Deals & People March 23, 2009

Independent Retirement Plan Advisers Form New Organization

A group of independent retirement plan investment advisers formed the National Association of Independent Retirement Plan Advisors (NAIRPA), a sister organization to the American Society of Pension Professionals&Actuaries (ASPPA)
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The mission of NAIRPA is to educate and advocate the role of retirement plan advisers, the importance of independence, and “the real meaning of independence,’ according to a press release.

NAIRPA is not affiliated with financial services companies. Its members are registered investment advisers (RIAs) whose fees for service do not vary with the investment options selected by the plan or participants, the organization said.

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NAIRPA members also make other commitments about fee arrangements and fiduciary status, according to the release. Members commit to disclosing expected fees in advance of an engagement, reporting fees annually thereafter, and agreeing to serve as a plan fiduciary to all plans for which it serves as a retirement plan adviser.

“NAIRPA will give independent investment advisers a voice in ongoing policy discussions about investment and fiduciary issues for qualified retirement plans,’ said Mark Davis, of CAPTRUST Financial Advisors, a founding member of NAIRPA, in the release. “We believe independent advisers have unique expertise to offer, and previous to NAIRPA, we have not had an organization to represent our interests in the retirement plan industry.’

NAIRPA said it will provide opportunities for independent advisers to participate in policy discussions about crucial issues, such as investment advice and fee disclosure for 401(k) plan investments. NAIRPA intends to work closely with regulators at the U.S. Department of Labor and with policymakers in Congress “to ensure independent retirement plan advisers have a voice in setting and implementing policies to strengthen the retirement system for working Americans,’ the release said.

As a sister organization, ASPPA will be providing logistical and lobbying support to NAIRPA.

Firms interested in joining NAIRPA can contact Kara Getz kgetz@asppa.org for more information.

Products March 23, 2009

ADP Introduces Adviser-Oriented Retirement Plan Offering

ADP Employer Services today introduced ADP ACCESS, a retirement program that combines a financial adviser with ADP's 401(k) plan recordkeeping services.
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ADP ACCESS is designed to ease the administrative burden and provide service and support to the financial adviser community, the company said in a press release.

ADP said the program benefits include:

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  • The employee education program iPlan.iSave.iBenefit that that helps employees maximize their plan benefits and manage their retirement plan goals and objectives
  • A nationwide network of licensed education specialists who are dedicated to helping employees prepare for retirement
  • Seamless integration between payroll and 401(k) plan systems
  • A wide range of investment options covering more than 25 different asset managers, more than 140 different investment options, and diversification across asset classes
  • A level compensation model

“ADP recognizes the valuable role financial advisers play in offering clients and plan participants trusted guidance,” said Chris Augelli, VP Alliance Programs and Business Development. “By leveraging ADP’s unique strengths in data and client management, employee education and investment objectivity, ACCESS helps to ensure that financial advisers are offering their clients the best possible retirement plan solutions.”

Through the ADP ACCESS program, ADP will expand its relationships to more than 32 adviser-focused firms, including broker/dealers, wirehouses, and regional and independent firms, representing over 60,000 advisers, the company said.

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