Securian Financial Group, through an updated data feed, will be providing information on over 6500 investments for both their 3 (21) Signature Series, as well as their entire Open Architecture Universe.
The existing hypothetical GRPAs under Securian (Minnesota Life) are in the process of being removed from the Fi360 Toolkit by Securian. You should switch any clients who reference the hypothetical Securian GRPA investments to the new Securian investments.
These hypothetical share classes were originally created by Securian to represent a spectrum of possible administration costs. However due to the individualized nature of the costs and their impact purely on the administration of the plan, they were not an accurate representation of the funds for due diligence purposes. Securian rebates revenue sharing daily and offers only one share class for each fund. The net result being the lowest net expense once revenue sharing is rebated.
Since these are new investments to the database, Fi360 will being scoring them for the first time with 1/31/2016 data. No prior Fi360 Fiduciary Scores will be available and therefore no average Scores will be calculated until 1 year of Score history is available in Jan 2017.
How can I find the new investments?
- All of the new Securian investments will be available within the GRPA
- They all will start with “Securian” in front of the investment name.
- You can search for them via any quick search
- You also can find them in the Analyzer within the GRPA universe by searching under the Fund Firm Name of “Minnesota Life Insurance”
How do the new investments compare to the current options?
- Because the new investments are representing the lowest expense share class option, the Fi360 Fiduciary Score will be the same or lower than any of the existing products.
Please don’t hesitate to contact our Client Engagement Team at [email protected] or 1 (844) 394‑9960 with any questions.