Retirement Plan Providers Come Together for Fiduciary Rule Response

A new partnership including Vertical Management Systems, Envestnet and United Retirement Plan Consultants is aimed at helping advisers streamline fiduciary, recordkeeping and compliance services through one scalable platform.

 Vertical Management Systems Inc. (VMS), Envestnet Retirement Solutions (ERS), and United Retirement Plan Consultants (URPC), have announced a new strategic partnership designed to help financial advisers, retirement plan sponsors and participants navigate new Department of Labor (DOL) conflict-of-interest regulations.

According to the firms, the integration of services via VMS’s Retirement Revolution platform provides a retirement plan solution with “choice, flexibility, complete transparency and cost-effective pricing.” Further, it leverages the combined expertise of leading providers to offer “optimal outcomes across the spectrum of retirement plan needs—from plan design and set-up to full recordkeeping and administration, wrapped with fiduciary protection that specifically addresses the new DOL rules.”

Kevin Rafferty, chief executive officer of VMS, explains the combination of Retirement Revolution’s retirement platform with fiduciary and third-party administrator (TPA) services should be especially helpful in the context of a more demanding regulatory environment. Babu Sivadasan, group president of Envestnet Retirement Solutions, adds that the flexibility the underlying fiduciary 3(21) and 3(38) outsourcing solutions accommodates adviser’s customized fund menu for a plan has been well received so far by the adviser community.

The comprehensive Retirement Revolution platform offers both “off-the-shelf” and customizable solutions, providing advisers and their clients with flexible retirement plan alternatives to meet their specific needs.

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