Custody, Trading, & Paying Agent Services
Mid Atlantic provides trust and custody solutions for retirement plans and other accounts through Mid Atlantic Trust Company, our state-chartered non-depository trust company. Through its retirement plan channel, the Mid Atlantic organization provides services to more than 75 TPA and record keeping firms. Customers rely on us for trust, custody, paying agent and/or clearing and settlement services for over 55,000 retirement plans and trust accounts.
Mid Atlantic’s web-based trust accounting and custodial system provides real time online access to cash and investment reporting for our plan administrator customers as well as plan sponsors, advisors, auditors, and other interested parties. Furthermore, our directed trustee services may qualify your plans for limited scope audits.
Trading and Settlement Services for Plan Accounts
Through our extensive relationships with mutual fund families, and as an NSCC self-clearing member, Mid Atlantic offers access to over 20,000 mutual funds. We provide a state-of-the-art trading and reporting system that integrates with your record keeping or trust accounting system for straight-through processing of trades, confirmations, positions, prices and dividends. When doing business with Mid Atlantic, you will have the peace of mind knowing that you are trading with one of the NSCC’s largest mutual fund trade processors. We clear and settle over 1.4 million trades per month on behalf of our administrator, trust and insurance company customers.We offer turn-key integration for trading and custodial reporting of mutual funds, exchange traded funds, managed accounts, unitized funds, equities, collectives, and self-directed brokerage accounts which includes:
- Competitive self-directed brokerage account options through our clearing arrangements with National Financial Services LLC
- Custodial reporting of SDB accounts held away
- Sub TA/Service fee collection for over 150 fund families
- 12b-1 collection for fee based plans, enabling rebating
- Automatic electronic delivery of monthly statements to all interested parties
- Online mutual fund and ETF research tool and fact sheets using Morningstar and NSCC fund data points
In response to the newly issued DOL Fiduciary Rule, Mid Atlantic has developed FiduciaryxChange®, to help brokerage and advisory firms retain and grow their retirement plan assets under these new regulations. We believe that FiduciaryxChange® provides the tools that help these firms not only survive, but thrive in the new regulatory landscape!
- For Commission Based Compensation
The financial professional can continue to provide commissioned based retirement services through a level platform fee newly enabled by Mid Atlantic, in concert with Mid Atlantic’s extensive nationwide network of plan recordkeepers. Flexible program rules will be supported by Mid Atlantic to facilitate implementation of each dealer’s program guidelines, recognizing that various dealers may interpret the rule differently. The advisor’s total compensation will be paid to the home office through check, electronic funds transfer, or via the NSCC’s Payment Axis service.
- For Fee Based Compensation
FiduciaryxChange®, automates fee based invoicing and collection as well, for any plan on the Mid Atlantic platform. Track revenue earned, actual revenue collected, and any outstanding receivables through a more automated and centralized environment.
For many firms, tracking plans held away can become a resource drain on both advisors and their compliance departments. The complexity of gathering that information grows exponentially as the number of recordkeepers used by a single firm increases. By leveraging MATC through its web portal, your firm can access data on plans held at any recordkeeper in the Mid Atlantic network through a single, efficient interface.
- Data Feeds
For firms that already have custom reporting systems in place, Mid Atlantic can easily provide the necessary data feeds, including third party performance and account aggregation, that are needed to populate these systems.
- Add Third Party Fiduciary Services
FiduciaryxChange® provides a platform to “plug in” an optional 3(21) or 3(38) third party fiduciary working with their advisors. FiduciaryxChange® will automate the onboarding, billing, reporting, investment lineup changes and when applicable, plan closings. This important functionality can be completely automated so that a repeatable and streamlined process is put in place.
LEARN MORE >> about how FiduciaryxChange® can help your organization better address its regulatory and automation needs.
DepositxChange® is our FDIC eligible* daily deposit product that offers a competitive alternative to money market funds for plan participant investment menus. Operated as a multi-bank platform, DepositxChange® processes daily plan deposit and withdrawal activity across participating banks, connecting them seamlessly with your record keeping system. Our technology enables the following key features:
- While each participating bank holds deposits and sets its own rate, for processing convenience DepositxChange® is presented as a single addition to the plan’s menu with a unique trading identifier, and a composite balance and blended deposit rate
- Daily withdrawals and deposits process in the same manner as a daily accrual money market fund, settling T+1 with the rest of your trading activity
- We handle all sub-accounting activity at the plan level and present a daily price of $1 with an accompanying accrual factor
|Trading Identifier||Program Name|
|DXP000015||Deposit Management Program I|
|DXP000023||Deposit Management Program II|
|DXP000016||Deposit Management Program III|
*Please CLICK HERE >> for information regarding FDIC insurance and other important disclosures.
Paying Agent Services
Mid Atlantic offers an extensive line of paying agent services for plans in Mid Atlantic’s custody or held elsewhere. Our services may be the perfect solution for those looking to outsource 1099 production and other related services for balance forward plans or plans held in brokerage accounts. The Mid Atlantic paying agent solution includes:
- Real-time online cash reporting and email notifications of cash activity
- Form 1099-R and 945 remittance, filing, and reporting
- Online access to check images, 1099s, wire and ACH references, and tax reporting
- Daily updates of uncashed checks
- Review and release functionality
Extensive Array of Web Based Tools and Support Technology
In addition to our core custody, trading and paying agent services, Mid Atlantic offers a myriad of tools designed to help you attract and retain clients. Some highlights of these tools are as follows:
- Plan Investment Plus (PIP): Automated plan investment policy statement generation, fund scoring, periodic reports, and policy compliance measurement in a polished package for plan sponsors
- Fully transparent fee and rebate database and search tools
- Fund Research: Fund screening, fund operational data, and on-demand fund and lineup fact sheets.
- LEARN MORE >>
More than 8,000 plan advisors and brokers utilize Mid Atlantic’s platform for custody, trading and settlement of their retirement plan business.