CFDD Launches In-Plan Participant Advice Research Project
CHICAGO, IL, November 1, 2010 -- Consistent with the CFDD's 2011 Advisor Conference theme, Participant Advice, Retirement Income & Readiness, the Center for Due Diligence has launched a major research project focusing on retirement plan participant advice and managed account providers.
Encouraged by legislation, regulation and the need to encourage positive savings & investment behavior, plan sponsors have significantly increased the availability of investment advisory assistance to their participants. Based on positive results, conflicts and growing interest in managed accounts, the trend towards independent advisory assistance will continue.
Participant advice is an optional service and a fiduciary decision. While sponsors are seeking guidance in this area, few advisors are knowledgeable about the full array of participant advice and managed account services currently available.
To remain competitive, advisors must become fluent with a menu of participant advice solutions that have been subject to meaningful due diligence. To date, very few advisors have performed the required due diligence on these in-plan solutions.
To meet this need, the CFDD will provide objective and high quality competitive analysis. This will help advisors distinguish themselves, add value, save time and close more business.
Competitive Analysis Coverage, Categories & Format
All the major advice providers will be analyzed in the competitive analysis, including Financial Engines, GuidedChoice, Morningstar, MasteryPoint, Smart 401k, BeManaged and Ibbotson. Additional providers like CBIZ , KD Advisors, ProManage, ProNvest, Stadion and others will also be included.
The research is grouped into four well defined service categories, including Education, Guidance, Advice and Managed Accounts. According to Phil Chiricotti, CFDD President, "Given the industry's lack of standardized nomenclature and the fact that some providers have more than one offering, defining the categories and the type of service was essential."
In addition to the narrative reports, the standardized research will include scale, usage, capacity, fees, outcomes, distribution, investment & allocation methodology, sub-advisor, advice delivery, rating tools and much more. Chiricotti further notes that "A standardized and usable RFP for evaluating participant advice service providers will also be available."
Availability
The timely analysis will be exclusive to those contributing to the research, CFDD Advisor Conference attendees and research sponsorships. The analysis may also be available on a site license/user fee basis with web delivery at a later date.
The new participant advice tab on the CFDD's existing website will include secure and non-secure areas. The non-secure area will function as a clearing house for provider information, including sub-advisor information, and demographic studies.
The project is being supported by the major advice providers and top industry consultants. To facilitate the intelligence gathering, Brian C. Hubbell, Principal, Hubbell Consulting, LLC will spearhead the research effort and serve as Research Coordinator. The yearlong research effort will culminate into an extended keynote session delivered by Hubbell at the CFDD's 2011 Advisor Conference. According to Hubbell, "The industry has evolved and employee solutions and outcomes are where advisors can value and distinguish themselves today."
To participate in the research project, advice providers and consultants with meaningful participant advice experience should email CFDD@TheCFDD.com. To register for the conference and gain access to the research, go directly to: http://www.regonline.com/Register/Checkin.aspx?EventID=906710
About The CFDD
The Center for Due Diligence (CFDD) is independent information and strategic services firm serving the retirement plans industry. Formerly the premier provider of 401k program competitive analysis, the CFDD is now focused on providing unbiased resources, industry leading conferences, ERISA Advisor Evaluation services, participant advice research and internet broadcasting. The CFDD's Advisor Conference is the premier educational and networking event for the retirement plans advisory industry.
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