The primary source for our DC Managed Account program is directly from the program providers. All products and data featured in the Retirement Product Evaluator has been validated by the program provider.
Retirement income product data does not fluctuate on a regular monthly or quarterly basis like traditional investments. In addition, some of the specific items which do change, are specific to each participant, and therefore not something reported at a product level. Due to this, the underlying product details are refreshed as needed and not on a set monthly or quarterly cadence.
Category: Basics
1. AUM for All Managed Account Programs: The total of assets managed by the managed account provider in all programs as of the most recent six-month period end. The most recent six-month period end could be 12/31 or 6/30, depending on the last modified date.
2. DC AUM for Managed Account Program: The total of assets managed by the managed account provider in the selected program as of the most recent six-month period end. The most recent six-month period end could be 12/31 or 6/30, depending on the last modified date.
3. Fiduciary Capacity: The fiduciary capacity, if any, the provider assumes when providing managed account services.
4. Firm/Provider Responsibilities: Asset Allocation: Identifies the firms responsible for the asset allocation methodology in the DC managed account program.
5. Firm/Provider Responsibilities: Participant Data Extraction/Collection: Identifies the firms responsible for the participant data extraction/collection in the DC managed account program.
6. Firm/Provider Responsibilities: Participant Experience: Identifies the firms responsible for the participant experience in the DC managed account program.
7. Inception Date: The date of inception for the managed account program.
8. Interface with Participants: The ability for the plan adviser to engage participants on a 1-1 basis through, or within, the managed account platform experience.
9. Investment Team: Investment team member information includes names, years of experience, and biographies for each member of the team.
10. Last Modified Date: Date the product data was last modified.
11. Objective: The objective of the DC managed account program.
12. Participant Count: Number of participants in the DC managed account program as of 12/31 the previous year.
13. Plan Count: Number of plans in the DC managed account program as of 12/31 the previous year.
14. Plan Type Availability: What types of retirement plans is the managed account service provided: 401(k), 403(b), 457
15. Recordkeepers – Availability: Recordkeepers where the managed account is available.
16. Registered Investment Advisor: Is the managed account provider registered with the Securities and Exchange Commission.
17. White Label – Ability: Describes if the managed account program allows plan advisors to white-label the platform to a naming convention and look & feel of their liking.
Category: Investments
1. Ability to Alter the Asset Allocation: Describes if the plan advisor can tweak a participant's asset allocation away from the allocation generated by the managed account program technology.
2. Annuities: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
3. Cash and Cash Equivalents: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
4. Equity Asset Class Management Style Description: Describes which equity asset classes the program prioritizes for active management style or passive management style, if applicable
5. Equity Management Style: The management style that will be prioritized in the managed account asset allocation methodology for equities (if the plan offers both active and passive options).
6. Equity Sub-asset-classes – Availability: The equity sub-asset-classes available in the managed account.
7. Fixed Income Asset Class Management Style Description: Describes which fixed income asset classes the program prioritizes for active management style or passive management style, if applicable
8. Fixed Income Management Style: The management style that will be prioritized in the managed account asset allocation methodology for fixed income (if the plan offers both active and passive options).
9. Fixed-income Sub-asset-classes – Availability: The fixed-income sub-asset-asset classes available in the managed account.
10. Investment Methodology: Describes the managed account providers investment methodology for the managed account program.
11. Private Credit: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
12. Private Credit Maximum Allocation Percentage: The maximum percentage a DC Managed Account program can allocate to Private Credit
13. Private Equity: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
14. Private Equity Maximum Allocation Percentage: The maximum percentage a DC Managed Account program can allocate to Private Equity
15. Private Real Estate: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
16. Private Real Estate Maximum Allocation Percentage: The maximum percentage a DC Managed Account program can allocate to Private Real Estate
17. Rebalancing Frequency (In Months): A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
18. REITS: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
19. Sidecar Investments – Availability: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology. A sidecar investment is an investment product that is made available inside the plan's DC managed account program, but is not available on the core investment lineup of the plan.
