, giving the adviser a portal for all of their clients’ account information, according to the firm.

The firm said its service is well-timed to coincide with the Department of Labor’s (DoL) proposed investment advice regulations (see “DoL Proposes Revamped Investment Advice Rule”). “The revisions call for level-fee arrangements in order to avoid conflicted advice,” Blamphin said. “This service fosters non-conflicted advice on several fronts.”