Compliance June 27, 2024

SPARK To Host Workshops On SECURE 2.0 Implementation

SPARK Institute and Vangaurd will host the workshops to focus on collaboration between retirement plan recordkeepers and payroll providers on SECURE 2.0 mandates and provisions.

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The Society of Professional Asset Managers and Recordkeepers Institute announced that Vanguard will host on July 16 a workshop  focused on how providers to retirement plans can work together to implement critical provisions introduced in the SECURE 2.0 Act of 2022.

The goal of the workshop is to foster “collaboration between retirement plan recordkeepers and payroll providers,” with special emphasis on the Roth catch-up and super catch-up contributions, according to SPARK.

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The workshop will bring together industry leaders and experts to address the key changes that SECURE 2.0 mandates for retirement plans. Attendees will be able to share insights into the implications of these changes and learn about the necessary steps to ensure seamless integration and compliance.

The workshop will be held at Vanguard’s headquarters in Malvern, Pennsylvania.

The following key topics will be discussed:

  • Roth catch-up contributions: Understanding the new requirements for catch-up contributions and their tax implications for participants.
  • Super catch-up contributions: Exploring the opportunities for participants over 60 to maximize their retirement savings through enhanced catch-up contributions.
  • Integration and compliance: Strategies for effective collaboration between recordkeepers and payroll providers to implement these changes efficiently and accurately.
  • Operational challenges and solutions: Identifying and addressing potential operational hurdles in the wake of SECURE 2.0’s new mandates.

“We are thrilled to partner with Vanguard, a SPARK member, to host this important workshop,” said Tim Rouse, executive director of the SPARK Institute, in a press release. “As the retirement landscape evolves, it is crucial for industry stakeholders to come together and ensure that these significant changes are implemented smoothly. This workshop will provide a platform to include all stakeholders and make the implementation process as efficient as possible.”

The workshop is an opportunity for professionals in the retirement planning and payroll sector to stay ahead of regulatory changes and ensure their systems and processes are up-to-date and compliant, according to SPARK. It comes at a time when recordkeepers are juggling competing priorities from the new law and other efforts to support retirement income, personalization and financial wellness programs on their firms’ platforms.

Products & Services June 27, 2024

Product & Service Launches – 6/27/24

John Hancock launches multi asset credit fund with Manulife; Morgan Stanley Wealth adds suite of generative AI tools; Avantis offers a new small cap equity fund; and more.

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John Hancock Launches Multi Asset Credit Fund with Manulife

John Hancock Investment Management announced it has launched the John Hancock Multi Asset Credit Fund with its affiliated investment manager Manulife, a London-based multi-sector alternative credit specialist.

The fund will invest in multi-asset credit strategies and fixed-income asset classes, including sub-investment-grade assets with potentially less risk and volatility of high-yield assets, such as loans and high-yield bonds, asset-backed securities, regulatory capital and convertible bonds. Risk management, through diversification and minimizing the risk of default is an integral part of the investment process, according to John Hancock.

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“We’re thrilled to showcase the investment expertise at Manulife | CQS Investment Management across the credit space,” said Kristie Feinberg, head of U.S. and Europe, Manulife Investment Management, and president and CEO of John Hancock Investment Management. “By leveraging our expanded capabilities with the addition of the CQS team, we bring a semi-liquid alternative fund to advisors in an asset class that has seen recent growth in demand and may help their clients achieve their financial goals.”

Morgan Stanley Wealth Management Adds to Suite of Generative AI Tools

Morgan Stanley Wealth Management announced a new AI @ Morgan Stanley tool—an OpenAI-powered product that, with client consent, generates notes on a financial adviser’s behalf in client meetings and surfaces action items.

After a meeting, the artificial intellignce summarizes key points, creates an email for an adviser to edit and send at their discretion and saves a note into Salesforce.

The new tool, AI @ Morgan Stanley Debrief, comes after Morgan Stanley announced its relationship with OpenAI as its wealth management strategic partner in March 2023 and fully rolled out the AI @ Morgan Stanley Assistance in September 2023—a generative AI-powered chatbot offering financial advisers quick access to all of Morgan Stanley’s intellectual capital.

To date, 98% of adviser teams have adopted the assistant, according to the firm.

Avantis Offers U.S. Small Cap Equity Fund

Avantis Investors is expanding its investment capabilities with the launch of a new mutual fund, Avantis U.S. Small Cap Equity Fund (AVSCX).

The fund invests primarily in a diverse group of U.S. small-cap companies across market sectors and industry groups. The fund seeks securities of companies that it expects to have higher returns by placing an emphasis on securities of companies with smaller marker capitalizations and securities of companies with higher profitability and value characteristics. It has an expense ratio of 0.25%.

The fund will be co-managed by chief investment officer Eduardo Repetto, senior portfolio managers Mitchell Firestein, Daniel Ong, CFA and Ted Randall and portfolio manager Matthew Dubin. The U.S. Small Cap Equity Fund  joins Avantis’ lineup of ETFs and mutual funds spanning equities, fixed income and real estate.

MyVest, Income Discovery Launch Retirement Income Solutions

MyVest, a provider of enterprise wealth management technology, has partnered with Income Discovery, a retirement income platform, to enable personalized, “tax-smart” withdrawals for retirement income with the goal of building a more effective bridge between retirement planning and education.

The integrated solution provides advisers with a view into retiree household finances and tax-optimized planning features to explore systematic withdrawal recommendations, according to the firms. It also offers the ability to execute those withdrawals through tax-efficient trade order generation, in bulk across the client base, if necessary, all through an integrated experience.

A bi-directional data connection allows advisers to monitor and manage client retirement plans, ensuring they remain on track and adaptable to changing circumstances.

“MyVest is delighted to embark on this journey with Income Discovery, marking the first step in a roadmap designed to move retirement income from planning to action,” said Anton Honikman, CEO of MyVest, in a press release. “By leveraging our complementary strengths in tax-managed personalization, we are bringing retirement income to life and providing firms with the opportunity to differentiate their practices.”

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