The nation’s largest retirement program — the federal government’s Thrift Savings Plan — will begin offering ESG funds in the summer of 2022 through a new mutual fund “window” similar to a brokerage option.
As reported by Barron’s, the fund program will be run by Alight, a Lincolnshire, Ill.-based administrator, which will work with Accenture Federal Services, the plan’s record-keeper.
The plan currently offers ten target-date funds and five individual funds managed by BlackRock and State Street Global Advisors. The new window will include more than 5,000 funds.
The TSP has about $760 billion in assets and covers about 6.3 million federal employees and service members.
According to the Plan Sponsor Council of America, just 2.9% of plans that it surveys annually offer an ESG or socially responsible fund option, and only about 0.1% of total plan assets are in those funds.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
