Record keepers making changes for the long haul
Record keepers making changes for the long haul
Get big. Get cheaper. Get the technology up to date.
Those 10 little words pretty much sum up the marching orders for record keepers under unrelenting fee pressure from plan sponsor clients, which also are demanding robust cybersecurity protections and new services to bolster participant engagement. Those aren t unreasonable asks but it s not an easy circle to square.
In the past few years, we ve seen record keepers responding in several ways to accomplish those goals.
Mergers continue apace as firms race to gain scale and add services. Empower Retirement s acquisition of MassMutual s record-keeping business, completed earlier this year, solidified its No. 2 spot in
Consultants target foothold in fast-growing retail market
Updated with correction
Traditional and alternative investment consulting firms increasingly are diversifying their predominantly institutional client bases to tap even further into the faster-growing retail marketplace.
Industry observers said a cadre of consultants are seeking to offer their standard services including portfolio construction, asset allocation, manager selection, due diligence and outcome-oriented strategies managed with and without discretion to financial intermediaries including wealth managers, retail investment advisers, family offices, broker-dealers and money managers.
Among the investment consultants working with financial intermediaries to various degrees and/or have launched their own retail funds include Cliffwater LLC; Mercer; Russell Investments; StepStone Group Inc.; and Wilshire Advisors LLC.
More firms feeling the draw of retail market opportunities
Photo: Loreen Kelley
Brendan J. Powers sees managers as being hurt by both waning DB assets and retiring baby boomers moving their DC assets.
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Institutionally oriented money managers are dipping their toes in the retail investment market in response to declining defined benefit plan assets as corporations wind down their plans and baby boomers take their defined contribution plan assets with them when they retire.
Alternative investment managers are leading the way when it comes to new investment funds specifically for retail investors, sources said, but traditional managers, even those that have catered to retail investors for years, are trying new ways to attract investors to diversify their client base.
The Globe and Mail Danny Bradbury Published January 8, 2021
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Advisors who embrace financial technology tend to be more successful in attracting clients and their assets, but an abundance of choice is making it difficult for others to incorporate these new tools into their practices, according to a recent report from Cerulli Associates Inc.
The Boston-based research and consulting firm analyzed how advisors leverage technology and determined them to be light, medium, or heavy adopters based on their use of these tools across various categories and how often they upgrade their products.
Although only 36 per cent of advisors were considered to be heavy adopters, they control 46 per cent of total advisor-managed assets, while the 64 per cent of advisors who were light or medium adopters of technology manage 54 per cent of client assets. On average, heavy adopters of technology manage US$239-million in client assets whereas light adopters ma
DNA Behavior Announces Integration with Schwab Advisor Center
Integration connects Financial DNA to Schwab Advisor Center, enabling mutual advisor-clients to access to Schwab Advisor Center directly from DNA platform
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ATLANTA, Dec. 10, 2020 /PRNewswire/
DNA Behavior International, the behavioral science tech company that enables financial services organizations to access validated behavioral insights via its all-in-one cloud-based platform, announces a new integration with Schwab Advisor Services™ allowing mutual independent advisor clients to access the Schwab Advisor Center™ directly from the Financial DNA platform.
Hugh Massie - DNA Behavior International Schwab understands the value of behavioral finances research, and we see them as a leading custodial partner in this emerging space, says Hugh Massie, Chairman & CEO of DNA Behavior. We are excited to complete this integration as it will help advisors access practical, easy