Millennium Trust partnered with Morningstar Investment Management on a mutual fund lineup that’s being made available to customers of Millennium’s recently announced Workplace Savings Solutions suite of retirement savings options for small businesses.
The funds were selected to “provide investors with appropriate choices for long-term investment strategies,” Millennium Trust said. Its Workplace Savings Solutions was recently launched to give small businesses access to retirement savings options beyond a 401(k), the company said.
With Workplace Savings Solutions, employers can choose from various IRA-based alternatives, with just a one-time $250 start-up fee and “no other hard costs or ongoing fees” for the employer, according to Millennium Trust. If the employer selects Simplified Employee Pension or Savings Incentive Match Plan for Employees plans, there are funding and/or matching requirements depending on the plan options that the employers select, Kevin Boyles, Millennium Trust vice president of Business Development and Workplace Savings, said.
Employees get access to a tax-advantaged savings vehicle via a user-friendly online portal that costs $40 annually plus a 50-basis-point custodial fee and net expense ratios depending on the funds selected, according to Boyles. Once a business chooses a plan, the companies and their participating employees can self-direct contributions among the 28 selected funds to construct a diversified portfolio, Millennium Trust said.
TD Ameritrade Enhances 529 College Savings Plan With ESG
The TD Ameritrade 529 College Savings Plan will be enhanced with an environmental, social and governance offering starting Nov.18, the company said.
One of four 529 plans offered by the Nebraska Educational Savings Plan Trust and administered by the Nebraska State Treasurer, the competitively priced plan will offer what TD Ameritrade called “socially aware portfolios,” along with its core traditional investing options, it said.
“While some other 529 plans offer single ESG funds inside of investment options, the TD Ameritrade 529 College Savings Plan offers a range of diversified ESG portfolios through both age-based and static investment options,” Dara Luber, senior manager of retirement at TD Ameritrade, told ThinkAdvisor.
The redesigned plan will “leverage expertise” from portfolio consultant TD Ameritrade Investment Management (TDAIM) for age-based and static investment options and will be offered via direct-to-consumer and RIA TD Ameritrade channels. “All funds will be nonproprietary with no annual maintenance fees and no account minimums,” the company said, adding that age-based and static investment options will now all be passive investments.
Morgan Stanley Introduces Jewish Values Tool Kit
Morgan Stanley Wealth Management launched a Jewish Values Tool Kit it said was “designed to facilitate meaningful conversations about the wellspring of values shared” among families, boards and the financial advisors and institutional consultants who serve them.
The Jewish Values Tool Kit is a collaboration between Morgan Stanley’s Investing with Impact and Philanthropy Management groups. It will enable Morgan Stanley’s financial advisors to “guide their clients in creating investment and strategic grant making portfolios that are consistent with their long-term financial goals and reflect a personalized vision of aligning with their Jewish values,” the company explained.