Payroll and benefits outsourcing provider Paychex has opened its Paychex Retirement Services to fee-based advisors, allowing them to perform such functions as direct automated payments, consolidated reporting and tracking.
Paychex Retirement Services will provide fee-based advisors with direct payments that consolidate the compensation from all of their clients that use the Paychex service. In addition, advisors get access to an exclusive advisor Web site with real-time plan and participant data, Paychex marketing and enrollment materials, and toll-free telephone support.
When clients use the service, Paychex automatically calculates and sends their payments to advisors. Clients also receive reporting on all fees and have the ability to continue to use their advisor for additional services, such as fiduciary liability, asset modeling and detailed fund research.
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