According to the announcement, SDRA Exclusive allows employees broader investment options and access to advisory services, along with payroll deduction processing and investment.
The new offering provides full automation that allows direct transfer of payroll deductions to a money market fund. At the end of a specified period, those funds are automatically transferred to a Smith Barney financial advisor handling the participant’s SDRA Exclusive account, the announcement said.
The advisor invests the funds according to the goals and objectives established with the plan participant.
“We’ve developed this offering based on the demand we’ve seen in the closely held, professional corporations like medical and legal practices,” said Pat Bello, CitiStreet executive vice president, in the announcement. “Most brokerage account offerings provide either automation without personalized service or personalized service without automation. We have a unique ability, through our partnership with Smith Barney, to deliver both.”
CitiStreet provides the plan recordkeeping and administration for the product, while investment education is handled by a Smith Barney advisor.
More information is here .