Tags: 401(k)

Far from keeping a low profile after its near-demise and sale last year, Securities America is actively courting retirement plan sponsors in an effort to capture some of what could become a trillion-dollar business.

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The latest demonstration that the firm is serious about capturing small 401(k) accounts is its alliance with Mutual of Omaha. 

Mutual of Omaha will act as fiduciary on these accounts, freeing up Securities America reps to make their presentations, sign the sponsors, and then move on.

Not coincidentally, this gets Securities America around any looming regulatory issue on the limits of fiduciary responsibility for plan advisors. Mutual of Omaha will act as fiduciary and partner Mesirow will design the investment menus.

As such, the brokers themselves simply sell into the Mesirow platform and Mutual of Omaha picks up the responsibility.

Mutual of Omaha has been touting this program for months now but so far few big brokerage firms have picked it up.