FPS Group, LLC, a solutions provider for retirement plan professionals operating in the 403(b) and 457(b) markets, has enhanced its Investment Provider Xchange (IPX) platform with user interface and user experience updates.
The changes streamline the investment, administrative, operational and communication processes for 403(b) participants, plan sponsors and advisers. IPX is a modernization of traditional recordkeeping platforms that serve plans with multiple providers.
Features on the enhanced IPX platform include:
- Adviser-assisted participant enrollment – This feature overcomes what has traditionally been a major hurdle preventing participants from taking advantage of their employer-sponsored plans, by removing the paperwork and time delays. Entrusted advisers, with participant approval to engage in the enrollment process on their behalf, can now complete the necessary steps to quickly and efficiently enroll participants via the IPX Platform.
- Adviser interaction and communication – Participants are able to view their adviser’s information and give them permission to carry out various tasks on their behalf, including investment changes and initiating transfers. Both the participant and adviser have separate login credentials to cut down on potential complications with audits and to comply with best practices.
- Storage information and reporting – Participants and advisers can prepare reports for any time period of their choice. All information is stored by transaction in perpetuity. While most providers only store this data for 12 or 24 months, IPX doesn’t remove data, enabling participants to view pending transactions, documents, transaction certificates and public notices in an organized, protected vault.
- Tailored adviser selection – Instead of viewing a list of approved products, participants and plan sponsors are able to see a culled-down list of advisers based on their geography, school district and other factors. This facilitates better tracking and security for plan sponsors, as they can regulate who has access to their campus and be confident that advisers are only selling authorized products.
- Personalized resources – In addition to the resources already available on the platform, plan sponsors can design personalized education, resources and materials for their participants to equip them with the knowledge to be successful.
- Dedicated Financial Wellness Resource Center – In response to the growing demand for financial literacy, the platform now includes videos, interactive calculators and articles to address the most sought-after topics by participants.
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