Feb 15, 2017
Newport Group solutions offer better options for the client and its advisor.
Adequate service, limited options. This was the challenge faced by a well-established bio-technology firm and its advisor. The service the firm received from its record keeper—a local provider—was adequate. But it had little capacity to offer advisor managed models; limited sponsor and plan participant tools; and did not provide the advisor the opportunity to outsource his back-office work.
In partnership with the advisor, Newport Group took over the plan and met all of the requirements for both the advisor and client. Our solution included:
- Custom target-date and risk-based model portfolios, managed by the advisor
- A full suite of sponsor reporting tools
- An easy-to-use participant website with insightful information and tools for participants
The client selected Newport Group over two other national providers who did not meet the advisor’s needs for back-office outsourcing. In addition, the client now has a service provider that can not only meet its current needs, but can support the plan for years to come.
- Client: Bio-Tech Company
- Plan Type: 401(k)
- Plan Assets: $12.1 million
- Plan Participants: 56
- Flow: $700,000
How We Helped the Client
- Deeper bench/resources
- Reasonable pricing
- Enhanced reporting tools
- Powerful participant website
How We Helped Our Advisor Partner
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- Provided back-office support
- Custom target-date and risk-based model portfolios managed by the advisor were included in fund lineup
The information contained herein is for informational purposes only and does not constitute financial, legal or tax advice.