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Rating:Emerging DC Recordkeeper Seeks Larger Plans Not Rated 2.4 Email Routing List Email & Route  Print Print
Friday, June 22, 2007

Emerging DC Recordkeeper Seeks Larger Plans

Reported by Armie Margaret Lee

Fund firms seeking to gain entry into the burgeoning defined contribution market may be seeing more distribution outlets for their efforts.

On Tuesday, our sister publication 401kWire.com broke the news that ExpertPlan has inked a deal with UBS Fiduciary Trust Co. in which the broker-dealer will act as its trading partner. ExpertPlan has been seeking ways to bring its recordkeeping services to larger plans, a story that 401kWire.com has followed since January ((see "New ExpertPlan CEO Talks Strategy," February 1, 2007).

Officials at the Princeton, New Jersey-based outsourced recordkeeper also said Tuesday morning that they brought on board an executive from USI Retirement Services to navigate the trek into the mid to large plan segments.

Donny Sheinwald
ExpertPlan
SVP of Business Development


ExpertPlan hired Donny Sheinwald to take on the role of senior vice president of business development. Sheinwald replaces Robert Unger, who served as executive vice president of business development until February.

Prior to joining ExpertPlan, Sheinwald was vice president of operations at USI Retirement Services, whose corporate parent was acquired by Goldman Sachs Capital Partners earlier this year. Sheinwald served as general manager of the unit responsible for full-service recordkeeping and administration of mid- to large-sized plans.

A representative for USI Retirement Services was not available to comment on how Sheinwald's former duties are being handled.

Sheinwald previously worked for ADP as an operations manager and earlier, held stints at Bankers Trust Company and Ernst & Young.

At ExpertPlan, he will lead the firm's new corporate client division, which is currently made up of five employees. Sheinwald started with the company two weeks ago.

Ross Brown
ExpertPlan
SVP of Sales and Relationship Management


In an interview, Ross Brown, senior vice president for sales and relationship management, said many of ExpertPlan's partners have been wanting the outsourced recordkeeper to be able to also accommodate larger plans. ExpertPlan currently has 130 partners.

Brown said ExpertPlan has put in place the necessary elements, including a dedicated participant call center and field enrollment support, to cater to larger-sized plans.

ExpertPlan has also created a trading link with UBS Fiduciary Trust, bringing to three the number of firms with whom it has a trading relationship. ExpertPlan also works with Matrix and Fidelity's institutional brokerage group.

A spokesperson for UBS was not immediately available for comment.

Brown said ExpertPlan has signed on three large plans, which have a combined 340 participants and $40 million in assets. Those plans were previously with USI Retirement Services, which traded through UBS Fiduciary Trust. Brown said the plan sponsors chose ExpertPlan as the successor recordkeeper in April and the transfer was completed in end-May. 

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