A new product that combines online brokerage services for 401(k) plan participants with record-keeping software for plan sponsors was to be introduced this week, said George Tashie, executive vice president of sales and marketing for KeyTradeOnline, an online brokerage of Great River, N.Y. The product is the result of a partnership between InvestLink Technologies, an administration software developer, of New York and KeyTradeOnline.
The product will allow plan participants to conduct research, open accounts and trade shares. It will also keep a record of activity in accounts for plan sponsors. There will be no additional charges to plan participants or sponsors outside of brokerage commission charges and fees for record-keeping services, Tashie said.
Participants, administrators and financial advisors using the plan can also gain access to brokers online or via telephone. Sponsors can customize the plans so that participants can only trade the funds available in their plans.