Paychex (k)Index makes use of back-end technology to cross-reference investments on the Paychex 401(k) recordkeeping platform with a variety of broker/dealer rosters. It also provides advisers the ability to filter by asset category and share class, and elect for fiduciary protection under Employee Retirement Income Security Act (ERISA) Section 3(38).
The tool—which generates an aggregated investment list online that can be saved on a browser for future reference—allows advisers to know at a glance which investments they can use on the Paychex 401(k) recordkeeping platform.
According to Rich Brindisi, 401(k) product marketing manager at Paychex, cross-referencing between recordkeepers and broker/dealers has been a labor-intensive and manual process for advisers. Calling the Paychex (k)Index the first tool of its kind, Brindisi pointed out that advisers must offer investments that appear on their broker/dealer’s platform. “In the 401(k) market, advisers also have to limit their selections to the platform of investments provided by the 401(k) recordkeeper,” he said. The tool makes it easy to recommend investments to their clients.
Advisers can access the Paychex (k)Index tool on any Web-enabled device, including iPhone, iPad, Android, and BlackBerry.
More information is at kindex.paychex.com or the Paychex website for advisers.
Paychex provides 401(k) recordkeeping services companies in the U.S.