Plantools and Envestnet Announce Alliance to Support Integrated Reporting Services for 401k Advisors and Service Platforms
Strategic Relationship to be Introduced at Center for Due Diligence Retirement Advisor Conference in Chicago October 3–7
EMERYVILLE, CA, September 29, 2005 -- The McHenry Group, LLC and Envestnet Asset Management announced today that the firms have entered a strategic partnership to help retirement plan advisors and consultants to provide fiduciary services to defined contribution retirement plans. The alliance will benefit advisors and institutions that manage over $20 billion of assets through Envestnet.
Developed and offered by McHenry subsidiary PlanTools, LLC, the PlanToolsTM Risk Management System helps retirement plan sponsors conform to recognized prudent fiduciary practices in managing defined contribution plans. PlanToolsTM will partner with Envestnet to integrate tools that provide plan sponsors and their advisors with access to fiduciary oversight reports that support professionally managed Multi Manager Accounts created by Envestnet's investment professionals.
The solution will be made available to advisors using ENVEST(k), a unique, turnkey solution for qualified plans that delivers the benefits of separate account investing to retirement plan participants irrespective of their individual account sizes. The asset-allocated, managed portfolios utilize Envestnet's Multi Manager Account (MMA) portfolios in addition to actively managed mutual fund and ETF portfolios. ENVEST(k) is aimed at any defined benefit or defined contributions plans, such as 401k or 403(b).
Both McHenry and Envestnet will be represented at The Center for Due Diligence 3rd Annual Retirement Advisor Conference.
Viggy Mokkarala, director of Envestnet's retirement line of business, will participate in a panel session at the conference, while McHenry's founder, Ward Harris and research director, Rhonda Evans, PhD. will present, moderate or participate in conference sessions covering fiduciary reporting, behavioral finance, analytic software and managed accounts in 401k plans.
The three-day CFDD event will kick off at 6pm on October 3rd at The Fairmont Hotel, Chicago. Over 700 retirement advisors and service providers will attend the conference which is acknowledged as the leading industry event for retirement specialists. Information about the conference may be found at www.401kduediligence.com.
Hosted by The McHenry Group and the PlanToolsTM Risk Management System, kick-off gala co-hosts will include Security Benefit Group and Decimal, Inc., parent of The Online 401k. In recognition of the new alliance, Envestnet will join McHenry as a co-host of the party and senior management representatives will attend the event.
The party starts at 6pm in the Moulin Rouge Ballroom of The Fairmont Hotel. Food, beverages and entertainment will be provided throughout the evening, lasting until 9pm. Reservations are required to ensure that all guests can be accommodated. Conference attendees may email or call Kris Klein at kris.klein@mchenrygroup.com or 1-800-638-8121, extension 124.
The PlanToolsTM service platform was created to help advisors and institutions support their retirement plan clients with solutions that help manage compliance, brand & relationship risks for service providers
Plan sponsors benefit from systems that that support the four cornerstones of a sound investment compliance program which can be termed the "Four Ps":
- POLICIES -- Written investment policy statement (IPS) with fund selection and retention standards.
- PROCESSES -- Decision system for analyzing and selecting plan investment managers.
- PROCEDURES -- Integrated quarterly reporting for oversight of on-going plan investment performance that is based upon the standards laid down in the IPS.
- PRACTICES -- Remediation methods for management of funds whose performance represent exceptions to the stated objectives of the plan.
This combined solution helps answer some key questions plan sponsors should ask and answer on a regular basis:
- "What do we know?" – What have our funds done this quarter and over time?
- "How are we doing?" – Did they meet or exceed our minimum requirements?
- "What should we do?" – Should we replace a fund that has not performed over time?
- "When should we take that action?" – How much time do we give the manager before action?
For an article on fiduciary practices from the Journal of The American Society of Pension Professionals & Actuaries (ASPPA), visit www.envestnet.com/public/press_center .
About Envestnet Asset Management
With over $20 billion in assets under management and administration for more than 100,000 investor accounts, Envestnet Asset Management is the largest independent investment platform for fee-based advisors. The company delivers separately managed accounts, multi-manager accounts, mutual funds, ETFs, stock baskets, and alternative investments as well as other fee-based investment solutions to independent financial advisors through a unified Web-based platform. Envestnet's investment offerings are supported by a proprietary technology platform that delivers customized Web sites and comprehensive reporting capabilities to investment advisory firms across the country. Envestnet Asset Management is headquartered in Chicago with offices in Denver, Los Angeles, Sunnyvale, CA and New York. For more information, please visit www.envestnet.com
About the McHenry Group
The McHenry Group, LLC provides comprehensive business consulting and advisory services with a simple mission – to help clients manage risk and return – while satisfying regulatory, legal and business requirements for compliance oversight of investment operations. McHenry's clients include banks, mutual funds, insurance companies, broker dealers and retirement service providers. PlanTools, LLC is a wholly owned subsidiary that provides technology-based investment reporting or advisory services. For more information, visit www.mchenrygroup.com
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