Deals & People January 23, 2014

Verisight Acquires DailyAccess Corporation

Verisight Inc. is acquiring retirement and benefit plan service provider DailyAccess Corporation, and its subsidiaries, InterServ, LLC and DailyAccess Health and Welfare, LLC.
Reported by

The combined entity will provide services, from 18 offices across the nation, to more than 6,500 retirement plan clients holding more than $30 billion in retirement plan assets. The acquisition particularly enhances the presence of retirement plan service and consulting solution provider Verisight in the Southeast U.S.

The combined company will operate under separate brands for the short-term. Greg Tschider will be at the helm of the combined organization and continue to serve as CEO of Verisight, with Tommy Thomasson continuing to serve as president and CEO of DailyAccess.

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The combined areas of expertise of the two companies include 401(k) and other retirement plans, recordkeeping and administration, trust and custodial services, actuarial services, employee stock ownership plans (ESOPs), compensation and employee benefits consulting, as well as third party fiduciary support and health and welfare services. The combined organization will continue to serve plan sponsors and retirement plan advisers to enhance its offerings and expertise for its advisory partners.

“The synergies gained by combining the resources of our two companies will enable us to deliver more robust solutions for our clients and advisers, in order to meet the demands of the evolving benefits industry,” Tschider says. “This strategic acquisition not only reaffirms our commitment to exceptional client service but, through expanded geographic reach and service offerings, also firmly establishes the combined entity as one of the largest and most comprehensive providers working in partnership with financial advisers in the retirement space today.”

“We believe that our combined organization will fulfill the market need for a client-centric, national independent retirement plan provider that is focused on ease and expertise for the adviser and their clients,” Thomasson adds.

Mobile, Alabama-based DailyAccess will operate as a wholly-owned subsidiary of Verisight, while InterServ and DailyAccess Health and Welfare will continue to be owned by DailyAccess.

Verisight Inc., headquartered in Walnut Creek, California, was the name given to the combined company when Pension Specialists, Inc. acquired the Human Capital Services division of RSM McGladrey, Inc. in 2011 (see “Pension Specialists Acquires RSM McGladrey’s Human Capital Services Division”).

Diversions January 23, 2014

Talking and Texting Is So 2009

Nearly two out of three adult cellphone owners use their phones to go online, research says.
Reported by
The 63% of cellphone users who go online is nearly double the number that did so five years ago, when Pew started tracking Internet usage on cellphones.
 
More than a fifth (21%) of all adult cell owners now do most of their online browsing using a mobile phone instead of another device, such as a desktop or laptop computer.
 
The survey of 2,252 American adults (including 1,127 interviews conducted on the respondent’s cell phone) showed that adults age 18 to 29, the college-educated, the more affluent, and urban and suburban-dwellers are especially likely to use their phones for more than just talking or text messaging.
 
Texting continues to be one of the most prevalent activities. Fully 81% of cell owners text, especially younger adults, the college-educated and those living in higher-income households.
 
African-Americans and Hispanics are more likely to access the Internet on their phones than are whites, as are younger adults, those with at least some college education and those with an annual household income exceeding $75,000 a year. Those who live in rural areas are less likely than urban or suburbanites to have mobile Internet access.
 
Of those who use the Internet or email on their phones, more than a third (34%) say that they mostly access the Internet from their phone.
 
African-Americans, Hispanics, young adults, those with lower levels of education and those living in lower-income households are especially likely to say their cell phone is their primary point of Internet access.
 
Half of cell owners send or receive email from their phone. The activity is most popular among younger adults, the well-educated, those in higher income brackets and urban and suburban-dwellers.
 
Half of cell owners download apps to their phone. Adults 18 to 29, the well-educated, those with higher incomes and those living in urban and suburban areas are particularly likely to download apps.
 
Almost half (49%) of cell owners have used their phones to look up directions, recommendations and other information related to their location. Young adults, those who are well-educated, higher income, and urban and suburban residents are most likely to do so.
 
The cell phone is all about music, for some users. About half of cell owners (48%) listen to music on their phones. Men, younger adults, those living in households with an annual income over $75,000, and urban and suburban residents are particularly likely to do so. African-Americans and Hispanics are more likely than whites to listen to music on their phones.

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