Verisight has unified with DailyAccess and The Newport Group under a new brand: Newport Group.
The company has more than $75 billion in retirement assets under administration and more than $150 billion in corporate retirement and insurance assets.
As part of the rebrand, Verisight Trust Company has changed its name to Newport Trust Company. Newport Trust Company provides non-discretionary, directed trustee services to retirement services clients.
Newport Group COO Laura Ramanis, based in Walnut Creek, California, tells PLANSPONSOR, “I think as we looked at the various stages of the companies and what our clients need for the future, we decided now is a good time to unify. It maximizes our efficiencies.”
Verisight acquired DailyAccess in January 2014 and the combined company included third party fiduciary support and health and welfare services. Ramanis says the company will continue to offer all those services going forward. The Newport Group and Verisight combined forces in October of that year.
The company has the ability to provide solutions tailored to the needs of employers of every size, from small businesses to the Fortune 1000. Newport Group specializes in every aspect of plan design and consulting, targeted participant communications, regulatory compliance, recordkeeping and administration. It also offers consulting services for retirement, benefit and compensation plans—as well as corporate insurance services, including bank-owned life insurance (BOLI) and corporate-owned life insurance (COLI).NEXT: What plan sponsors and advisers will see
“The rebranding will be seamless to clients. Service teams, tools, reporting features and logins will remain the same. So will the company’s independence and commitment to exceptional results,” Ramanis says. However, with the new brand comes a new website. She notes that clients and advisers will still be able to access all their information from the old websites, or they have the alternative of using the new www.newportgroup.com to access their information. Ramanis sees the company eventually moving to just one website.
In addition, Newport Group is retaining its existing groups’ recordkeeping platforms, but Ramanis says they will continue to think about the future and what is best for clients.
According to Ramanis, there will be a new logo. “It has kind of a clean, fresh, modern look with bold blue color and minimal text. The idea is to communicate clearly and effectively,” she says. “’Independent, Experienced and Responsive’ will be our tagline going to market; that’s what sets us apart.”
Newport Group CEO Greg Tschider said in a statement, “Our independence, coupled with our experience and responsiveness, is what our brand stands for. Most providers of our size are attached to a larger financial institution. Because we remain independent, Newport Group has no incentive to market specific investment products to a client, and our consulting, recordkeeping and administration services are objective, fee-based and fully transparent.”“We’re just really excited about the new brand. Together we are one of the top retirement providers in the nation,” Ramanis concludes.