Hamilton, Brook, Smith and Reynolds, Lexington, Mass., hired Schwab Institutional to provide bundled services for its $4 million plan. By Nov. 15, the firm's 70 employees will be able to invest in nine core mutual funds from multiple fund families as well as in a self-directed brokerage option. Schwab also is providing daily valued record keeping, trust, administration and employee communications, said Laurie Cohen, the law firm's controller. A money purchase plan will be added.
The plan previously offered five mutual funds and a self-directed brokerage option, all managed by Merrill Lynch. KPMG provided quarterly record keeping. The change to Schwab was made in order to get access to a wider range of mutual funds from outside fund families, said Ms. Cohen.