The Standard has selected Access Data, a Broadridge company, to provide DCIO reporting services to fund partners offering products on The Standard’s retirement recordkeeping platform, Broadridge Financial Solutions announced this week.
Starting in the first quarter, defined contribution investment only (DCIO) reports will be available to The Standard’s fund partners through a new technology portal designed to provide access to asset, trading and sales information at a plan level.
The new portal allows firms offering funds on The Standard recordkeeping platform to monitor sales across retirement plans and to understand the advisor selling those plans. This increased transparency “will provide mutual funds with deeper insight into the advisor-driven retirement market comprised of The Standard and other independent recordkeeping platforms” that serve small and medium DC plans, a Broadridge release said.
Defined contribution assets are forecast to grow to $6.7 trillion over the next five years, the release said. The small to medium-sized plan segment supported by independent recordkeeping platforms is the fastest growing segment for DC assets, the company said.
Access Data provides data management and reporting services for fund firms. Its DCIOConnect aggregates and “cleans” data across 18 leading recordkeeping platforms and the advisor-driven plan market.
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