OneAmerica Financial Partners, an Indianapolis-based insurer and record keeper, has created a retirement plan for smaller businesses that's intended to compete against pooled and multiple-employer plan offerings known as PEPs and MEPs.
The company said that its OneConnect solution “offers many of the benefits of pooled plans, but with greater simplicity.”
Instead of involving up to four financial professional — an ERISA 3(16) fiduciary to keep the plans compliant with federal laws; a third-party trustee responsible for contribution collections; a pooled plan provider; and a separate 3(21) or 3(38) fiduciary responsible for plan investments — as is required for a PEP or MEP, OneConnect allows a plan’s adviser to act in the 3(21) or 3(38) capacity, while OneAmerica functions in the 3(16) role.
And while PEPs are permissible only for 401(k) plans, OneConnect can be used by all types of ERISA plans, including 403(b) and 457 plans, OneAmerica said.
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
