Product Partnerships – 12/20/23

Transamerica Selected as Recordkeeper for Gallagher’s New 401(k) Choice Pooled Solutions

Transamerica Corp. announced its selection as the recordkeeper for Gallagher & Co.’s new 401(k) pooled solutions. Through a single contract, an employer can select either the Gallagher 401(k) Group Retirement Plans or the Gallagher 401(k) Choice Pooled Employer Plan. This move offers small and large employers the choice to join the plan most appropriate for their business.

Gallagher’s new 401(k) pooled solutions provide: 

• Recordkeeping services through Transamerica Retirement Solutions;
• 3(38) investing fiduciary services through Gallagher Fiduciary Advisors LLC;
• 3(16) plan administration fiduciary services through TAG Resources, a Transamerica company; and
• Distribution through Gallagher’s Retirement Plan Advisors.

“We are proud to collaborate with Gallagher,” Phil Eckman, Transamerica’s president of workplace solutions, said in a statement. “Our shared goal is to simplify retirement plan administration so that small and large organizations can focus on their core business and help employees prepare for retirement.” 

Prospera Financial Services Unveils Enhanced Tech Stack

Prospera Financial Services Inc., a boutique wealth management firm, announced the newest additions to its technology offerings for its financial advisers.

Earlier this year, Prospera rolled out its partnership with CAIS, which provides its advisers access to alternative investment strategies offered on the CAIS platform. Through this partnership, Prospera’s advisers access a paperless, single-sign-on platform, which includes adviser training, integrated education and operation workflows.

Prospera has also partnered with Envestnet Retirement Solutions, a management platform for advisers and plan sponsors, providing advisers with an integrated, open-architecture fiduciary solution. Prospera’s advisers who manage retirement plans for business clients access a customized web-based portal to analyze business analytics.

The firm also recently selected SS&C’s Black Diamond Wealth platform, which will be available to all advisers in April 2024. The Black Diamond platform offers performance reporting, rebalancing and client billing functionality, daily reconciliation services, a client portal with mobile access and integrations with several complementary solutions.

“The continued evolution within the fintech space enables boutique firms like ours to support advisers competing for complex and sophisticated business without sacrificing the personalized service at the core of our approach to this industry,” Prospera President and COO Tarah Williams said in a statement.

BPAS Partners With SS&C Automatic Rollover Program

BPAS, a provider of retirement and benefits administration services, announced its AutoRollovers service has joined with SS&C Technologies’ automatic rollover program, designed for third-party administrators, recordkeepers, advisory firms and plan sponsors.

The collaboration aims to streamline the administration of mandatory rollovers at the plan level. BPAS AutoRollovers provides an IRA solution for terminated participants facing mandatory distributions from their retirement accounts. This service simplifies the management of mandatory distributions for plan sponsors, providing a fully automated distribution process for plans utilizing the BPAS platform.

Established in 1973, Utica, New York-based BPAS—Benefit Plans Administrative Services Inc.—now supports 4,500 retirement plans, $110 billion in trust assets, $1 trillion in fund administration and more than 620,000 participants.

SS&C is a global provider of services and software for the financial services and health care industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, with approximately 20,000 financial services and healthcare organizations using its offerings.