Products June 21, 2010

PowerAdvisor Takes on New Power Source

Account aggregator ByAllAccounts, Inc. and Cornerstone Revolutions, a provider of software and services for independent investment professionals, have announced a product enhancement.
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According to an announcement, the firms say that PowerAdvisor, a solution for managing assets, producing reports, billing clients and rebalancing accounts, is now powered by what the firms described as “professional-grade” account aggregation.  According to a press release, an option now exists for PowerAdvisor portfolio management system customers to “cost-effectively add account aggregation, creating new opportunities to identify, advise on and bill against new assets under management and more easily and efficiently manage compliance-related activities”.

“Our goal is to bring account aggregation to as many advisors as possible through platforms that are most familiar to them,” said James Carney, president of ByAllAccounts. “This partnership with Cornerstone Revolutions inserts our account aggregation solution into the proven PowerAdvisor workflow, giving independent investment advisors and smaller firms yet another competitive, but still cost-effective advantage over larger firms.”

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“We are very excited about our partnership with ByAllAccounts,” said Mary Helper, president and CEO, Cornerstone Revolutions, Inc. “In today’s challenging market, we are seeing more and more advisors who want to invest their clients’ money to maximize earnings and minimize fees. Our partnership with ByAllAccounts enables us to give our advisors the flexibility to easily and affordably capture data from wherever they choose to custody assets.”

ByAllAccounts’ patented aggregation engine, through which more than $170 billion in assets flows, aggregates all client account data within an advisor’s wealth management platform or trust accounting system for a truly comprehensive view.

Compliance June 21, 2010

IRS Provides Relief to Storm-Affected Employers

The Internal Revenue Service is providing administrative relief for sponsors of defined contribution plans that were affected by the storms and other severe weather in several states.
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Notice 2010-48 administratively extends to July 30, 2010, the April 30 deadline for restating affected pre-approved defined contribution plans and, if applicable, for submitting determination letters to the IRS, to July 30, 2010. The section 401(b) remedial amendment period for these retirement plans is also extended to July 30. 

The relief applies to the following disaster situations:

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  • Connecticut victims of March 2010 severe storms and flooding.
  • Tennessee victims of April-May 2010 severe storms and flooding.
  • Alabama victims of April 2010 severe storms and flooding.
  • Mississippi victims of April 2010 severe storms, tornadoes and flooding.
  • New Jersey victims of March 2010 storms and flooding.
  • Massachusetts victims of March storms and flooding.
  • Rhode Island victims of March storms and flooding.
  • West Virginia victims of March storms and flooding.

The notice details the scope of the relief provided and further defines the conditions under which a plan qualifies as an affected plan.   

A plan is an “affected plan” only if any of the following locations relating to the plan were in the federally declared disaster areas at the time of the disasters:

  • The principal place of business of the employer that maintains the plan;
  • The principal place of business of the employer that employs more than 50% of the active participants covered by the plan; 
  • The office of the plan or the plan administrator;
  • The office of the primary recordkeeper serving the plan; or 
  • The office of any adviser that had been retained by the plan or the employer at the time of the storms or other severe weather that is directly involved with the adoption of the plan or the submission of a determination letter application to the IRS.

The IRS said the relief provided by the notice is in addition to the statutory relief already provided by the IRS, under section 7508A of the Internal Revenue Code, to taxpayers affected by the federally declared disasters in these eight states during the period from March through May 2010. 

Notice 2010-48 is here.

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