We are pleased to announce that Vertical Management Systems, Inc. (VMS), one of the nation’s leading providers of data, financial networking, and account aggregation technology, has added Mid Atlantic Capital Group to its client roster. Mid Atlantic will be utilizing VMS’ full suite of data services as a joint offering to assist our valued business partners with achieving their critical business goals.
VMS’ data solution Specialized Information Services currently services a number of Fortune 500 financial service firms. These companies depend on VMS for accurate and timely information across a spectrum of mutual fund and ETF data.
“We are very pleased about our new partnership with VMS,” said Tim Friday, Mid Atlantic Institutional Group CEO. “The implementation of VMS’ data solution will help us serve our clients more strategically through improved timing and cleanliness of mutual fund data for both current and future product offerings. Their automation and relationships with the funds families dramatically help improve the process.”
“Mid Atlantic is recognized for their entrepreneurial culture and a fantastic client focused reputation. We are looking forward to a very successful partnership in the current product footprint and future product endeavors” noted Robert Ward, Chief Revenue Officer of VMS.
Mid Atlantic is proud to spotlight and honor business partner Derek Fiorenza, Vice President and COO/CCO of Summit Group Retirement Planners in King of Prussia, PA.
Derek manages business development, client retention, and internal operations at Summit Group Retirement Planners, Inc., an investment advisory firm he co-founded with his father, Anthony. Together, they assist employers with servicing qualified and non-qualified retirement plans, along with supporting the financial planning and insurance needs of individuals through a prudent and disciplined approach.
Yet Derek’s commitment to improving the lives of others isn’t confined to providing financial guidance during office hours. In his spare time, he also serves as the President and CEO of the non-profit organization, Fiorenza’s Food For Friends (F4). F4 collects non-perishable food items for distribution to local food banks at no cost. In addition, F4 rescues perishable meals from restaurants and delivers them free of charge to homeless shelters. You can read more about the charitable work of F4 by visiting: www.f4service.org, and its Facebook page at: www.facebook.com/f4service.
Derek also serves on the advisory board for the Brandywine YMCA and The Emerging Leaders Committee for The Chester County Chamber of Commerce. And if all this isn’t enough to keep him busy, Derek referees and coaches soccer on the side. He also enjoys exercising, reading, and playing the guitar.
“It is my goal to live a purposeful life serving my clients, putting the needs of others before my own, and helping to build up the communities in our country through my philanthropic ventures,” Derek says.
Derek has been working in the securities industry since 2011. He has earned the Accredited Investment Fiduciary® (AIF®) Designation and graduated with a Bachelor of Arts degree in Communication at Villanova University in 2008. He then went on to earn his Master’s of Science in Business Administration from California University of Pennsylvania two years later. While studying for his Master’s, Derek played punter for his school’s football team and was named to the All-Region and All-Conference teams for three consecutive years.
Mid Atlantic would like to invite you to click here (or copy and paste the following URL address into your browser: http://pubs.royle.com/publication/?i=272855) to read the latest issue of 401(k) Specialist magazine on your desktop, tablet, or smartphone at no charge!
When it comes to ensuring a secure retirement for hardworking Americans in a dynamic marketplace, 401(k) Specialist is the only publication devoted exclusively to equipping retirement plan advisors with the vision, specialized knowledge, and cutting-edge technology vital to their success. Simply click here to sign up for your FREE subscription today (or copy and paste the following URL address into your browser: https://online.icnfull.com/for/?list_source=K5BE1MAG).
For more information about Mid Atlantic Trust Company’s wide range of trust and custody solutions for retirement plans and other accounts, please contact John Wight at 800-693-7800.
Mid Atlantic Capital Group is pleased to announce a December 1, 2015 release date for AdvisorSight™, a fully integrated and customizable platform that delivers market-leading technology solutions to the Mid Atlantic supported advisor community. AdvisorSight™ will be replacing our previous portfolio performance reporting and account aggregation service provider.
Please take this opportunity to click here for more information.
