Products December 2, 2008

Transamerica Enhances Online Administration Tool for TPAs

Transamerica Retirement Services announced a series of enhancements to Transamerica Partner iSeries, a Web-based, virtually paperless plan administration tool for third-party administrators (TPAs).
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According to a press release, the enhancements enable TPAs to conduct loan withdrawals and termination, hardship, and in-service distribution functions online.

The new loan and distribution enhancements give TPAs the ability to be notified by e-mail when a request has been made by a plan participant. With the new online distribution functionality, the TPA can update vesting for termination distribution requests, review the requests to determine if they meet plan specifications, and approve or deny the requests depending on employee eligibility.

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The new online distribution functionality also allows participants to provide international addresses, claim tax withholding, and indicate how they would like to receive the distribution. It is compatible for both traditional and Roth 401(k) plans.

“These enhancements allow TPAs to be even more involved in every facet of plan administration, better ensuring plan compliance, and ultimately making plan sponsors more comfortable with Transamerica as their plan provider,” said Kevin Falcone of Falcone Associates, in the release.

Transamerica Partner iSeries features online plan installation; an e-mail notification system that sends confirmation e-mails to the contact person assigned to a plan, as well as a backup contact; and an enhanced security system.

More information is available at www.TA-retirement.com.

Products December 2, 2008

Focus Financial Partners Offers Support for Brokers Going Independent

Focus Financial Partners LLP formed a consulting service for “elite broker teams” establishing fee-based registered investment advisory (RIA) firms, the company said.
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Focus Financial, a partnership of independent wealth management firms, said the Focus Connections service is for brokers “who reflect the core values of the company.”

Through Focus Connections, advisers who have made the decision to go independent can work with an interim COO who guides them through the range of start-up issues, including everything from the mechanics of setting up a small business to best practices for running an RIA, according to a Focus press release. Once the RIA is up and running, it can tap into other resources at Focus, such as marketing and HR support; access to capital to complete sub-acquisitions; assistance with recruiting new talent; and the sharing of best practices with Focus’ partner firms.

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Focus said it is selective about the teams with which it consults, because it does so “with an eye to eventual partnership.’ The typical profile of a Focus Connections firm: entrepreneurially minded broker or team with a business model that is primarily fee-based, and serves an established and growing client base with a minimum of $400 million in assets.

According to the release, areas in which broker teams receive guidance and counsel include:

  • business administration — creating and managing a budget, corporate and business insurance, and benefits;
  • new business set-up — identifying and negotiating real estate, furniture, IT hardware (i.e., computers, printers, fax, mobile devices), telephone systems, and Internet;
  • RIA infrastructure — custodian selection and performance reporting.

More information is available at www.focusfinancialpartners.com.

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