Mesirow Financial Launches Level Compensation Platform

<p><span>The firm will provide 3(21) and 3(28) services through a tech-focused solution.</span></p><p><span></span></p>
Reported by Javier Simon

Recordkeepers and broker/dealers seeking access to level-compensation solutions for retirement plans will have access to Mesirow Financial Investment Management (MFIM)’s 3(21) and 3(28) Fiduciary Partnership services through the Mid Atlantic Trust Company (MATC)’s FiduciaryXChange platform.

Broker/dealers and advisers also will receive compliance and reporting deliverables including the status of fiduciary coverage for all retirement plans in a book of business.

“Our Fiduciary Partnership services in conjunction with MATC’s level-compensation solution and technology infrastructure allow multiple industry stakeholders the ability to seamlessly offer either 3(21) or 3(38) services without an extensive technology build out,” says Senior Managing Director Michael Annin. “We continue to see an increased demand for scalable fiduciary solutions that are both flexible, and offer compliance features not always found in other services.”

MFIM plans to roll out these services later this month, as the Department of Labor (DOL)’s Fiduciary Rule undergoes final implementation. The rule in general raises the fiduciary standard for virtually anyone involved with investment advice surrounding a retirement plan under the Employee Retirement Income Security Act (ERISA), and it places a great degree of scrutiny on fees and revenue sharing.

In response, several firms in the last year have rolled out various solutions to help advisers comply with the Fiduciary Rule. Recently, firms like RiXtrema and dailyVest have launched tools to monitor plans for fiduciary risk. Servicers like Redhawk and Voya are also focusing on fiduciary compliance services for the individual retirement account (IRA) market. 

Tags
401k, 403b, Broker/Dealer, Compensation, Consultants, Defined contribution, DoL, ERISA, Fee disclosure, Fiduciary, Fiduciary adviser, IRA, Legislation,
Reprints
To place your order, please e-mail Industry Intel.