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Products June 7, 2019
HANYS Benefit Services to Expand Towards Smaller Market
The firm says plan sponsors in the smaller end of the market are underserved, and believes the expansion will lead to better fiduciary options and resources.
Reported by Amanda Umpierrez
HANYS Benefit Services has announced plans to expand its practice towards the small to midsized market, in response to barriers surrounding small business practices in the retirement industry.
While the firm has been providing retirement services to larger institutions for over 40 years, it says employers with assets under $10 million usually do not have the same resources as these organizations, but still hold a fiduciary duty to their plan and participants.
“We believe sponsors in the smaller end of the market are often underserved and may not be getting the proper fiduciary oversight,” says James Kelley, president of HANYS Benefit Services. “With our new service offering, we are looking to relieve some of their administrative burden, fiduciary responsibilities and operating expenses.”