Retirement giant Captrust Financial Advisors has launched a turnkey program for small retirement plans in conjunction with T. Rowe Price and National Benefit Services.
Called Direct Fiduciary, the program outsources administrative and investment fiduciary responsibilities, with Captrust providing Section 3(38) investment management services, as well as participant investment advice; NBS acting as the third-party administrator, Section 3(16) plan administrator and primary contact for employers; and T. Rowe Price serving as record keeper and day-to-day contact for plan participants.
Captrust, a Raleigh, North Carolina-based registered investment advisory firm managing more than $70 billion and advising on more than $630 billion, said it will assist plan sponsors choosing Direct Fiduciary with navigating certain fiduciary responsibilities that are not fully outsourced, including ongoing monitoring and due diligence of the plan’s service providers and determining fee reasonableness.
It said it also will provide virtual investment advice to plan participants through managed accounts and give plan sponsors the option to add one-on-one participant advice and financial wellness services.
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