OneAmerica has teamed with Morningstar Investment Management to enable advisors to deliver more tailored savings and investment advice to plan participants.
The new managed account service will deliver the same investment experience that employers rely upon OneAmerica for in their retirement plan design, according to the firm’s Dec. 7 announcement. In addition, the approach gives plan participants more personalized advice based on portfolios that are aligned with their advisor firm’s investment experience and philosophies.
OneAmerica will provide recordkeeper services through Morningstar Investment Management to Retirement Investment Adviser (RIA) firms in a white-label version under the RIA’s brand. A few pilot firms are already on board and others are slated to join in 2022, the announcement further notes.
The service leverages Morningstar Investment Management’s existing managed accounts user interface and serves as the fiduciary for portfolio assignment and for the recommendations on factors such as savings rate and retirement age. The RIA firm is the 3(38) fiduciary for fund selection and asset allocation decisions. OneAmerica has integrated the platform into its recordkeeping system, allowing for a seamless participant experience.
“By working with a recognized industry name like Morningstar Investment Management, we’re building upon the already rich customization opportunities we offer our plan advisors, enabling them to further tailor the support they provide to participants,” Sandy McCarthy, Presidentof Retirement Services at OneAmerica, said in a statement.
