Commonwealth Releases Proprietary Fee-Based Retirement Plan
WALTHAM, MA, December 19, 2006 -- Commonwealth Financial Network® announces the release of a new proprietary fee-based 401k platform. Preferred Portfolio Services® Retirement Solutions (PPS Retirement Solutions) will allow Commonwealth's representatives to capture and retain a greater share of the continually growing fee-based retirement market, as well as to fulfill their fiduciary responsibilities as mandated by the Pension Protection Act of 2006.
With PPS Retirement Solutions, Commonwealth investment adviser representatives can now offer their corporate clients a highly competitive retirement plan that provides full transparency and disclosure—all within the context of a fee-based investment advisory relationship. It's an open-architecture 401k plan that can play a key role in a financial professional's strategy for increasing his or her assets under management.
"Not only does this platform allow advisors to capture additional assets under management, but with full integration into Commonwealth's technology, including our rollover retention tools, it will strengthen and cultivate relationships with their business-owner clientele," said Timothy Nihill, manager of retirement products and services at Commonwealth.
Financial professionals can choose from among 12,000 funds—including NTF and load-waived funds, institutional class funds, and ETFs—and recommend the most appropriate investments for their clients and their employees.
Given the U.S. Department of Labor's increased scrutiny of fees, as well as heightened awareness brought by the Pension Protection Act of 2006, financial consultants need a way to operate effectively with clients, while, at the same time, fulfilling their fiduciary responsibilities through plan sponsor and process.
PPS Retirement Solutions allows Commonwealth investment adviser representatives to compete for business within these guidelines—one where compensation is flattened, conflicts of interest are significantly reduced or eliminated, and all fees paid by the plan to the plan sponsor and fiduciaries are fully disclosed.
"This platform will enhance our advisor's ability to stabilize and grow their practice during the much-anticipated de-accumulation market over the next 5 to 20 years, while acting in a true fiduciary role," said Mr. Nihill.
About Commonwealth Financial
Founded in 1979, Commonwealth Financial Network, an NASD registered broker-dealer and SEC registered investment adviser, is the nation's second-largest, privately owned independent broker/dealer, with offices in Waltham, Massachusetts, and San Diego, California. The firm supports more than 1,000 independent registered representatives nationwide and makes available a comprehensive array of financial products and services.
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