Pershing LLC has announced the addition of two new independent recordkeepers, 401kDIRECT and Summit Benefit Solutions, as part of the expansion of its retirement plan network.
Pershing, a major custodian of independent retirement accounts, launched the retirement plan network last year as an extension of its IRA business.
The network's open-architecture platform allows advisors to connect to independent recordkeepers, hold assets in custody, and leverage an integrated suite of investment products, retirement plan tools, and practice management solutions.
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401kDIRECT, formerly PENTEK Pension Services, is an open-architecture retirement plan provider of customizable advisor-, RIA-, and TPA-delivered plans that also provides access to more than 25,000 mutual funds, ETFs, and collective investment funds (CIFs), as well as other products.
Based in northern California, it was founded in 1984 and has $1 billion in assets under management for retirement plan clients across the country.
Summit Benefit Solutions provides independent retirement plan administration, recordkeeping, payroll processing and tax reporting services and has done so since 1999.
It currently administers more than 600 retirement plans, and provides all services necessary for design, implementation and ongoing administration of 401(k) plans, profit-sharing plans, safe harbor 401(k) plans, IRAs, Roth IRAs, and nonqualified accounts.
With offices in Mansfield, Cleveland and Columbus, Ohio, Summit provides clients with access to more than 15,000 mutual funds and ETFs.
With 23 offices worldwide, Pershing provides solutions to clients representing 6 million active investor accounts on the U.S. platform.
Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Börse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange.
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