AssetMark Launches Small Retirement Plan Platform
AssetMark has launched a new small retirement plan solution for financial advisors. The company’s new business initiative is designed to help advisors bring the sophistication and customization of larger corporate retirement plans to smaller businesses.
“Advisors are always looking for ways to differentiate themselves, especially in today’s competitive market,” said Cathy Clauson, senior vice president of retirement solutions at AssetMark, in a press release. “With our new retirement offer, advisors will be able to expand their offering and drive business growth by building out an institutional-quality retirement practice.”
Unlike most small plan offerings, AssetMark will bundle record-keeping and plan administration with its platforms, allowing advisors and sponsors to create a workplace retirement plan offering with a single point of contact and negotiation, according to the company.
The new business line will allow small plans to access AssetMark’s curated lineup of institutional mutual funds and model portfolios, the company says. Smaller advisors and those who have not tested the defined contribution plan waters may also use AssetMark’s new offerings to take the plunge, said Natalie Wolfsen, AssetMark executive vice president and chief commercialization officer, in a statement.
“Our goal is to help advisors expand their service offering so that they can consult on their clients’ business and personal financial needs and become indispensable partners,” said Wolfsen.
By offering a solution for smaller plans, AssetMark hopes to create synergies to help advisors expand their business and bring more assets onto AssetMark’s $39 billion investing platform.
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