We are pleased to announce that Hoyer Insurance & Financial Services has joined Mid Atlantic Capital Group. Based out of Ten Sleep, Wyoming, Glenn Hoyer is a sole practitioner with 28 years of experience as a registered investment advisor and had previously worked as a rep for First Allied Securities. Hoyer is registered with both MACC and MAFM and will be managing 401(k) plans and retail accounts.
Glenn was introduced to Mid Atlantic by Greg Bakke of Expand Financial and the two have worked closely together on some qualified plans.
We welcome Hoyer Insurance & Financial Services to the Mid Atlantic family!
The 2015 Mid Atlantic National Partner Conference was held at the beautiful, award winning Ojai Valley Inn and Spa, Ojai, California. John Evans, Executive Director of Janus Labs, “Ignited” conference attendees with his dynamic presentation, “WOW 2.0 Igniting Your Business and Your Life”. In our second keynote, Dr. Ben Sorensen of Optimum Associates taught us how to increase our energy endurance both for the task at hand and for our entire career journey. Many thanks to John, Ben, and all of our other speakers and sponsors, and thanks to our attendees, as always, for making it another great event. See you next year!
Howard Capital Management, Inc. (Howard CM), an SEC-Registered Investment Advisory firm, provides money management services for private clients, brokers, broker-dealers, and hedge funds. The vision for Howard CM originated during the 1987 stock market crash. With the opinion that incurring financially devastating losses due to market volatility is unnecessary, the firm initiated a plan to create a company with the main objective being to protect capital during market downturns. After years of research, Howard CM developed a disciplined, systematic, and non-emotional method of investing designed to protect client assets during market declines. In 2000-2002 as the market dropped, the firm reduced its clients’ exposure to stocks through its systematic method. In 2008, Howard CM’s proprietary intermediate term indicator, the HCM-BuyLine®, again gave the company the signal to exit the stock market. Consequently, the firm moved to the safety of the sidelines during much of the decline. Offering professional money management since 1999, Howard CM has developed into an experienced money management firm with a proven track record. As the firm continues to grow, it looks forward to using its systematic approach to assist with investment goals.
Compiled by Brian Lenz
Symmetry Partners LLC is an investment advisory firm registered with the Securities and Exchange Commission. Sidestepping traditional investment approaches and looking instead to academia for investment insight, Glastonbury-based investment manager Symmetry Partners has built a thriving business providing portfolio management to individuals, retirement plans, and institutions. The firm has steadily attracted attention and assets since its founding in 1994 by partnering with independent financial advisors looking for a client-focused, fee-based approach. Symmetry’s focus on helping investors optimize return potential while mitigating risk has attracted advisors across the country who outsource investment management and back-end support functions to Symmetry. The firm specializes in offering marketing, branding, technological, and operational support to advisors to help them gain visibility in their marketplace, increase efficiency, and maximize productivity so that they can effectively grow their businesses.
Compiled by Brian Lenz
Integration allows advisors to access MATC client data from within the fi360 Toolkit
Retirement plan accounts held in custody at Mid Atlantic Trust Company (MATC) are now integrated with fi360’s Toolkit. The integration allows advisors to access retirement plan client data in their fi360 Toolkit, further enabling them to streamline their business processes.
“What a great solution fi360 and Mid Atlantic Trust Company have put together. At Mid Atlantic Trust Company, we have over 10,000 financial professionals accessing our platform. For the great number of those that use fi360 imagine the relief they just realized knowing that the plan reporting can now be automated. Just think of the time savings,” quotes Tim Friday, president of Mid Atlantic Trust Company.
The fi360 Toolkit web-based software provides research, analytical, and reporting services for all client types, including high net worth individuals and families, endowments, trusts, plan sponsors, etc. Whether you’re selecting new funds, monitoring an existing line up, or building client-friendly reports, the fi360 Toolkit can help optimize and solidify your investment management process so you can spend more time winning new business.
“Providing our clients with direct access to client data from within the Toolkit allows them to spend less time on manual processes and more time with their clients,” said fi360 CEO Blaine Aikin.