20. Stable Value: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
21. Turnover controls: Indicates if there are any associated turnover controls in the rebalance process. Turnover controls are systematic limitations to the amount of trading executed within a portfolio for rebalancing purposes.
22. White-label Multi-manager Strategies: A yes/no indication if the selected asset class is included in the managed account program's asset allocation methodology.
Category: Advice and Wellness Features
1. Advice topics: The topics where fiduciary advice is offered by the DC managed accounts program.
2. Guidance-only topics: The topics where guidance, (not advice) is offered by the DC managed accounts program.
3. Human Advisor Access for non-Program Participants: Describes if participants who do not participate in the managed account program can access a human adviser.
4. Human Advisor Access for Program Participants: Describes if the participants of the managed account program can access a human adviser.
5. Retirement Readiness Assessments: Are retirement readiness assessments available through the managed account provider.
6. Retirement Readiness Assessments Description: Describes the retirement readiness assessments available through the managed account provider.
Plan-level Reporting
1. Aggregated Retirement Readiness - DCMA Participants vs Non-DCMA-Users: Indicates if firm provides retirement readiness comparisons for participants enrolled in the DCMA program vs. participants who are not enrolled in the program.
2. Aggregated Retirement Readiness - DCMA users: Indicates if the firm's program provides plan sponsors with aggregated retirement readiness metrics for participants in the DCMA program.
3. Aggregated Retirement Readiness - DCMA users Description: A description of the aggregated retirement readiness metrics provided for participants in the DCMA program
4. Electronic Document Signing: Describes if participants can use electronic document signing.
5. Investment Performance Reporting: Does the managed account provider include investment performance reporting.
6. Investment Performance Reporting Description: A description of the performance reporting provided.
7. Participant Segmentation Analysis - DCMA users - Non-DCMA-users: Indicates if firm provides reporting that analyzes the financial metrics and/or behavior of participants enrolled in the program across participant demographic segments for participants enrolled in the DCMA program vs. participants who are not enrolled in the program.
8. Participant Segmentation Assessments - DCMA users: Indicates if firm's program provides retirement readiness metrics of participants enrolled in the DCMA program vs. participants who are not enrolled in the program.
Participant-level Data
1. Method to Obtain Participant Data: The parties which participant data can be obtained in order for the managed account provider to make recommendations to participants.
2. Participant Data Points - Available via Sync: Participant data points the program can gather by allowing the participant to sync outside account balance information.
3. Participant Data Points - Extracted from Recordkeeper: Participant data points that the managed account program can automatically extract from the plan's recordkeeper (i.e., the participant does not need to manually input the data).
4. Participant Data Points- used for Asset Allocation: All the factors the DCMA program investment methodology takes into consideration when the managed account provider is creating an asset allocation for a participant. These include data points automatically extracted from the plan's recordkeeper and data manually input by the participant enrolled in the program.
5. Process for Unavailable Participant Data: Describes the process for making managed account recommendations to participants when participant data is not available.
Fees
1. Ad-hoc Fees: Describes any additional fees the managed account provider charges plan participants separate from standard, ongoing AUA fees.
2. AUA Fee Schedule - Opt-in: Standard AUA-based fees charged to participants enrolled in the program by account balance (e.g., x% for balances less than $250k, y% for balances between $250,000 and $500,000) for plans that offer the managed account program as an opt-in solution.
3. AUA Fee Schedule – QDIA: Standard AUA-based fees charged to participants enrolled in the program by account balance (e.g., x% for balances less than $250k, y% for balances between $250,000 and $500,000) for plans that offer the managed account as the plan's QDIA.
4. Fee Structure – Participant: How the participant is charged for the managed account service.
5. Fee Structure - Plan Sponsor: How the plan sponsor is charged for the managed account service.
6. Method of Disclosing Participant Fees: How program fees are being disclosed to participants.
Legal and Regulatory Considerations
1. Legal: Indicates if the managed account provider is subject to any pending or threatened litigation.
2. Regulatory: Indicates if the managed account provider is subject to any pending or threatened regulatory actions, investigations, or audits.