Merrill Lynch introduced a new retirement planning network today, which combines the firms proprietary offerings with those of multiple partners. The new program, MLConnect, is designed for small- to mid-size retirement plans and is being sold to Merrill Lynch clients through the firms network of financial advisors.
Alliance partners BISYS and PAYCHEX will provide plan services for plans with less than $3 million in total assets. For plans with between $3 million and $50 million, sponsors can choose retirement plan arrangements offered by INVESCO, MFS Investment Management, OppenheimerFunds and State Street Research and Management Co., according to Merrill.
Having multiple service provider options is important because of the differing needs of plan sponsors, said James Davey, director of strategic alliances for Merills retirement group.
Each program will offer funds managed by Merrill Lynch Investment Managers (MLIM), INVESCO, MFS, OppenheimerFunds, State Street Research, as well as those from several other fund families, according to Merrill.