SuccessorCustodian enables institutions to easily transfer or remediate entire classes of alternative assets to PENSCO, which specializes in holding and administering complex alternative assets in tax-advantaged retirement accounts. The solution simplifies the remediation process through streamlined workflow and electronic document processing.
The company says state and federal regulators are directing wirehouses and broker/dealers to find independent, successor custodians for tens of billions of dollars of alternative investments in client retirement accounts. Regulators want financial institutions to designate independent custodians to hold those client accounts to ensure that alternative assets in IRAs and other tax-qualified plans remain in tax and regulatory compliance.
“PENSCO SuccessorCustodian offers institutions and financial advisers a streamlined and orderly process for transferring a large volume of alternative assets to PENSCO while retaining control of the client relationship,” said PENSCO Chief Executive Kelly Rodriques. “PENSCO SuccessorCustodian is an institutional-quality solution that lowers compliance risk, reduces account administration costs, and demonstrates progress in remediating alternative assets.”
For more information about PENSCO SuccessorCustodian, contact Tom Steinberger, 415.395.5797, firstname.lastname@example.org.