The programs will now offer financial advisors and plan sponsors a list of funds from a lineup of outside investment managers, based on a selection process by Ibbotson Associates, according to the Oppenheimer announcement. The two retirement programs will continue to offer the OppenheimerFunds family of funds which consists of over 50 choices.
Ibbotson will narrow the non-Oppenheimer funds available on the Pinnacle and Record(k)eeper Pro platforms down to four fund menus, the announcement said. Each program will have two separate lists, one for Class A shares and one for Retirement shares.
Each list will contain about 50 funds featuring equalized compensation. Ibbotson updates the fund lists annually.
“[R]esearch suggests that financial advisors tend to prefer a selective list of funds rather than a purely open architecture platform,” said Kathleen Beichert, Senior Vice President of Retirement Plans, OppenheimerFunds, in the announcement. “One of OppenheimerFunds’ main business objectives is to take work off the desk of financial advisors so that they can focus more time on building their businesses,” she added.
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