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Rating:Putnam Gearing Up New Rollover Product Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, February 08, 2000

Putnam Gearing Up New Rollover Product

Reported by Jason Shank

Putnam Investments is putting its marketing muscle behind a new program intended to assist brokers in gathering and retaining assets from rollover IRAs. The word is that significant time and money has been put into the program, which will consist of a series of educational modules for brokers to educate themselves and clients, starting with a module on the benefits of "stretch" IRAs.

A stretch IRA allows the account holder to name a beneficiary for his/her account, extending the tax-deferred benefits of the IRA to the beneficiary.

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Putnam has already begun contacting brokers and will be rolling out the program in the coming weeks. The initial rollout will then be supplemented by additional modules on subjects such as estate planning.

"It's very difficult for fund companies to retain rollover assets in general," said Joshua Dietch, a consultant for Cerulli Associates. "Companies are constantly looking at new ways for them to identify the desirable assets." Dietch added that Boston's MFS has had a stretch IRA program for some time.

Matt Mintzer, senior vice president and director of retirement products, Putnam, and head of the new program, confirmed its existence but would not give further details. 

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