Advest Enlists BISYS Help in Solo(k) Offering

October 3, 2002 (PLANSPONSOR.com) - Hartford, Connecticut-based Advest has picked BISYS to provide the recordkeeping for its private-labeled Individual(k) retirement plan product.

The so-called individual 401(k) offering is an outgrowth of liberalized contribution limits in the Economic Growth and Tax Reconciliation Act of 2001 (EGTRRA), which put 401(k) plans on an equal footing with other tax-deferred savings plans for sole proprietorships.

According to an announcement, BISYS provides a turnkey solution for Individual(k) plans, incorporating:

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

  • product training,
  • plan installation services,
  • customized marketing materials,
  • recordkeeping,
  • Web site support and content, and
  • generation of participant statements and year-end reporting.

Advest’s Individual(k) offering will be distributed through its various broker-dealer relationships.

Advest, a regional financial services firm, provides financial, securities brokerage, trading, investment banking, trust, and other advisory services to its clients from more than 100 offices in 18 states and the District of Columbia.   Advest is a member of The MONY Group Inc.

Stillwell Pulls Itself Together, Taps New CEO

September 3, 2002 (PLANSPONSOR.com) - Stillwell Financial has tapped a new chief executive officer to take charge of its operations that are newly merged with its flagship Janus Capital Management mutual fund unit.

Mark Whiston, 41, an 11-year Janus veteran, will take the reins December 31 when the combination is completed. Whiston is currently president of retail and institutional services. 

The appointment of Whiston, who has a sales and marketing background, stands in some contrast to Bailey, who came from the investment side of the business, according to published reports.  The move also surprised some Industry watchers, who had been expecting the firm to go outside for new leadership.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

Stilwell, which currently owns about 92% of Janus, has been seeking a CEO for the business since Janus founder Tom Bailey stepped down in July 1 after selling his remaining stake in Janus last year.

Bailey’s departure, first announced in June, came at a rough time for the company, which is struggling with declines in its once-hot funds and an exodus of investors who are cashing out of the money-losing portfolios.

The combined company will shut down its headquarters in Kansas City and move its headquarters to Janus’ hometown of Denver, resulting in the elimination of 130 to 140 jobs, according to Reuters.

Stilwell also owns the Denver-based Berger Financial Group, another fund firm hit hard by the market downturn as its growth-oriented stock funds have fallen.

«