Fidelity Institutional is expanding its managed account offering for workplace retirement accounts to retirement advisors and recordkeepers to help them scale and grow their retirement business.
In a press release announcing the expanded offering of Fidelity Portfolio Advisory Service at Work (PAS-W), Fidelity said the move reflects the increasing popularity of managed accounts among plan sponsors, plan participants and the advisors who serve them, which in turn, reflects increased focus on fiduciary responsibility, financial wellness and retirement readiness.
“An increasing number of employers and employees are recognizing that a managed account is a great option for people who may not have the experience or confidence to manage their own retirement savings, especially during time of market uncertainty,” said Sangeeta Moorjani, head of Fidelity’s Workplace Management Accounts business, in a statement.
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At the same time an increasing number of advisory firms are moving from just accommodating retirement plan requests to growing their retirement plan business, which “increases the need for solutions to manage that growth with efficiently and scalability,” according to Fidelity.