Folio Institutional, a division of online brokerage FOLIOfn Investments Inc., is furthering its foothold in the retirement planning space with the recent launch of Folio(k)–a 401(k) platform using target-date folios of exchange-traded funds (ETFs).
Folio Institutional, based in McLean, Virginia, has teamed up with Alliance Benefit Group Carolinas, a retirement plan recordkeeping and administration firm, to launch the Web-based Folio(k) platform. Participant enrollment, statements, investment requests, and employer reports are all delivered via the Internet.
Folio(k) is a turnkey 401(k) solution–including custody, trading, recordkeeping, and administration–and is available to advisors for a fee of 95 basis points.
“The retirement services space generally has been one of the fastest growing areas of our business,” says Greg Vigrass, president and CEO of Folio Institutional. “We’ve seen huge growth in advisors taking a fresh look at the [ETF] space, [and an] increase in the use of ETFs as the investment vehicle of choice, whether as an individual selection or building blocks of portfolios that advisors are using.”