According to the announcement, Reliance will provide ETF custodian services to complement BenefitStreet’s 401(k) administration structure. The firm will also offer other services, including directed trustee services, ACH pull services, and certified statements to advisers and plan sponsors.
The technological integration between BenefitStreet and Reliance will help plans enjoy competitive recordkeeping and custodial fee rates, the announcement said. Combined with the lower fund management fees of ETFs, companies will be able to reduce 401(k) plan expenses for participants.
In January, Banneker Capital Management Corp. announced it teamed up with BenefitStreet to launch a bundled, all-ETF, managed 401(k) platform (See Banneker Capital and BenefitStreet Join Up to Launch Bundled ETF 401(k) ). Banneker Capital provides investment management services and BenefitStreet provides the back office and technology support functions.
For more information, visit www.benefitstreet.com .