New York Life Retirement Plan Services, a unit of New York Life Investment Management, has expanded its 401-k capabilities for plans with $5 million to $30 million in assets under administration, with a new product that leverages New York Life's mid- and large-market expertise for smaller clients.
The new product is an open-architecture, net asset value mutual fund service including more than 5,500 funds from 95 different brand-name investment fund families. Sold only through financial intermediaries, this new product allows financial advisors to access large plan service and administration for their smaller plan clients.
Don Salama, senior managing director and head of New York Life Retirement Plan Services, said: We see this as a multi-billion market opportunity over the next several years and the next important source of our strong historical growth.
Traditionally, plans of this size have received cookie cutter solutions that work best for the provider. With our consulting heritage and customer service ethos, we thought it was time to change that dynamic with a much more customized approach to this market segment.