Products April 19, 2016

Retirement Plan Providers Come Together for Fiduciary Rule Response

A new partnership including Vertical Management Systems, Envestnet and United Retirement Plan Consultants is aimed at helping advisers streamline fiduciary, recordkeeping and compliance services through one scalable platform.
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 Vertical Management Systems Inc. (VMS), Envestnet Retirement Solutions (ERS), and United Retirement Plan Consultants (URPC), have announced a new strategic partnership designed to help financial advisers, retirement plan sponsors and participants navigate new Department of Labor (DOL) conflict-of-interest regulations.

According to the firms, the integration of services via VMS’s Retirement Revolution platform provides a retirement plan solution with “choice, flexibility, complete transparency and cost-effective pricing.” Further, it leverages the combined expertise of leading providers to offer “optimal outcomes across the spectrum of retirement plan needs—from plan design and set-up to full recordkeeping and administration, wrapped with fiduciary protection that specifically addresses the new DOL rules.”

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Kevin Rafferty, chief executive officer of VMS, explains the combination of Retirement Revolution’s retirement platform with fiduciary and third-party administrator (TPA) services should be especially helpful in the context of a more demanding regulatory environment. Babu Sivadasan, group president of Envestnet Retirement Solutions, adds that the flexibility the underlying fiduciary 3(21) and 3(38) outsourcing solutions accommodates adviser’s customized fund menu for a plan has been well received so far by the adviser community.

The comprehensive Retirement Revolution platform offers both “off-the-shelf” and customizable solutions, providing advisers and their clients with flexible retirement plan alternatives to meet their specific needs.

More information can be found at www.vmsholdings.com. 

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