MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, May 14, 1999 Self-Directed Brokerage Window for Hire First Trust Corporation of Denver, Colorado is currently rolling out a new self-brokerage window that providers can incorporate into their defined contribution plan offerings, Leigh Chaffee, vice president of client relations, told InvestmentWires. "The provider utilizes our service as part of their overall package," Chaffee reported. "We do not sell directly to the sponsor. We are not a recordkeeper. A recordkeeper needs to use OptionPlus so the data passes through their system. We execute the trades." Participants who have access the system can execute trades on over 2,300 mutual funds. There is only one annual administration fee. The specific amount of that will be determined in the agreement between the employer and the provider. There is no commission or transaction fee. "The advantage to the recordkeepers is that they do not have to reinvent the wheel. We have the system all in place. The trading engine is there. All they have to do is contract with us," Chaffee added. Currently, participants can access the system through a voice response unit. "But we will ultimately have Internet capabilities. We are not there yet," the official stated. Great-West Life, also located in Denver, has instituted the OptionPlus as a part of its offerings. Two clients thus far have tapped the program. OptionPlus was tested for six to months. The firm began offering it last month. Printed from: MFWire.com/story.asp?s=24859 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |