Deals & People October 1, 2010

Noisom Wealth Management Group joins Raymond James

Financial advisers Tony Noisom and Chris Musino recently joined Raymond James & Associates, in its Coral Gables, Florida, branch.
Reported by

Noisom and Musino created the Noisom Wealth Management Group, which provides financial planning services for individuals, families, and businesses.  

The group has more than $87 million combined in assets under management.

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Raymond James Financial has more than 5,300 FAs, serving 1.9 million accounts. Total client assets are approximately $342 billion, of which approximately $32 billion are managed by the firm’s asset management subsidiaries.

Products October 1, 2010

New Multiple-Employer DC Plan Coming to Market

American Pension Services is introducing a 413(c) multiple-employer defined contribution plan, called “The Platinum 401k” program.   
Reported by

American Pension Services of Clearwater, Florida, is calling the program “adviser-centric,” in that the investment adviser to the plan will be able to stay on as adviser while they are an adopter in the program. Advisers who chose to use “The Platinum 401k” program will be able to concentrate on assisting their clients with individual asset allocation and monitoring adopter-level investment returns.

W. Michael Montgomery of Montgomery Retirement Plan Advisors of Tampa, Florida,  serves as a CEFEX-Certified ERISA 3(21) 3(38) plan fiduciary and American Pension Services, Inc. of Clearwater, Florida, serves as the plan’s third-party administrator.

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According to APS President and founder, Terrance Power, the selling points of the plan include:

  • Elimination of Trustee-level fiduciary exposure
  • Elimination of their annual plan audit (if the group is required to have one)
  • Elimination of annual Form 5500 filings
  • Elimination of cumbersome 408(b)(2) compliance requirements effective July 2011
  • Allows Professional Employer Organizations (PEOs) to effectively receive retirement plan commissions from their client companies
  • CEFEX-Certified ERISA 3(21) 3(38) plan fiduciary
  • Aggregation of plan assets for pricing leverage
  • Outstanding opportunity for ‘frozen’ defined contribution plans to eliminate ongoing audit and billable administrative expenses
  • Experienced third-party retirement administration services from American Pension Services, Inc. in Clearwater, Florida

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