AssetMark, which provides investment, relationship and practice management for financial advisory firms, has launched a new product for advisors working with retirement plans whose assets total $25 million or less.
AssetMark Retirement Services combines recordkeeping, administration and asset management in one offering and includes lower-priced institutional-quality mutual funds and portfolio models that many smaller plans don’t have access to, according to AssetMark.
The product is built on the chassis of Aris Corp. of America, a retirement plan and asset accounting provider that AssetMark acquired in early 2015, adding scale, updated technology and a more robust and price-competitive investment lineup, says Cathy Clauson, senior vice president of Retirement Solutions at AssetMark.
“With our new retirement offer, advisors will be able to expand their offering and drive business growth by building out an institutional quality retirement practice,” says Clauson.
AssetMark fees start at 30 basis points for fiduciary management, plus flat recordkeeping and administration fees, based in part on the number of participants. Advisors then add their own fee, usually based on assets.
Investment choices include active and passive funds, both index funds and target date funds, and portfolios available based on risk tolerance — conservative, moderate and aggressive. The lineup includes funds American Funds, BlackRock, Fidelity, Hartford, MFS and SelectOne, whose portfolios are comprised of funds from multiple investment management firms.
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