PLANSPONSOR - August/September 2018 - 46

Select Recordkeeping Relationships
MANAGED ACCOUNT ADVISERS
Sub-Advised Solutions
Gain Ground
W
PROVIDER NAME
ADP Retirement Services
Alight Solutions
American Funds
Ascensus
AXA Equitable Life Insurance Company
Bank of America Merrill Lynch
Charles Schwab
Conduent HR Services, LLC
Empower Retirement
Fidelity Investments
ICMA-RC
John Hancock Retirement Plan Services
Lincoln Financial Group
MassMutual
MetLife Resources
Milliman, Inc.
Nationwide
Newport Group
Northwest Plan Services, Inc.
OneAmerica
Paychex, Inc.
Principal Financial Group
Prudential Retirement
TIAA
Transamerica
T. Rowe Price
VALIC
The Vanguard Group, Inc.
Voya Financial
Wells Fargo
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✤ = Sub-advised offerings/relationship; 3 = Direct/Outsourced solution available; ✳ = Available this December
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hile managed accounts have historically
been positioned as independent
of the plan administrator, a more
recent trend has seen many large recordkeepers-including
eight of the top 10,
as measured by total recordkept assets-
develop proprietary managed accounts
that are sub-advised by one of the industry's
established and recognizable investment
advisory firms.
Such relationships seek to simplify
the experience, for both sponsors and
participants, by creating a single source
for the accounts, integrating administrative
systems, web portals and tools, and
communications and education materials.
Sub-advised products may also enable
administrative efficiencies, reducing the
number of contracts and vendors, and
pricing flexibility-e.g., Bank of America
Merrill Lynch offers Advice Access to
participants at no cost.
Still, they often lack portability.
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Conversely, outsourced managed account
providers often maintain connections
with multiple recordkeepers, which can
simplify conversions. Regardless, whether
the accounts are sub-advised or not, they
stand to offer plan sponsors and participants
many benefits. -Brian O'Keefe
Select Sub-Advised Services
✤ Bank of America Merrill Lynch
Advice Access
ASSETS: $13.6b; PARTICIPANTS: 262,402
✤ Empower Retirement
Empower Retirement Advisory Services
ASSETS: $28.7b; PARTICIPANTS: 561,673
✤ Transamerica Retirement Solutions, LLC
Managed Advice®
ASSETS: $1.6b; PARTICIPANTS: 35,000
✤ VALIC
Guided Portfolio Services (GPS)
Assets: $13.2b; PARTICIPANTS: 254,893
✤ Voya Financial
Voya Retirement Advisors - Professional Management
ASSETS: $16.4b; PARTICIPANTS: 137,014
✤ Wells Fargo, Inc.
Target My Retirement
ASSETS: $1.9b; PARTICIPANTS: 60,000
46 PLANSPONSOR.com August-September 2018
Fidelity Investments
Financial Engines
GuidedChoice
Morningstar Investment
Management LLC
Russell Investments
Other Providers
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