401kDIRECT, a provider of retirement plan administrative services, has partnered with Mid Atlantic Trust Company to launch a new program that gives advisors and plan sponsors access to exchange traded funds. The ETFs will be available for 401k, 457 and 403b plans on the 401kDIRECT platform by means of the Mid Atlantic ETFxChange Program.
The exchange traded fund (ETF) program offered through 401kDIRECT and Mid Atlantic Trust Company is expected to eliminate many of the administrative challenges that ETFs once brought to daily recordkeepers, creating a cost effective ETF program for daily valued retirement plans. Mid Atlantic Trust Company is an independent provider of trust and custody solutions for retirement plans.
The program aims towards providing low fixed trading costs, ability to trade like mutual funds, providing virtually unlimited daily trading and ability to be offered alone or with traditional mutual funds.
David Wade, president of 401kDIRECT, said: “We are excited to bring this program to our clients. Our Advisors and TPAs will now be able to take advantage of the benefits of ETFs and construct diverse investment portfolios using ETFs, Mutual Funds, CIFs or any combination of these investment vehicles. They will be able to build a portfolio that best meets the needs of their clients, and most importantly, will be able to do so in a low fixed cost environment.”