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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.
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