In Practice September 18, 2012

Paychex Sales Force to Boost Retirement Plan Engagement

Paychex Inc., a provider of 401(k) recordkeeping services, launched a sales force to build relationships with advisers and plan sponsors.
Reported by

Leveraging its relationships and business community contacts, Paychex aims to help advisers create client opportunities to build their retirement plan businesses and also provide retirement plan expertise.

This expansion is supported by 14 national external and internal wholesalers who will focus on cultivating relationships with advisers to help them gain assets. In addition, 20 regional retirement representatives will support clients with larger asset balances and employee counts. Paychex also introduced an enhanced service model to support the adviser-centric environment, which includes a dedicated account manager to support advisers and their clients. 

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The resources and tools include a selection of investment options, payroll processing integration, user-friendly plan implementation, plan maintenance, and an investment monitoring service.

In addition to the new sales force, Paychex is promoting a host of online resources developed specifically for advisers and plan sponsors, and available on its Financial Advisor Portal, www.paychex.com/advisors. On the Web portal, clients will have access to value-added content geared toward helping clients build their retirement plan business and manage human resource services, including articles, white papers, web seminars and local CFP seminars.

“Paychex is dedicated to helping financial advisers and plan sponsors alleviate their administrative burden through competitive offerings and sound expertise,” said Lonny Ostrander, vice president of sales for Paychex’s Human Resources Services division.

Paychex is a provider of payroll, human resource and benefits outsourcing solutions for small to midsize businesses. 

 

The Markets September 18, 2012

U.S. Stock Funds Post Another Month of Outflows

Long-term mutual fund inflows were just $20.7 billion in August, as open-end U.S. stock funds tallied yet another month of outflows, losing $14.3 billion.
Reported by

According to Morningstar’s monthly mutual fund asset flows report, U.S. stock mutual funds and exchange-traded funds (ETFs) bled $22.4 billion in August, making it the worst month in two years and the fifth worst during the past five years for the asset class.   

International stock funds had $2.8 billion in outflows, the group’s worst showing since December 2011. In addition, investors seem to have lost their taste for world-bond and inflation-protected bond funds. These two former favorites absorbed just over $600 million in combined August inflows.   

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However, investors poured $26.4 billion into taxable-bond funds ($30 billion if ETF flows are included) and another $5.6 billion into municipal bond funds in August. Altogether, inflows into these funds surpassed $1.1 trillion since the end of 2008 when the Fed cut rates to zero.   

The complete August report is here.

 

 

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