Fidelity Unveils Upgrades to 401(k) Advisor Offering

A Fidelity news release said its advisor program offers a new automatic enrollment service that allows employers to  automatically enroll eligible participants.

Also new to the platform are Fidelity’s Retirement Education Consultants. The team can provide onsite initial enrollment meetings or online workshops to help educate employees on the benefits of their plan and motivate them to participate and increase their deferrals, the company said.

Fidelity released a new Retirement Checkup as part of its first|PERSON participant communication and education program. For eligible plans, the new tool provides employees with an annual snapshot of their financial situation that shows them how their current retirement strategy is likely to impact available assets at retirement.

To help plan sponsors address participant asset allocation, Fidelity introduced the Fidelity Advisor Freedom Fund Cash Conversion service. With this optional service, participants who do not select an investment mix of their own prior to the completion of the conversion at Fidelity are automatically invested in the Fidelity Advisor Freedom Fund that most closely aligns with their retirement date (based on their birth date), as directed by the plan sponsor.

Fidelity’s Retirement Plan Review (RPR) helps advisors work with plan sponsors to benchmark the components of plan performance and measure whether they are successful in helping participants prepare for retirement. RPR provides data such as plan-level cumulative returns, participation rates, deferral rates and asset allocation, to help advisors maintain an ongoing dialog with their clients about plan goals and achieving their objectives.

Fidelity also introduced two new diagnostic tools, a Personal Rate of Return Chart and Equity percentage. These resources are designed to provide plan sponsors with greater insight into two key indicators of retirement readiness: investment performance and age appropriate equity allocation.

For additional information, advisors may visit https://advisor.fidelity.com/ .