Bisys Retirement Services, the nation's largest independent administrator and recordkeeper for small- and mid-sized retirement plans, and Pentegra Retirement Services, a leading full-service provider of defined contribution and defined benefit plan services, today announced that they will begin offering the Bisys LinkInsight product to financial advisor channels.
BISYS is responsible for servicing approximately 27,000 defined contribution plans, covering nearly 1.7 million participants, and maintains an extensive open architecture investment platform, covering thousands of mutual funds across more than 100 leading fund families. Through its relationship with Pentegra, a highly-regarded third party administrator, BISYS stands to broaden its footprint in the retirement plan marketplace.
"BISYS is extremely excited about our new relationship with Pentegra," said Charles Wenzel, senior vice president at BISYS Institutional Sales. "Through this mutually beneficial arrangement, financial advisors can leverage BISYS' LinkInsight platform and Pentegra's combined defined benefit and defined contribution plan experience to offer an integrated retirement plan solution."
Pentegra oversees the retirement programs of more than 600 community banks, credit unions and other small businesses representing over $4.3 billion dollars in assets under administration.
"We're very happy to begin working with BISYS. Through this strategic alliance, Pentegra gains access to BISYS' extensive mutual fund platform to meet the needs of financial advisors," said Gwen Burroughs, chief marketing officer at Pentegra.
The relationship will leverage BISYS' LinkInsight open architecture service model. This model enables third party administrators (TPAs) and financial advisors (FAs) to work seamlessly together to provide retirement plan solutions to plan sponsors and their participants. Specifically, LinkInsight complements the TPA's ability to provide retirement plan design, documentation and administration in a consultative fashion while applying the FA's expertise regarding the investment selection process for each retirement plan. From an administrative perspective, the model includes plan installation and conversion support, daily valuation and recordkeeping, Web-enabled access to information, and a suite of sponsor-and participant-directed services, communications, education and support.