CitiStreet and Smith Barney have joined forces and will be offering a Self-Directed Retirement Account 401(k) product that will give employees more investment options and will even offer them advisory services. The product will also take care of payroll deduction processing.
The product, called SDRA Exclusive, is not the traditional self-directed account. It automatically directs payroll deductions to a money market fund. Then, at specific intervals that investors choose, those funds are then transferred to the appropriate Smith Barney financial adviser. This takes the responsibility of handling a 401(k) plan's payroll rile and manually redirecting contributions into brokerage accounts.