In Practice January 7, 2011

BP Retains Fidelity as Retirement Plan Services Provider

Fidelity Investments has renewed its long-standing contract with BP America, Inc., a subsidiary of BP plc, as its retirement services provider.
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The contract includes the continuation of administration and recordkeeping of BP America’s defined benefit (DB), defined contribution (DC), and nonqualified deferred compensation plans for U.S. employees. BP America has 48,000 DC and 95,000 DB participants. As of October 31, 2010, BP’s DC assets totaled more than $7 billion.  

According to a Fidelity news release, it began providing administrative services for BP America’s DC plan in 1998 and its DB plan in 1999. The renewal extends Fidelity and BP America’s relationship to 2015.   

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“BP’s employees and retirees are very informed and engaged with their retirement planning process. We are thrilled to be extending our relationship to continue to provide them the education and tools to help them make the best decisions for their retirement goals,” said Jeffrey Lagarce, executive vice president, Workplace Investing, Fidelity Investments, in the announcement.  

BP America participants have access to a single view of their retirement accounts as well as planning tools through Fidelity’s NetBenefits Web site.
Products January 7, 2011

Buckingham Financial Services Acquires Turnkey Program

The Buckingham Family of Financial Services has acquired Advisors Access, a turnkey 401(k) program, from Capital Directions.  
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Advisors Access will be offered by BAM Advisor Services (BAM), a Buckingham Family company.  According to a press release from Buckingham, the program gives independent registered investment advisers (RIAs) the tools and support they need to effectively compete against the largest providers in the 401(k) market. The program includes adviser-managed portfolios, access to exclusive institutional investments, one-on-one advice, fee transparency, and the fiduciary liability protection of working with both an ERISA 3(21) fiduciary adviser and an ERISA 3(38) investment manager.

The Advisors Access program will be offered in addition to BAM’s platform of RIA support services, which include back-office, technology, fixed income, marketing, compliance and risk management. Like BAM, Advisors Access maintains an emphasis on passive investing, the release said.

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“With the addition of the Advisors Access program to our family of services, BAM will greatly enhance its one-stop shop for value-added services that help RIAs focus on growing their asset levels, while providing an exceptional client experience,” said Mont Levy, CEO of BAM Advisor Services, in the announcement.   

Advisors Access was acquired from Capital Directions, a fee-only RIA with more than $800 million in assets under management. Advisors Access will maintain its name and will continue to be managed by Capital Directions. The terms of the deal were not disclosed.  

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