ExpertPlan Partners with Schwab to Reach RIAs

ExpertPlan and Charles Schwab Trust Company (CSTC) have teamed up to create a new trading platform under which Schwab will perform custody, trust, and clearing services for plans administered by ExpertPlan.

As a result of the new agreement, ExpertPlan will now offer Schwab advisers and affiliated partners the ability to trade through CSTC. In addition, ExpertPlan, which has traditionally worked with registered representatives, will now be able to form stronger alliances with fee-based advisers and registered investment advisers (RIAs), according to a press release. CSTC services many fee-based advisers and RIAs.

“Considering the vast national network of registered investment advisors (RIAs) conducting their business with CSTC, and their interest in partnering with an independent recordkeeper, it makes great business sense for ExpertPlan to offer the company as a custodial option,” said Tom Zgainer, ExpertPlan senior vice president of sales and business development, in the announcement.

Diversified Enhances NQDC Plan Solution

Diversified Investment Advisors, Inc., has enhanced its nonqualified deferred compensation (NQDC) plan solution, Retirement Advantage, to assist plan sponsors and their advisers in meeting 409A requirements.

Diversified said in a press release its enhanced solution is section 409A compliant and provides a comprehensive set of plan reporting capabilities and an open architecture approach to selecting funding vehicles and investment options. NQDC plan participants can enroll, make distribution and in-service withdrawal elections, and view their election history online.

In addition, Retirement Advantage provides plan sponsors a single recordkeeping platform designed to meet all program requirements.

“Added regulatory complexities have led many plan sponsors to step back and reevaluate their NQDC plan and as a result, they are looking for consulting and administrative support to address the section 409A requirements. Plan sponsors that chose not to subject their existing NQDC plan to section 409A are now faced with administering two completely different sets of rules and regulations. Bifurcating their existing plan, or maintaining two plans with different plan provisions, will likely require sponsors to seek outside assistance,” said Rob Vetere, senior vice president, compliance and technical services, at Diversified.

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