METLIFE RESOURCES ENTERS INTO A NEW ALLIANCE WITH ADVISED ASSETS GROUP, LLC
Agreement Offers Plan Participants Online Guidance, Online Advice, and Managed Accounts
NEW YORK, NY – October 26, 2010 – MetLife Resources, a division of Metropolitan Life Insurance Company (MLIC), announced today that it has entered into a new alliance with Advised Assets Group, LLC (AAG), a registered investment adviser that delivers investment advisory services to defined contribution plan sponsors and plan participants.
Through this alliance, AAG will offer its guidance and advisory services, the Triple Solutions Program, to qualified retirement and 403(b) plans sponsored by non-profit organizations for which MetLife Resources provides administrative services. Ibbotson Associates, Inc., AAG’s independent financial expert, provides the methodology for the Triple Solutions Program.
“The Triple Solutions Program is designed to meet the needs of a wide range of plan participants through state of the art, online investment guidance,” said Thomas G. Hogan, Jr., senior vice president and head of MetLife Resources. “The program features a flexible suite of services to accommodate a variety of needs, allowing plan sponsors to provide different levels of advice to plan participants to invest for retirement".
The Triple Solutions Program offers a choice of three levels of advisory support, tools and personalized investment help. These levels vary by participant behavior type and feature graduated levels of assistance. This allows participants to choose how much, or how little, assistance is right for them. The levels of service include:
Online Guidance — This level of service offers participants access to online investment guidance, including asset allocation and retirement savings rate recommendations. Participants select their investments and manage their own plan account portfolio.
Online Advice — In addition to the assistance offered with the Online Guidance service level, this level of service features specific investment recommendations based on the participant’s plan’s funding choices. Participants choose their investment options and oversee the management of their plan account portfolio.
Managed Accounts — In addition to retirement readiness monitoring, participants receive a personalized, professionally-constructed portfolio based on their individual situation, which is then monitored and managed regularly on their behalf.
All service levels include post-retirement features, including recommendations for investing and spending during retirement.
In addition to addressing asset allocation and investment concerns among participants, AAG assists plan sponsors with their fiduciary responsibility by acting as a fiduciary for the Managed Accounts and Online Advice services.
AAG is not affiliated with the MetLife family of companies and is solely responsible for its advice. The services described herein are provided by AAG pursuant to, and subject to, an agreement entered into by AAG and the plan sponsor. MetLife Securities, Inc. (MSI) is paid a fee for solicitation and administrative services provided by MLIC and MSI for AAG.
About MetLife Resources
MetLife Resources, a division of Metropolitan Life Insurance Company, provides retirement plan and other financial services to healthcare, education, and not-for-profit organizations. Metropolitan Life Insurance company is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions. For more information, visit www.metlife.com/mlr.