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MoeMoney

Security Benefit, DirectInvest and GWN aggregator

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OMNI told me I need to create an account with GWN, our approved aggregator, in order to contribute to SB's DirectInvest. I have already established a SB account and received the plan number. I had to call the GWN number who had to get "the advisor" to call me directly. She stressed she needed to meet me personally to "fill out the highly regulated forms and take a risk assessment". I told her I want the DirectInvest and knew my funds already. She had to research the DirectInvest product because "nobody" ever uses it and call me back.

She agreed to mail me the 403b forms after I told her I'd call her if I had a question and that I'd allow her to mail them in for me. She claimed she did not know if the enrollment form has a spot on there to choose the DirectInvest product. 

Using the SB phone number was helpful but we do not have SB listed as an approved vendor so is this all a useful attempt? I didn't see the the SB DirectInvest option on Aspire's platform, the current aggregator I use for Vanguard Index funds. I think I'm confused if GWN will just act like any other vendor and try to enroll me in SB annuity or if that is indeed the only way to get into the SB DirectInvest product.

It is not a big deal for me to get SB but I did want to see first-hand how they handle it.

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I’m confused because I don’t know what an aggregator is and I don’t know what GWN stands for. Didn’t take the time to google, sorry.

I’m also confused by you saying that you already have a SB account, but SB isn’t an approved vendor. It would seem you couldn’t have the former without the latter.

Aspire is an entirely different vendor that is separate from SB.

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I shortened the name, it’s GWN employee deposit account. 

I was able to create an account because NEA acknowledged that I am “eligible”. They emailed me the secret code to create a security member 403b account. 

I sent Omni the salary reduction firm with this number and they told me I had to go through GWN the aggregator.

It’s a confusing web.

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If SB is not on your district’s vendor list, I think you can’t use SB’s NEA Direct Invest. It sounds like OMNI is giving you the runaround IF SB is on the vendor list. GWN should not be involved? 

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I figured as much. And the GWN rep couldn't wait to get me to schedule an appointment with her to go over the paper work. She said she has Security Benefit, as an aggregator, yet was telling me she was unfamiliar with DirectInvest and no one ever asked for it, ever. She is ""required" to sit with me as I cannot fill out the investor risk profiler myself as the FS is a "highly regulated" industry. 

My confusion was thinking that though SB is not on my vendor list, as long as I was able to create an account with them, I could, as per OMNI.  And being the NEA -endorsed product I'd be able to "directly" invest in it.

I was a bit surprised that NEA's endorsed product or vendor - Security Benefit -was not on our P3 lineup. 

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