Paychex Opens Services to Fee-based Advisers

A press release said Paychex Retirement Services provides fee-based advisers with direct payments that consolidate their compensation from all of their clients that use the Paychex service. In addition, advisers get access to an adviser 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 advisers. Clients also get clear, concise reporting of all fees and the ability to continue to use their adviser for additional services such as fiduciary liability, asset modeling, and detailed fund research.