FPS Group Unveils Updated IPX Platform to Help RIAs Expand to 403b Market
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The redesign comes as the 403(b) market falls under increased criticism for its complex and costly offerings, while plan sponsor and participant calls for a more transparent, less unwieldy program have grown louder. As more advisors move away from commission-based products and seek opportunities to expand their businesses, IPX removes barriers to entry in the 403(b) space by allowing RIAs to design their own investment solutions and have more control over participant accounts and outcomes. Through IPX, RIAs gain increased access to participants, allowing them to communicate more efficiently and direct them toward the right solutions and products.
"The 403(b) space presents a complex landscape with countless products and advisors operating under an evolving regulatory environment. As a result, fee-only advisors have a hard time wrestling with the market," says
IPX is a modernization of traditional recordkeeping platforms that serve plans with multiple providers. The solution was created following 2009 regulatory changes, which sought to structure the 403(b) offering similarly to the traditional 401(k) retirement savings vehicle. However, as the regulatory changes failed to create their intended result, IPX quickly became the marketplace's answer for navigating the space by providing a single-source, end-to-end solution for advisors as well as other investment providers and third party administrators.
"The industry is desperate for increased awareness and training around the 403(b) space, and the participant experience is undoubtedly improved by better equipping those who serve the plans," Olson added. "IPX can be part of the solution for advisors interested in growing their business in this way."
The updates will be introduced this week at the Fi360 Annual Conference in
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