The relationship consists of two separate phases. As the first phase of this relationship, Wells Fargo will transfer ownership of WFRPS – formerly known as Emjay – to Great-West. WFRPS provides retirement plan services to third party external brokers, registered investment advisors, and other investment professionals, all distribution channels that are ” key growth focus for Great-West Retirement Services,” the company said in a news release.
With the access to more distribution channels, Great-West will then couple its Retirement Service’s open architecture recordkeeping platform and administrative capabilities with WFRPS’ compliance and customer service, to bring a solution to the 401(k) market for third party investment professionals and their clients.
WFRPS is based in Glendale, Wisconsin and employs approximately 120 people. WFRPS will continue to operate from its current facility.