Products May 11, 2009

ING Announces Intent to be 403(b) Prototype Plan Provider

ING U.S. Retirement Services (ING) notified the IRS of its intention to file an opinion letter application as a Section 403(b) prototype plan sponsor.
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ING, provider of K-12 and higher education 403(b) retirement plan products and services, anticipates its letter will be filed as soon as the IRS begins accepting applications from retirement plan providers seeking favorable determinations on their prototype plan documents, according to a news release.

“School systems across the country can be confident that the prototype we develop will satisfy the Internal Revenue Service’s written plan requirements and be updated as needed to reflect tax law changes, helping to meet the ongoing retirement needs of our school systems,” said Linda Segal Blinn, vice president of Technical Services at ING, in the release.

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The 403(b) prototype plan program will allow eligible employers to adopt a pre-approved plan and have assurance that the form of the plan meets all 403(b) regulatory requirements. The IRS announced the program on April 14.

Robert J. Architect, IRS Senior Tax Law Specialist, told PLANSPONSOR‘s 403(b) Summit attendees that determination letter reviews for the prototypes could begin as soon as the first quarter of 2010 (see “IRS Releases Proposed 403(b) Prototype Document Program“).

Products May 11, 2009

Charles Schwab Report Addresses CRM Systems

Charles Schwab released a report outlining best practices for planning, selecting, and implementing customer relationship management (CRM) systems for independent investment advisers.
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“Getting the Most out of your CRM Investment” also offers tips for getting the most out of these tools and successfully navigating the implementation process, according to a news release.

Charles Schwab said that while most independent investment advisers use some type of client tracking system, many could do more to realize the full business benefits of these systems to increase their productivity and profitability.

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“One of the most common conversations Schwab Technology Consultants are having with advisers right now is about how to maximize existing technology given the pressures firms are facing in this environment,” said Trish Cox, chief operating officer of Schwab’s Advisor Services division. “A good CRM system can serve as the productivity hub of an advisory firm—improving workflow, creating efficiencies, and maximizing the client experience.”

The report provides investment advisers with a three-step approach for selecting a CRM system, which includes defining the firm’s business goals and how a CRM system can help achieve them; assessing the specific CRM features and functionality necessary to meet a firm’s needs; and establishing objectives for the system following implementation.

To help advisory firms select the right CRM system for their specific needs, the report reviews the three major categories of CRM solutions for the registered investment adviser (RIA) industry, including general solutions, RIA-specific solutions, and custom-built solutions, and also examines the most common CRM applications and features, including:

  • contact management
  • client communications
  • workflow automation
  • document management
  • marketing and business development.

The report is part of The Schwab Market Knowledge Tools series, an ongoing program of industry research reports offered exclusively to Charles Schwab’s investment adviser clients (see “Schwab Announces Papers for Independent Advisers“).

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