The new product is an open-architecture, net asset value (NAV) mutual fund service including more than 5,500 funds from 95 different brand-name investment fund families, according to the release. The product is sold only through financial intermediaries and allows advisers to access large plan service and administration for their smaller plan clients.
Features of the new product include:
- full revenue and fee disclosure for financial advisers and plan sponsors;
- ERISA consulting services;
- a sales team and administration group focused on the market segment;
- relationship management support for financial advisers and plan sponsors;
- an investment policy statement for each plan;
- plan-specific communications materials such as enrollment kits and on-demand participant reports for sponsors and participants;
- access to a service from New York Life Retirement Plan Services, a unit of New York Life Investment Management LLC, in which Morningstar Associates, LLC will act as a fiduciary for plan sponsors that accept Morningstar’s recommendations regarding its investment selection and monitoring of plan investments.
Micro-market plans under $5 million in assets will continue to be offered solely through New York Life agents, the company said.
Financial advisers interested in considering this product for their clients should call 1.866.394.3214.