Axxcess finalizes Fidelity IWS custodial relationship

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Axxcess added Fidelity IWS (Institutional Wealth Services) to the Axxcess Customized Portfolio Platform to broaden the services available to clients and advisors.

Fidelity IWS allows clients to choose Fidelity as their custodian, and enables an existing Fidelity client to add third party TAMP and UMA services to their Fidelity account.

Axxcess is pleased to re-engage with Fidelity to provide a superior qualified plan platform for AxxcessLINK 401k clients and enable clients to leverage the Axxcess Platform for their portfolio management.

Final Notes

Fidelity is a leading custodian for registered investment advisors, direct clients, and retirement plans offering an extensive trading, custody, and retirement plan platform.

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How your CPA can help you navigate the new DOL Fiduciary Rule

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Overview

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Plan sponsors, as a whole, are unaware that participants pay disparate fees, and service providers, particularly record-keepers that receive revenue-sharing payments, are not going to address it, experts say. It is incumbent on sponsors, then, to ask their plan advisers and record-keepers about fee levelization.

January 14th, 2016-PlanSponsor

Key reasons for the CPA to take an advocacy role:

The tax professional is in a unique role as a trusted advisor to a business owner. The broker or advisor to a retirement plan has no incentive to review their own fees. Certainly, the recordkeeper or 401k platform provider is not going to raise the issue of their own fees with the business owner. Uniquely, the CPA, EA, or plan auditor is. Understanding the key points made in the DOL is an imperative for the tax professional that advises business owners. The DOL makes two main points:

•Plans are paying excessive fees.

•Plan sponsors need a mechanism to identify and deal with conflicts of interest.

Addressing plan liability from the fiduciary perspective

1. Exposing significant cost savings

2. Plan review compensation arrangements

3. Plan sponsors will need a mechanism for identifying and detecting conflicts of interest.

4. Increased liability for insurance or Broker Dealer sold plans.

5. Aimed at stopping $17b/y investors waste in excess fees.

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