Reliance Trust to Provide Custodian Services for BenefitStreet's ETF 401(k) Platform.SAN RAMON San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
See Exchange Traded Fund. ETF See exchange-traded fund (ETF). 401(k) solution. Reliance Trust has more than $49 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and administration, making it one of the leaders in the field. Reliance will provide ETF custodian services to complement BenefitStreet's transparent and low-fee 401(k) administration structure. Reliance will also offer other high value services, including directed trustee services, ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to pull services, and certified statements to advisors and plan sponsors. Jim Drury, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BenefitStreet, said, "We're very pleased to be able to work with Reliance Trust, one of the most advanced 401(k) and pension custodians in the industry. Advisors and their 401(k) clients can now offer a wide range of services to outsource some or all of the trustee functions, and through trust certified statements substantially reduce the cost of 401(k) audits." Through BenefitStreet's ETF 401(k) platform, participants can invest directly in ETFs (Exchange Traded Funds Exchange Traded Funds (ETF) Also known as ETF. A basket of stocks similar to an index mutual fund. However, there are a number of important differences between ETFs and mutual funds. ), which trade on exchanges as a security, rather than through a collective trust. ETFs can provide precise asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. and lower management fees than other investment alternatives, such as mutual funds, in these plans. The technological integration between BenefitStreet and Reliance will help plans enjoy extremely competitive recordkeeping and custodial fee custodial fee The fee charged by a financial institution that holds securities in safekeeping for an investor. rates. This, combined with the lower fund management fees of ETFs, can enable companies to dramatically reduce 401(k) plan expenses for their employees. "Reliance always welcomes an opportunity to work with a partner that is as innovative and forward thinking as BenefitStreet," said William C. Harlow, Division Manager, Institutional Trust for Reliance Trust. "They have always focused on superior customer services and technology and the ETF 401(k) platform is a change our industry needed. We at Reliance are delighted to be supporting BenefitStreet and their customers." "This alliance continues BenefitStreet's commitment to provide many layers of innovation, helping advisors and plan sponsors select a 401(k) solution that's consistent with company goals," Drury added. About BenefitStreet BenefitStreet is a pioneer in the creation and delivery of innovative solutions for corporate benefits, and uses technology to continually improve the way corporations provide and manage benefits. The Company delivers inventive functionality in on-demand solutions for comprehensive financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and group benefits management and administration. In addition, the Company is committed to improving the value of benefits to employees while reducing the complexity and cost of offering those benefits, which are often a business' third largest expense. Founded in 1993, BenefitStreet serves more than 7,100 corporate clients from its headquarters in San Ramon, Calif., and 12 locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For more information, please visit www.benefitstreet.com. About Reliance Financial Corporation Reliance Financial Corporation is a privately held Atlanta-based diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services and wealth management company with more than $49 billion in assets under management and administration. Reliance Financial Corporation subsidiaries have responsibility for servicing and administering additional investments in excess of $39 billion on behalf of other firms. Reliance conducts business throughout the United States through its trust company (one of the largest independent trust companies in the country) and brokerage offices, investment advisory subsidiaries and insurance agency offices. Reliance offers a full array of outsourcing, wealth management, investment, and trust and asset management services to individuals, corporations and institutions, as well as to other banks, brokerage firms and insurance companies. Please visit the Reliance Web site at www.relico.com for information on all the company's programs and services. |
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