Advisor Access to Participant Transactions

Happy New Year!

Wondering if anyone is aware of functionality that allows the plan's advisor to view participant-level transactions and, if permitted, execute transactions or act on behalf of the participant?

Do providers allow advisors to view participant-level transactions? If so, is this something that's common? I received an inquiry today and was unfamiliar. 

Thank you!

LawnBoy

Allowing access to see participant transactions is quite common. Allowing the advisor to execute transactions (other than investment trading) would be very uncommon, I would imagine.

Thank you, Bill! 

Apologies for the follow-up, but are you familiar "how" providers grant advisors this access? Is it something that is available on a report, dashboard or online portal? 

Thanks for the help!

LawnBoy

Usually when the plan is set up with a recordkeeper (either a brand new plan or a takeover from another RK), the RK provides a form for the plan sponsor to sign. It lists everyone that gets access from the sponsor to the TPA to the advisor. It also lists what level of access they get. If you weren't on that original list, you'll need to talk to the sponsor and/or their contact at the RK to get the approval.

Thanks again! Very much appreciated. 

On 1/4/2021 at 2:09 PM, Bill Presson said:

Allowing the advisor to execute transactions (other than investment trading) would be very uncommon, I would imagine.

The advisor would need to be an RIA and appointed as an investment manager for that participant's account.