Paychex, Inc., has launched a new offering for fee-based financial advisors, called Paychex Advisor Select401(k).
Paychex, a provider of 401(k) recordkeeping services for American businesses, said its new offering brings features and services to businesses that have historically only been available to larger corporations, including open-architecture investment access to multiple fund families and an unparalleled level of fee transparency.
"By expanding our platform to actively support fee-based financial advisors, Paychex continues to lead the industry in how small business owners, their employees, and now their advisors evaluate and perceive their company's workplace retirement savings plans," said Paul Davidson, director of product management at Paychex, who is responsible for the company's retirement services product line.
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Paychex Advisor Select 401(k) is "concession neutral" and conflict free, meaning that Paychex does not retain any form of revenue share payments that are routinely provided by mutual funds. "By returning those fees back to the plan at the participant level, Paychex enables advisors to assemble an unbiased menu of investment options for their clients, while allowing participants to save for retirement in a fee-friendly environment," said Davidson.
Paychex Advisor Select401(k) also provides online account administration for both 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, and investment selection management, as well as a robust 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 a program developed by recently acquired 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 advisors while providing greater transparency into fee structures.
Paychex, Inc. provides payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business.
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