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Deals and People April 8, 2015
REDW Spins Off New ABG Retirement Firm
Alliance Benefit Group Southwest (ABG-Southwest) will function as a separate company for retirement plan recordkeeping and third-party administration (TPA) services.
Reported by PLANSPONSOR staff
REDW, a certified public accounting and business consulting firm, formed ABG-Southwest as a sister firm to focus exclusively on providing retirement plan administration services. The change took effect earlier this year, when all REDW team members in the group transitioned to the new organization. Its name derives from the group’s established participation in Alliance Benefit Group, a nationwide network of independently owned retirement administration firms.
The creation of a separate company allows the firm’s current clients to access dedicated services that meet the needs of retirement plan sponsors and plan participants, says Carol Cochran, REDW principal and head of ABG-Southwest.
Dennis Davis, senior manager of ABG-Southwest, says the independent, standalone firm ensures continuity of service for its clients from the same team of professionals, some of whom have been with REDW for more than two decades. It also enables the creation of program enhancements and of services, he adds.
The power of the Alliance Benefit Group brand is evident in REDW’s move, says Don Mackanos, president of Alliance Benefit Group. “As the need to retain and attract top talent becomes increasingly more critical, ABG-Southwest is the firm companies want to have on their side,” he says.
“This name change does not affect the accounting services offered by REDW,” says Cochran, and the company is not the result of a merger, acquisition or other change in ownership. “We expect ABG-Southwest to grow as prospective clients who need retirement plan administration services—but not the traditional accounting services offered by REDW—engage the new firm.”
ABG-Southwest is planning several programs and enhancements, including a new website for clients, upgrades to the website experience for plan participants, and offering SmartDollar, Dave Ramsey’s financial wellness education package that aims to engage employees in taking control of their finances. SmartDollar is already offered by ABG in Illinois.