Commonwealth Financial Network has launched what it calls the industry's first fully independent, fee-based retirement plan consulting platform.
The company says its Retirement Plan Consulting program is "vendor agnostic," meaning it has no exclusive relationships with any of the vendors offering services through the platform.
The program provides consulting services to advisors who provide both plan sponsor and participant-level advice. To be eligible for the program, advisors must hold either the Accredited Investment Fiduciary (AIF) or Chartered Retirement Plans Specialist (CRPS) designations.
"We've built a conflict-free, unbiased approach that is truly aligned with fiduciary standards and provides full transparency of fee disclosure," said Amy Glynn, Commonwealth's director of retirement consulting services.
Commonwealth currently conducts due diligence on 34 intermediary consultants for the program, but advisors can work with any provider of their choice.
The consulting services offered through the program include fiduciary management and oversight, investment policy statement support and portfolio construction and maintenance.
"The goal is to improve the overall plan value for the participants-not in terms of monetary value, but in how effectively the plan helps participants achieve their retirement goals," Glynn said.