Schwab and EPIC Advisors to Offer Outsourcing Solutions to Banks

September 21, 2004 ( - EPIC Advisors, Inc., and Charles Schwab Corporate Services are teaming up to provide back-office outsourcing for retirement plan administration to mid-market and regional bank trust departments.

The strategic alliance will utilize EPIC’s Total Outsourcing Program to provide investment choices, technology and sales support tailored to the bank market, combined with Schwab’s trading and cashiering platform already utilized by numerous Third Party Administrators (TPA’s), the companies said in a news release.

The Total Outsourcing Program is designed with the intent of supporting a bank’s retirement plan business by reducing its trust operations and administrative expenses. The news release claims that by outsourcing, banks can focus their energies on managing client relationships and developing new business. The release also claims that a key advantage of the Total Outsourcing Program is the ability to customize the plan sponsor-facing applications, which could, for example, customize applications such as disbursement checks and statements.

For this service, EPIC provides the recordkeeping and participant voice and web technology using Schwab’s Retirement Technology products, while Schwab provides the investment and custody services.

Rochester, New York-based EPIC Advisors, Inc., is a full-service 401(k) provider with $1.5 billion in retirement assets. Charles Schwab Corporate Services is a subsidiary of The Charles Schwab Corporation, which, as of June, had total client assets in employer-sponsored retirement plans of $121 billion.