Open Architecture on Investments

BPAS offers true open architecture on investments, currently trading funds from over 200 fund families – including mutual funds, daily valued collective funds, self directed brokerage accounts and more. This allows Advisors to recommend the strongest possible mix of plan investments to their clients without concern over proprietary funds, fund menu or mapping requirements, or other restrictions.

Fee Transparency

BPAS' solution for fee transparency is to offer level compensation by participant, by fund (which they believe is superior to the ERISA budget approach). This approach is often of interest to Advisors and Consultants, especially as new fee regulations change the playing field with a mandate to eliminate provider conflicts of interest. However, BPAS can also work in the broker / dealer model, whereby the financial intermediary is paid via 12b-1s or other forms of fund-level compensation.

Advanced Plan Consulting

Through its team of Plan Consultants, BPAS offers expert plan consulting services to help clients derive the most value out of their retirement program. Each relationship is serviced by a Plan Consultant, who is the plan sponsor’s relationship manager and primary point of contact for all plans they place with BPAS. In addition, BPAS supports the entire gamut of DC plans, including 401(k), 401(a), cross tested / new comparability, ERISA and non-ERISA 403(b), 457(b) and 457(f), 409A, Taft Hartley, Davis Bacon / Prevailing Wage, ESOP, kSOP and IRA programs, plus the full array of Cash Balance and Defined Benefit programs. Having broad expertise in qualified plan regulations and a seasoned team of Plan Consultants helps BPAS differentiate itself in the marketplace.

Vertically Integrated Operations

Unlike some programs, which may involve a combination of firms to deliver clearing, custodial, and / or plan administration services, BPAS is responsible for the entire daily valuation engine – from recordkeeping, administration, trading, technology, plan design and plan document activities, to compliance work, statements and reporting, custodial functions and tax reporting. This vertically integrated business model delivers significant advantages in terms of cost, coordination and simplicity, and is a major reason why so many financial intermediaries have chosen to partner with BPAS.

Simplifying Life for Human Resources

BPAS creates processes and technologies that simplify life for Human Resources. This is manifested in the firm’s focus on delivering comprehensive administration instead of ‘recordkeeping’. Under this approach, such services as eligibility determination and monitoring; real-time vesting updates; an outsourced process for loan, hardship and distribution requests; and a simplified year-end compliance process are standard services. By offering full administration, BPAS relieves HR Departments of many time-consuming functions throughout the year, which leads to satisfied clients and successful, long-term relationships.

Fee Transparency

BPAS offers an innovative approach to fee processing that delivers level compensation by participant, by fund across the plan. This approach is superior to the ERISA budget approach since it avoids intra-plan subsidies or fairness issues, and eliminates timing issues caused by after-the-fact earnings allocations. In the RIA and Trustee channels, BPAS fully supports level compensation (whether through fixed basis points, tiered schedules, or fixed dollar fees). BPAS also supports the broker / dealer model in which the financial intermediary is established as dealer of record with fund families. As new fee regulations change the industry, financial intermediaries appreciate the flexibility offered by BPAS and the firm’s commitment to fee transparency.

Stronger Wholesaler Support

Through its regional team of wholesalers, BPAS provides financial intermediary partners with strong wholesaler support – participating in sales calls, webcasts, conference calls and other activities as needed to win new business. This support includes the BPAS Partner Toolbox – a “living library” of tools and resources for financial intermediary partners.  From proposals, sales presentations and marketing tools to forms, employee presentations, sample communications, prospecting letters, information on investments, partner training sessions and more – the site aims to deliver simplicity and 24-hour convenience.  

Other Services from BPAS

Harbridge Consulting Group, a division of BPAS, offers a high level of actuarial and consulting expertise. This includes full support of Cash Balance Pension Plans and other Defined Benefit programs; healthcare actuarial services (FAS 106 and GASB 45); non-qualified executive benefits; plan compliance services; vendor selection and management services; post-employment benefit services; and employee health and benefit management. The consultative approach of Harbridge helps financial intermediaries vie in the DB / DC combination space (commonly seen among professional practice firms and other ‘high cash flow’ clients).

Hand Benefits & Trust (HB&T), a division of BPAS, is a leader and innovator in the administration of collective investment funds (CIFs). CIFs allow asset managers to bring their management services to the qualified plan marketplace at a considerably lower cost than creating SEC-registered mutual funds. This may also be of interest to very large DC plans who wish to build CIFs that operate at a lower cost than retail mutual funds, and for retirement service providers who seek to convert model portfolios to CIFs to create operational efficiencies and reduce risk.

Flex Corp, a division of BPAS, is one of the nation's leading providers of cafeteria plan administration. The full-service, turnkey approach of Flex Corp provides a unique opportunity for each client—the ability to customize its benefits program to suit the needs of its employees.

BPAS provides an innovative array of solutions to the financial intermediary marketplace.  For additional information, please see www.bpas.com or contact Paul Neveu, Senior Vice President, Sales & Marketing at 315-292-6968.