MML Investors Services, the registered investment advisor and broker/dealer arm of MassMutual, is partnering with Brinker Capital Wealth Advisory, a turnkey asset management program, to expand its investment offerings for its high-net-worth clients.
MMLIS clients with more than $1 million in investable assets will qualify to access the Brinker Capital Wealth Advisory service, which includes a portfolio management team, tax management and transition solutions, reporting and the ability to access two third-party vendors: Institutional Shareholder Services for ESG and First State Trust Company for trust services.
MML Investors Services’ wealth management unit currently has $196.6 billion in assets under management. Brinker Capital supports 5,400 financial advisors with $22.7 billion in assets under management.
The MassMutual advisor leads the client relationship, reviewing his or her current portfolio first, said Bebe Wilkinson, head of Wealth Management Product for MML Investors Services.
“Brinker will then review and work with the advisor and the client in helping to customize solutions from their own Wealth Advisory platform," she said. “The front end of the program is through the Brinker technology and then the back end with custody and clearing is within MassMutual’s platform, so we will see the entire account."
"Historically, MML Investors Services met the majority of its high-net-worth-client needs through referral manager programs," said Michele Steinmetz, public relations director at Brinker Capital. "In this instance, MML Investors Services remains the broker/dealer of record and advisor of record."
MassMutual has recently made moves to integrate other third-party technology for its advisors, licensing Commonwealth’s Advisor360° software for its client portal, portfolio management platform and workflow analytics management platform.