Envestnet has introduced a 401(k) plan for advisors to offer to businesses that want to sponsor retirement plans for their employees.
The company teamed up with Empower, a retirement services provider, to offer the plan, Eveststnet Retire Complete. Envestnet is providing fiduciary guidance and investment due diligence while Empower offers communications and investments.
Envestnet assumes the responsibility of ERISA 3(38) fiduciary and investment manager, providing recommendations for plan sponsors and participants. Envestnet has created a pre-set core menu of investment options for participants to choose from. In addition, advisors and plan sponsors can choose from four target-date providers as the qualified default investment option.