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Schwab Expands Partnership with WMSI

Schwab Helps TPAs Reach Terminated Participants

401k Wire – Thursday, April 28, 2011 - Schwab is about to launch a new service to help TPAs deal with participants who leave their employers. The 401kWire has learned that the San Francisco-based brokerage giant will release the new service next month, in partnership with Bluff Point Associates' rollover specialist, WMSI (Wealth Management Systems, Inc.).

WMSI CEO John Geli declined to comment on the partnership.

Jennifer Davis, a spokeswoman for Schwab, confirmed that the new service will allow Schwab Retirement Technologies recordkeeping TPA clients "to outsource communications with their plan sponsors' terminated participants."

"As part of this new service, a Schwab call center will be available to help participants understand their options, and there will be an online resource center provided through WMSI that participants can access for information on IRA rollovers," Davis told The 401kWire in an e-mailed statement. "We chose to work with WMSI because they are a leader in the marketplace today. Working with them will enable us to effectively connect plan participant data through their technology integration for our recordkeeping and TPA clients."

"This kind of service is not readily available to most recordkeepers today, and we expect it to very well received by the clients we serve," Davis added. "It is also very consistent with our goal of helping recordkeepers and plan sponsors drive successful outcomes for retirement plan participants."

According to Davis, Schwab RT now works with more than $120 billion for 1.745 million participants in more than 17,000 plans.

- From The 401kWire.com

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