In its announcement, First Mercantile said consultants can enter an investment percentage for a particular fund and the online tool will generate a report listing all participants with a greater allocation percentage in that fund. The Highly Concentrated Participant Report generates a listing for all of the consultant’s retirement plan clients at the same time and creates a separate page for each plan.
“Many participants have investment allocations that are either too conservative or too risky for meeting retirement goals. First Mercantile recognized that consultants find monitoring their participant accounts a time-consuming and difficult task,” stated Rick Hansen, National Sales Manager, in the announcement. “With this report, consultants can easily identify participants with high risk profiles and offer investment advice to those who need it.”
First Mercantile is a subsidiary of SunTrust Banks, Inc. and provides retirement plan products and services. The new management report can be found at www.firstmerc.com .