BISYS announced today that it has been selected to support Connecticut-based Advest, Inc. and the launch of its new, private-labeled Individual(k) retirement plan product. BISYS will support the retirement plan alternative, which was introduced as a component of the Economic Growth and Tax Reconciliation Act of 2001 (EGTRRA), with its comprehensive administration and recordkeeping solution.
BISYS saysit provides “a true turnkey solution” for Individual(k) plans, which incorporates professional product training, plan installation services, customized marketing materials, recordkeeping, Web site support and content, and the generation of participant statements and year-end reporting.
According to Steven Haertel, vice president of Retirement Plan Marketing for Advest, “BISYS’s retirement industry experts fundamentally understand the diverse needs of its clients and their customers, and provide the high-quality services demanded by both. In addition to the inherent benefits of BISYS’ comprehensive administration and recordkeeping solution, its value-added consulting services helped us create a unique and extremely flexible, tailor-made Individual(k) product that accommodates the specific investment options required in today’s retirement savings marketplace.”
Christopher Guarino, president of BISYS’ Retirement Services, reported, “We are pleased that Advest selected BISYS to support its entry into this growing segment of the financial services industry.
We are confident our comprehensive Individual(k) solution, which is supported by our leading-edge technology and a strategic commitment to premier service, will generate substantial benefits for Advest and ultimately for its Individual(k) plan participants.”
George Evans, executive vice president of business development for BISYS’ Investment Services group, concluded, “BISYS developed the first full-service Individual(k) solution and we believe the depth and breadth of our offering remains unrivaled in today’s marketplace.”
Advest’s Individual(k) offering will be distributed through its various broker-dealer relationships.