BNY Mellon Investment Management has created a new platform designed to open up target-date fund planning to more advisors.

The Custom Target Date Builder lets advisors access planning tools and research previously available only to large fund providers, BNY Mellon said.

The new platform gives advisors the ability “to design and build turnkey custom target date solutions and access institutional quality research and glide path management expertise that were previously only available to the largest, multibillion-dollar plans,” BNY Mellon said. The platform was built in conjunction with Wilshire Associates, a global financial services firm.

Advisors will be able to provide retirement plan sponsors and plan participants with customization, scalability and open architecture target date solutions, BNY Mellon said. It will also “democratize the solutions available for plan sponsors and combine active and passive management in low-cost mutual funds and collective investment trusts,” the firm said. It includes 18 asset classes.

The platform was designed to help limit fiduciary risk for advisors; scale the custom target date portion of their book; work with funds beyond their recordkeeper lineup, and provide preferred funds that pass Wilshire’s screens, the company said. The platform also reduces liability for plan sponsors; diminishes investment manager and longevity risk for participants, and provides competitive pricing, BNY Mellon said.

“The BNY Mellon Investment Management Custom Target Date Builder platform is a game-changer for advisors and builds on BNY Mellon Investment Management’s efforts to evolve our business,” said Andy Provencher, head of North America distribution for BNY Mellon Investment Management.