PFG’s Retirement Plan Center gives advisors a platform to monitor, trade and report on client 401(k)s and other held-away assets
Priority Financial Group (PFG) announced it has partnered with FeeX, a financial technology provider, to power the firm’s Retirement Plan Center. The Center will allow advisors to securely trade and manage clients’ held-away assets wherever they are held.
“We are pleased that our partnership with PFG will give more Americans the chance to see their retirement accounts reach their true potential”
Held-away accounts, which include 401(k)s, 403(b)s, 457s, and other qualified plans, comprise a significant portion of Americans’ wealth, but are often left unmanaged by professionals. According to the Federal Reserve Board’s 2019 Survey of Consumer Finances, over half of the median American’s net worth was in their retirement accounts, but prior to FeeX, there was limited opportunity for financial advisors to help their clients grow their wealth in these accounts.
With their firm’s partnership with FeeX, PFG advisors can now provide this added value to their clients while also utilizing asset location and other strategies to provide a more holistic and personalized service to their clients.
“We continuously research new fintech options to help our advisors serve their clients in a more effective way. We were pleased to find a trusted platform that provides the ability to manage different types of defined contribution plans,” says Michael Prior, CEO of Priority Financial Group. “Following a successful pilot of our Retirement Plan Center in 2020, we rolled it out to all of our advisors in early 2021. We believe the benefits to clients are substantial because it enables a more efficient way for our advisors to provide holistic advice.”
The Retirement Plan Center not only represents an opportunity for the clients of PFG-affiliated advisors to benefit from more holistic planning services, but also offers advisors the chance to provide more complete client service and grow their business. Providing a new value-added service to existing clients also creates a significant new revenue stream.
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“We are pleased that our partnership with PFG will give more Americans the chance to see their retirement accounts reach their true potential,” said Dave Goldman, VP of Business Development at FeeX. “Studies have shown that having an advisor manage these accounts can yield more than 3% in additional returns each year, net of fees. This is a true win-win situation as individual investors have an opportunity to grow their nest egg, while PFG’s advisors can provide additional quality service to their clients. As investors lead longer and more complex financial lives, it’s critical they benefit from proper management and growth of their retirement accounts.”
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