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A subsidiary of TIAA will settle conflict of interest charges related to the provision of rollover advice to employer-sponsored retirement plan participants; the development offers up some important considerations for financial services professionals.
Empower will acquire Prudential’s DC, DB, non-qualified and rollover IRA business, in addition to its stable value and separate account investment products and platforms.
The CEO of the nation’s No. 2 recordkeeper says Empower’s focus will continue to be on a best-in-class user experience.
Over the past decade, the universe of retirement plan recordkeepers has contracted from about 400 to approximately 150, with no signs of slowing. Experts say one lesson learned in this time is that not all scale is created equal.
It can cull data for advisers, banks, credit unions, insurance firms and other institutions to give an overview of a person’s defined contribution plan holdings.