A new partnership among three firms is aimed at bringing the retirement planning industry “into alignment” with new fiduciary requirements.

Vertical Management Systems Inc. (VMS), Envestnet | Retirement Solutions (ERS) (a majority-owned subsidiary of Envestnet, Inc.) and United Retirement Plan Consultants (URPC) have announced a strategic partnership focused on combining fiduciary, recordkeeping and compliance services on a single platform and, in addition, providing financial advisors, retirement plan sponsors and participants with a way to navigate new Department of Labor (DOL) conflict-of-interest regulations.

The services are integrated on VMS’s Retirement Revolution platform, combining the three firms’ expertise in plan design, setup, recordkeeping and administration with fiduciary protection that specifically addresses the new DOL rules. The companies said that the collaboration results in a retirement-plan solution that provides choice, flexibility, transparency and cost-effective pricing.

Each company has its own area of specialization. Independently, in addition to the Retirement Revolution platform, which offers both off-the-shelf and customizable solutions, VMS provides open-architecture recordkeeping, financial process and control services.

ERS provides an integrated platform for retirement plan advisors combining practice management technology, research and due diligence, data aggregation, compliance tools and managed account solutions. It also offers fiduciary 3(21) and 3(38) outsourcing solutions to accommodate an advisor’s customized fund menu for a plan.

URPC provides retirement plan design, consulting and administration services for small- to mid-size employers. The end result of the collaboration is a retirement platform with fiduciary and third-party administrator (TPA) services.

VMS and ERS are old hands at partnering to provide broader services. Back in November, VMS and ERS teamed on providing end-to-end retirement recordkeeping services to advisors, and last September ERS teamed with MassMutual to offer managed accounts for 401(k)s.