A WMSI news release said that BISYS will provide WMSI with participant indicative data files and WMSI will automate IRA account openings with E*TRADE Securities LLC, the designated IRA provider, and provide a reconciled report of all account activity. Clients that are being serviced by a proprietary mandatory rollover solution will not be affected by this offering.
“WMSI offers a no-fee program solution for our clients that significantly streamlines the administrative and enrollment processes for BISYS,” said Bob Guillocheau, President, BISYS Retirement Services. “The program is designed to address the fiduciary concerns of our plan sponsors while enabling them to reduce the plan administrative costs and burdens associated with servicing smaller account balances and locating former employees.”
According to the announcement, BISYS will batch process mandatory rollovers in an automated, paperless process. Additionally, WMSI and E*TRADE Securities LLC will process all new accounts within 24 hours of receiving a file, so participants’ assets are reinvested as quickly as possible.
WMSI’s the Rollover Solutions Network (RSN) provides for the ongoing reporting of distribution and rollover activity and can automate strategic marketing campaigns designed to raise awareness of rollover services and influence participant distribution behavior. WMSI has signed recent agreements with Ameritrade , E*Trade , T. Rowe Price , ExpertPlan , and Merrill Lynch , and first launched the service with BISYS in January 2004.
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