Retirement plan administrator Invesmart landed business in the first quarter of this year to administer 274 additional 401(k) plans, 197 of which have asked the company to help them select investment options for their plan, in addition to Invesmarts standard record keeping and administrative services. As an investment advisor to 401(k) plans, Invesmart works with plan sponsors on plan design, not with participants on individual asset allocation, an Invesmart spokesman said.
Mark Gensheimer, co-founder of Invesmart and SVP of sales, attributed companies interest in Invesmarts investment advice to its impartiality.
"With access to thousands of mutual funds from over 100 fund families, none of which are proprietary to Invesmart, we offer an extremely comprehensive, unbiased investment advisory service. Thats especially important in todays turbulent investment environment," Gensheimer said.
Invesmart administers more than 7,000 retirement plans nationwide, most of which are 401(k) plans, according to the Invesmart spokesman. Invesmart does adminster a small number of pension plans, however, and is preparing to launch a new defined benefit product, the spokesman added