The Principal is a bit late to the party but its financial adviser marketing and portfolio management systems are finally here
Principal Financial Group rolled out a proprietary suite of computerized wealth management services targeting financial advisers this week in an aggressive effort to catching up with other retirement specialists, such as TIAA-CREFF, which have already similar steps to court financial advisers.
- Retirement plans for years were sold by brokers who were compensated with commissions, but in recent years, more pension plans are sold through fee-based financial advisers. As a result, TIAA-CREFF and Principal have invested in building asset allocation systems and prospecting tools to increase sales through the fee-based distribution channel.
In addition, large retirement providers are also concerned with launching portfolio management software designed to help financial advisers retain the assets of individual investors after retirement. "In today's environment of growing fiduciary concern among retirement plan sponsors, RIAs who provide investment advice and planning services are highly valued," says Paul Fromm, second vice president, The Principal. "The role of the adviser complements our robust retirement services and distribution platform. We offer the deepest level of support available through investment strategies, recordkeeping and integrated, online services, that ultimately gives advisoe more time with their clients."