The integration will now allow you to:
- Access critical client data with the fi360 Toolkit such as:
- Account information
- Leverage your client data to decidedly cut the time it takes to:
- Add and update client investments for review
- Flag investments for your watch list
- Review and comment on watch list investments
Current Clients: For more information on the integration, please contact fi360 support at email@example.com.
Prospective Clients: For more information or to schedule a live demo of the fi360 Toolkit, please contact fi360 sales at (866) 390-5080 or firstname.lastname@example.org.
Mid Atlantic Trust Company and fi360 are separately owned and operated.
No matter what your role in the process, there are numerous steps involved in setting up a retirement plan. From acquiring documents and signatures, to selecting an advisor, to choosing funds, it isn’t always easy to get your ducks in a row. Still, you’ve gone through the steps and your client is happy because his or her plan is up and running… and trading! And then the client wants to change the previously selected broker-dealer. Or the lease is up and he or she decides to change offices.
Luckily for you, these updates can be made easy with the help of your admin team at Mid Atlantic. By following some rules of thumb regarding updating plans, you can not only smooth the transition for you regarding paperwork, but also put your clients at ease because their plans will still function properly despite any changes they may request.
What are B51s?
A B50 is a paper or electronic request to establish a new account. A B51 on the other hand is a paper or electronic request to update the fund registration of an existing account. B52s are a whole different ball of wax, which we will save for another day.
Types of B51s
There are several types of plan updates that can be processed via B51. Registration changes are the most common as trustee, plan name, address, or tax ID number can change somewhat frequently. Depending on the plan in question, these updates may or may not be sent out via B51. For example, in the event that Mid Atlantic is the custodian, the fund companies do not need to know that ABC Company is moving buildings, as the funds are registered with Mid Atlantic’s name and address. On the other hand, if Mid Atlantic is the custodian and the plan name is changing, that is something the funds would need to update as it is part of the registration needed for the plan to trade.
The second type of B51 that we commonly process is broker updates. This is more cut-and-dry and does not matter what type of plan you have. If your broker or registered investment advisor information is changing, we will send it out to the fund companies.
What is required to make an account update?
There is documentation required, depending on account type:
- For registration updates, we need a corporate resolution for trustee or plan name updates, or a document on company letterhead stating the change for an address update.
- Should the plan be reporting only, these documents are required and must be signature guaranteed. The same applies for plan name updates for custodial plans.
- Broker updates can be made by submitting the MATC Broker Update form with the required information, detailing a FINRA registered broker. This should be signed and medallion signature guaranteed as well. Mid Atlantic can accept a document without the guarantee. However, should we need to send a manual version to the fund companies, they will require the medallion.
How do we double check this?
Mid Atlantic has processes in place to help ensure account updates are made in our system, tracked at the fund company, and verified to ensure they have been completed. We have multiple teams heading up this process to check these updates daily and make 2-3 electronic attempts, followed by a fax, and then a phone call to inquire if the fund isn’t changing their system records according to the instructions submitted. Most electronically sent B51s are accepted without issue. Some fund companies are trickier than others, but it is of course vital we are sending out the correct information in the first place. Otherwise, they may not update or, worse, they will update incorrectly.
What happens if it’s wrong?
The good news is those “multiple teams” described above are there to make sure we check, double-check, and triple-check to help make sure that this information is right. However, all submissions are based upon what our clients send over to us, so it is important that information is verified beforehand. If the information is wrong, it could impact trading and/or 12b-1 commission payments. Both can cause issues down the road. It’s better to be safe than sorry, so a good rule of thumb is to always double-check an update before sending.
Where can I view this information on the Mid Atlantic website?
There are two ways you can view updates or the current status of an update within our system. If the update is for plan registration, this can be viewed in our system on the plan’s general profile page. If you are interested in a broker update, you can view this information on the plan’s broker review page. To see the progress at the fund level, one can view the plan’s registrations page and browse through the update status for each fund company. This will allow you to see which funds have updated and which have not.
Compiled by Alexandra Cairone