Schwab said in a news release that its Schwab Retirement Technologies developed the ASP model so TPAs can offer advanced recordkeeping services while reducing their technology investments and ongoing expenses.
Through the ASP model, Schwab configures, runs, maintains and upgrades the recordkeeping systems through Schwab’s data center and then clients administer plans locally. Plan administrators control their recordkeeping process through the Internet, with access to data and including technical support from Schwab specialists.
“The ASP model makes it easier for many of our clients to concentrate on what they do best as plan administrators – serving their clients and growing their business,” said Jim McCool, senior vice president, Charles Schwab Corporate Services.
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