To meet growing demand for retirement plan services, HighTower announced Wednesday that it integrated Envestnet Retirement Solutions (ERS) into its technology platform.
ERS will provide HighTower advisors with a platform to address the technology, data and investment requirements of crafting specialized retirement plans. ERS also provides compliance services to help advisors keep up with fiduciary requirements.
“The rapidly changing regulatory landscape requires advisors to pay close attention to the fiduciary capabiltiies of their retirement investment platform,” Matthias Kuhlmey, a partner and head of global investment solutions at HighTower, said in a statement.
The companies said the partnership would help expand client relationships and enhance the outcomes for plan participants, sponsors and institutions.
"The retirement space is a rapidly expanding segment of the wealth management business, and one that presents advisors and clients with a multitude of nuanced challenges," said Michael Parker, HighTower's national director, enterprise development. "With the unique capabilities offered by ERS, HighTower now opens a significant new channel for advisors to address those challenges according to the best interests of the client."