Paychex Launches Service for Fee-Based Advisers

Paychex Inc., a provider of 401(k) recordkeeping services, launched Paychex Advisor Select 401(k) for fee-based financial advisers.

Paychex Advisor Select 401(k) provides online account administration for employer-plan sponsors and their employee-plan participants. Online tools available to plan participants include online enrollment, daily account snapshot, account profile management, interactive investment education, retirement calculators, deferral election, investment selection management and a set of investment resources.

Online features available to plan sponsors include daily plan snapshot, account profile management, employee census management, employee deferral tracking, proactive e-mail notifications, as well as loan and distribution request processing and tracking.

Paychex Advisor Select 401(k) is “concession neutral” and conflict free, meaning Paychex does not retain any form of revenue share payments.  

“By returning those fees back to the plan at the participant level, Paychex enables advisers to assemble an unbiased menu of investment options for their clients, while allowing participants to save for retirement in a fee-friendly environment,” said Paul Davidson, director of product management at Paychex, responsible for the company’s retirement services product line.

Paychex Advisor Select 401(k) is a program developed by ePlan Services Inc., a provider of recordkeeping and administrative solutions to the defined contribution marketplace, which Paychex purchased in May 2011. ePlan Services’ platform allows Paychex to expand its service offering to financial advisers while providing greater transparency into fee structures.